Banking as a service

BBVA Open Platform powers Catch’s new banking services

  • This tie up exemplifies a growing number of Banking as a Service implementations.
  • BBVA's Open Platform is looking to do more than just power challenger banks.
close

Email a Friend

BBVA Open Platform powers Catch’s new banking services

BBVA Open Platform and Catch announced today that they are working together to deliver banking and payments services for the contingent workforce, which represents nearly 40 percent of the US workforce, or 57 million workers, according to the Bureau of Labor Statistics. 

What's happening: Catch provides taxes, retirement, health insurance to freelancers, contractors, people working in the gig economy, part-time, and other non-traditional workers.

  • Banking as a Service: By working with BBVA Open Platform, Catch is now able to offer its users banking and payments services under the Catch brand. Workers don't have to piece together a banking provider with a benefits provider -- they get the best of both through this type of BaaS integration.
  • APIs: The Catch personal benefits platform for the contingent workforce is offering its Tax Withholding and Time Off saving products using BBVA Open Platform’s white label banking and payments APIs.

“Open Platform’s relationship with Catch is a great example of how white label banking and payments APIs are becoming crucial tools to deliver better customer experiences outside of traditional fintech applications such as neobanks,” said Abhishek Gupta, Head of BBVA Open Platform.

Tearsheet's Take: BBVA's work with Catch is a good example of Banking as a Service powering more nuanced use cases rather than just launching a full-blown challenger bank.

  • Flexible and collaborative: In Tearsheet's Banking as a Service Buyers Guide, BBVA's BaaS offering is described as a collaborative platform, one that gives clients some flexibility to design creative solutions. The company appears generally interested in collaborating with clients on their specific needs.
  • Out of the chute: BaaS firms have pretty full pipelines, so expect a lot more of these types of launches from apps looking to introduce financial services to their audiences.
  • Who is powering who: BaaS is still early in its maturation cycle. There are a handful of providers servicing a growing number of companies launching financial products. To see the moves in the industry, see Tearsheet's coverage of which BaaS providers are powering the top apps (for Outlier members).

0 comments on “BBVA Open Platform powers Catch’s new banking services”

Outlier OpinionsMakers

Banking as a service

Greenlight gears up its B2B offerings with “Greenlight for Banks”

  • On Wednesday, Greenlight announced the launch of its new B2B product “Greenlight for Banks” with which FIs can integrate its services within their own ecosystems. 
  • With the integration, banks can access Greenlight’s entire suite of family-oriented banking tools such as financial tools for earning, saving, spending, and giving.
Rabab Ahsan | April 04, 2023
Banking as a service, New banks

The Big Bank Theory Conference 2022: All session videos

  • Tearsheet's Big Bank Theory Conference brings together the most innovative players changing the face of the financial institution.
  • Here are the videos from this year's conference, held in December online.
Shabih Rao | December 21, 2022
Banking as a service

Download Tearsheet’s Buyers Guide to Banking as a Service 2022

  • With the advent of Banking as a Service, any company can become a bank by integrating banking products into their existing offerings.
  • Tearsheet's guide helps decision makers at fintechs and top brands choose the right BaaS partner to grow their business.
Subboh Jaffery | December 21, 2022
Banking as a service

Stepping aboard the BaaS train: 5 questions with Simon Khalaf, CPO at Marqeta

  • Banking-as-a-Service is driving the next wave of financial services innovation, and more FIs are getting on the bandwagon.
  • Simon Khalaf, Chief Product Officer at Marqeta, tells us what went behind the company’s move beyond its card issuing business to step into the BaaS realm.
Sara Khairi | November 21, 2022
Banking as a service, Member Exclusive

Embedded Briefing: Where does value lie in embedded finance?

  • In today's briefing, let's review what makes embedded finance so attractive and what it could look like tomorrow.
  • Then a quick snapshot from McKinsey's new report on the industry's competitive landscape.
Subboh Jaffery | November 01, 2022
More Articles