Welcome to the first chapter in our brand new API 101 series! BBVA Open Platform offers a suite of Banking-as-a-Service APIs, which are relatively new in the US. This is exciting, but it also means we receive a lot of questions about what we do.
In this article, we cover the basics to help you understand what Open Platform is, the services we offer and how you can use our APIs. In future articles we’ll be covering in more detail the four core services we offer – Identity Verification, Move Money, Account Origination and Card Issuance – so stay tuned for more!
What is Open Platform?
Open Platform is an intuitive suite of white labeled services that connect to banking services provided by Compass Bank (BBVA Compass), a leading US banking franchise. Our APIs allow financial innovators to unlock US banking infrastructure and turn great fintech ideas into reality.
What is Open Platform’s Relationship to BBVA and BBVA Compass?
What is Banking-as-a-Service (BaaS) and what makes Open Platform a BaaS platform?
There are a handful of companies in the US that provide companies access to the data of individual bank customers (with the customer’s permission). We refer to these companies as data aggregators or Open Banking providers.
Open Platform is different because we provide companies access to bank functionality, rather than an individual customer’s data. We call this Banking-as-a-Service. Through Open Platform, you can connect to banking services provided by BBVA Compass and then offer those services to your customers, under your own brand. Your customers don’t have to be existing BBVA customers to be eligible and you can offer our services as a native part of your application.
What is a white labeled service?
White labeled means your brand comes first. Your customers interact with your brand, while Open Platform’s technology and BBVA Compass’ infrastructure and regulatory framework support your customers banking services in the background.
Once you are approved, you can offer your customers payment and identity verification services as well as deposit bank accounts and debit cards as a native part of your application.
This seems innovative for a bank. Who is behind Open Platform?
BBVA Open Platform Inc is a wholly-owned subsidiary of Compass Bank, but Open Platform operates as an innovative fintech start-up and employs fintech and payments entrepreneurs with years of industry experience. Learn more about our team here.
Which companies are using Open Platform’s services?
We’ve publicly announced relationships with online banking services companies Simple and Azlo, SaaS accounting firm Xero, payments company Modo and savings company Digit. Click here to read our case studies and learn how these companies work with Open Platform. We’ll be announcing more partners soon.
We hope this information was helpful! Get in touch to share your ideas and learn more about what you can build with Open Platform.