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What Is "Banking-As-A-Service" And Should Banks Be Worried?
Banking as a service enables non-bank technology companies to create a "white label bank" without having a banking charter or being regulated as a bank. This technology has recently been rolled out by Q2, a provider of software for regional banks and is also offered by Green Dot. At risk is turning a bank's function into that of a utility being used solely for it's charter and regulatory status, with a layer of value-add separation between it and it's customers that it does not control.
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