Customers, whether they are businesses or individuals, have come to expect seamlessly integrated services whenever they interact with big businesses. Embedded banking and payments will be crucial if companies are going to compete and win in this environment.
That’s why BBVA Open Platform has developed a suite of banking and payments services that enterprises can offer their customers without becoming a bank themselves. In this article, we cover the basics to help you understand what BBVA Open Platform is, the services we offer, and how you can use them.
What is BBVA Open Platform?
BBVA Open Platform offers a suite of white labeled services that companies can use to connect to banking services provided by BBVA USA, a leading US bank. We offer these services using APIs. Our APIs allow enterprises to unlock US banking infrastructure and offer embedded banking and payments services to their customers.
What banking and payment services does BBVA Open Platform provide?
We’ve built a suite of next-generation payment and banking APIs on BBVA’s real-time banking core so you can offer powerful new services to your customers.
Use our Move Money API to enable your customers to make ACH and real-time payments, internal transfers and bill payments through a single endpoint. Leverage our Identity Verification APIs to verify your customers’ identities and mitigate fraud. Offer your individual and business customers demand deposit accounts and debit cards through our Accounts API and Cards API.
What is Banking as a Service (BaaS) and what makes BBVA 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.
BBVA Open Platform is different because we provide companies access to bank services, such as payments, bank accounts and debit cards, rather than an individual customer’s data. This is known as Banking as a Service. Through BBVA Open Platform, you can connect to banking and payment services provided by BBVA USA and then offer those services to your individual or business 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 and you take creative control. You can offer your customers a wide range of payment services, as well as deposit bank accounts and debit cards as a native part of your application. From the front end to the back end, you design your customer’s experience, from what their debit cards look like to what real-time push notifications they receive. You can even issue bank account statements under your own brand.
Your customers interact with your brand, while BBVA Open Platform’s technology and BBVA’s secure infrastructure and regulatory framework support your customers’ banking and payment services in the background.
What is BBVA Open Platform’s Relationship to BBVA?
BBVA Open Platform is part of BBVA USA, a leading US bank. BBVA USA is a subsidiary of BBVA Group, a global financial services group that was recognized as the most innovative bank in the world in 2020, and is a pioneer in API and open banking development.
BBVA Open Platform was born back in 2016 after BBVA began the integration of online bank Simple and needed to build the next-generation banking and payment services worthy of a company that had revolutionized US banking.
Which companies are using BBVA Open Platform’s services?
We’ve publicly announced relationships with Google, online banking services companies Simple, Azlo and Wise, savings company Digit, personal benefits company Catch, and private jet marketplace Tuvoli. Click here to read our case studies and learn how these companies work with Open Platform.
Whatever your business, we are excited to collaborate with you. Get in touch with us today to find out how BBVA Open Platform’s banking and payment services can boost your revenues and enhance your customer experience.
The Open Platform team