ZÅ«m Rails has announced the launch of its BaaS initiative to enable companies to offer a new suite of bank-like services directly to their customers. Following this announcement, the company that merges Open Banking and instant payments in order to allow businesses to use any payment rails they need, ZÅ«m Rails will focus on the launch of a large-scale Banking-as-a-Service (BaaS) project, led by Credit Sesame Vet.

The company will also focus on meeting the needs, preferences, and demands of customers and clients in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry. More information on the announcement The forthcoming offering is set to enable companies to offer a new suite of bank-like solutions directly to their clients using the same platform. The artificial intelligence (AI)-powered Banking-as-a-Service tool is expected to allow businesses and partners to leverage Open Banking in order to optimise their services, as well as stay compliant with regulations.

The new BaaS platform represents a significant opportunity for customer-facing companies and firms across multiple industries to provide new solutions, including card issuing, program management, identity validation, real-time fraud assessment, and transaction settlement, directly to their clients. The process has the potential to significantly optimise customer experience and drive revenue development for businesses. In addition, the BaaS product roadmap of ZÅ«m Rails will be spearhead, including its ability to settle transactions, validate identities, as well as assess potential fraud in real-time, and merge it with the company’s already existing payments capabilities.

The company will focus on expediting the development and rollout of these functionalities on a single, secure, and efficient platform, aiming to offer businesses and partners the possibility to leverage AI to account for risk and outpace regulators’ Open Banking timelines. At the same time, the initiative is expected to remove the roadblocks so that firms will be enabled to personalise their experiences, deepen customer relationships, as well as accelerate their time to revenue. .