Ditto, the French mobile bank specializing in currency management, has unveiled a "Banking-as-a-Service" platform. The aim is to give fintechs targeting VSEs and SMEs access to the latest banking innovations. The Banking-as-a-Service technology platform features 3 main offerings: "Credit as a service", "Compliance as a service", and "Account and payments as a service".
According to the latest figures published by experts, 40% of fintechs created in the last 3 years offer services aimed at VSEs and SMEs, hence Ditto's decision to launch the "Banking-as-a-Service" platform.
A platform with 3 main offers
Ditto Bank's "Banking-as-a-Service" platform offers fintechs 3 main services:
- Credit as a service: a solution enabling fintechs to offer short-term credit. New types of credit will also be offered over the course of the year.
- Compliance as a service: a capital certificate of deposit service.
- Accounts and payments as a service: a complete accounts, payments and cards offering will be launched mid-year.
Ditto Services designed by experts from different backgrounds
The Ditto Services teams have been working for several months on setting up the platform, based on the latest technological innovations and in particular on event-streaming micro-services architecture.
Ditto has pulled out all the stops, recruiting banking technology experts and professionals from other industries to design a platform that meets the needs and requirements of fintechs. What's more, half of the company's workforce is working on this project. Nothing has been left to chance.
"Our ongoing investment in technology will enable us to provide a state-of-the-art platform and the best Banking as a Service offering in France and Europe. With Ditto, our aim is to offer Fintechs a range of easy-to-implement banking and technology services, to provide VSEs and SMEs with a fluid and simple experience", announces Ditto CEO Mung Ki Woo. "Over the long term, we are convinced that financial services will serve as the foundation for building new, innovative customer experiences by enabling them to be combined with other types of services," he adds.
What you need to know about Ditto Bank
Ditto Bank is a neobank launched in August 2017 (in beta version) by Frenchman Sylvain Pignet, former General Secretary of Travelex. The French mobile bank took off commercially on February 15, 2018 in France.
Ditto Services is aimed at business travelers, cross-border workers, expatriates, students abroad and tourists. With the launch of "Banking-as-a-Service", the new-generation bank Made in France Ditto is targeting Fintechs that are unable to offer their customers banking products such as credit, payments or account management.