Not too long ago, if you wanted to use an API to offer your customers bank accounts, cards or payments services, you had to also use the brand of that API’s provider on your website and all your customer-facing materials. Using more than one API provider made the customer’s experience even more disjointed and confusing.
Those days are gone. Today, there’s a growing trend among providers of banking and payments APIs to allow clients to white label their services, which is great news for fintech companies.
It seems like a good time to take a closer look at three key benefits of white label APIs:
1. Services are a native part of your application
The most obvious benefit of white label APIs is that your customers get seamless access to the functionality of multiple APIs in one place, while you can combine disparate services and brand them as your own. Whether your customers are using APIs to open accounts, set up debit cards or make payments, they will experience all these features as one integrated workflow and as a native part of your application.
2. Your brand is front and center
Every time that your customer uses an API-provided service is an opportunity to promote your brand, instead of the brand of the third-party API provider. Whether it is within your app, on your website, on your marketing materials or on other products sent to customers, such as debit cards and bank statements, your brand is front and center.
3. You control your customer’s experience
White label APIs give you more opportunities to craft amazing experiences for your customers. Whether your company gives your customers access to one specific service, such as saving money or making instant payments to friends, or offers a full suite of banking services, you determine how your customers interact with all of these services.
At Open Platform, we’ve fully embraced this trend and all of our APIs are white label. When you use our APIs, you have access to best-in-class services and the infrastructure of BBVA Compass, a digital leader, which you can make a native part of your application.
Whether your customers are using APIs to open accounts, set up debit cards or make payments, they will experience all these features as one integrated workflow and as a native part of your application.
You decide what your app’s payments interface looks like. You design your customers’ debit cards and bank statements and issue them under your own brand. We also make our APIs customizable, which gives you even more control. You can configure card and account controls for your customers, within allowable limits set by Open Platform and BBVA Compass, for example, so you can manage the risks.
If you’d like to find out more about our suite of white label banking and payments APIs, please get in touch. We’d be delighted to answer your questions.