Webster Bank Joins Newly Launched Banking as a Service (BaaS) Association
STAMFORD, Conn., May 17, 2022 -- Webster Bank is pleased to announce it has joined the newly launched Bankers Helping Bankers (“BHB”) Banking-as-a-Service (BaaS) Association as a founding member. The Association aims to serve the unique needs of BaaS Sponsor banks.
Webster’s BaaS team partners with fintechs, or other non-financial institutions, to provide financial services to the partner’s customer base, enabling them to leverage Webster’s charter and capabilities such as account management, debit and credit card issuance, and payment and/or lending services.
“Webster is committed to working with like-minded peers to drive thought leadership and innovation to help shape emerging financial services offerings,” said Chris Rigoni, Managing Director for Webster BaaS. “We see tremendous opportunity to continue to grow our BaaS business, and we look forward to working with the Association on the development of best practices to provide the excellent experiences for consumers and businesses alike.”
The BaaS Association was created to:
- Coordinate legislative and regulatory advocacy efforts to encourage the responsible delivery of BaaS by Federally insured depository institutions.
- Promote best practices and standards for the delivery of BaaS products to non-banks.
- Build a community of like-minded bankers and other industry participants to share experiences, insights, and learnings.
- Connect Federally insured financial institutions to the technology partners who will help them facilitate a successful BaaS program.
Banking-as-a-Service is seeing a tremendous increase in bank participants fueled by rapid expansion in fintech funding and a constant supply of new startups. It is a highly specialized business that requires unique technology, regulatory and compliance expertise, and operational capabilities.
Tanner Mayo, co-founder of BHB, said, “Bankers delivering BaaS are leaders in profitability and innovation. It is essential that banks getting into this space do so in a safe, sound, and regulatory compliant way. This association is intended to help them embrace the opportunities of BaaS, while proactively identifying and mitigating risks.”
Webster Bank (“Webster”) is a leading commercial bank in the Northeast that provides a wide range of digital and traditional financial solutions across three differentiated lines of business: Commercial Banking, Consumer Banking and its HSA Bank division, one of the country’s largest providers of employee benefits solutions. Headquartered in Stamford, CT, Webster is a values-driven organization with more than $65 billion in assets. Its core footprint spans the northeastern U.S. from New York to Massachusetts, with certain businesses operating in extended geographies. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website www.websterbank.com.
About Bankers Helping Bankers:
Bankers Helping Bankers (BHB) is a bankers-only social+ platform for collaboration and education. Through data tools and dynamic user groups, BHB provides community bankers with a knowledge base focused on bank technology and emerging Fintech companies, as well as hot topics such as cryptocurrencies, banking-as-a-service, becoming a sponsor bank, and launching a direct digital brand. The BHB platform is free for bankers, reaching 75% of the banks. Join the movement to help save community banking.
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