UK-based financial crime assurance provider Cable has become a member of the Banking-as-a-Service Association to support the future of BaaS banking. According to the official press release, the BaaS Association represents more than 80% of current BaaS sponsor banks and has an important part to play in bringing together industry stakeholders to support, promote and offer solutions to the BaaS industry safely and in compliance with current regulations.

By facilitating supporting partnerships, the association is looking to create a robust ecosystem that allows companies such as Cable to influence the future of BaaS banking in a positive way. By becoming a BaaS Association member, Cable joined an ecosystem of like-minded organisations and gained access to new opportunities for collaboration and knowledge sharing. In the context of growing regulatory scrutiny for BaaS banking, Cable offers technologies that were designed to tackle assurance challenges in the BaaS industry.

By joining the Association, Cable has proven its commitment to helping BaaS compliance leaders achieve faster and more sustainable growth while remaining compliant with financial crime regulations. Officials from Cable issued a statement about this recent development and talked about the key role of compliance in successful BaaS models. They also revealed the company’s plans to work with other BaaS leaders who are open to embracing innovation and compliance.

BaaS Association officials highlighted the organisation’s goals to address challenges BaaS banks and fintechs face when it comes to industry standards, awareness, and new technology. More information about Cable Cable helps BaaS banks achieve confidence in their financial crime regulatory compliance via its Partner Hub, which offers a compliance infrastructure designed specifically for bank-fintech relationships, including automated risk assessments, automated assurance, partner information and document exchange workflows, quality assurance, reporting, and management information. Cable recently raised USD 11 million in a Series A funding round and announced partnerships with several US and UK BaaS banks.

In July 2023, Cable collaborated with US-based Grasshopper Bank to improve its compliance capabilities. Through this partnership, the bank leveraged Cable’s products to achieve improved visibility and comprehensive compliance insights. Furthermore, Grasshopper Bank implemented Cable’s automated assurance and testing capabilities within the financial institution’s Banking-as-a-Service (BaaS) platform.

Cable’s platform was also used to deploy automation and technology for financial crime assurance, oversight, and testing, which has the potential to improve compliance and risk management offerings. The partnership allowed Grasshopper to benefit from Cable’s Partner Hub solution. .