BBVA, FinTech services provider, has launched a production ready Banking as a Service (BaaS) platform in the United States. The BBVA Open Platform has moved out of beta, and is an early player in the US's BaaS marketplace. Where many similar platforms have launched in Europe where regulations have compelled such development, few full service BaaS providers have made their platforms available in the US.
"The past six months in beta have allowed us to not only prove the market is there for this kind of innovation in the U.S. but also to ensure the BBVA Open Platform delivers a great experience to our customers," Abhishek Gupta, BBVA Open Platform CEO, commented in a press release.
The Open Platform at its core offers a suite of APIs that developers can utilize to achieve their specific banking needs. Examples of such services include the ability to move money, issue cards, open accounts, and verify identities. Within the platform, developers can test out the APIs in a sandbox environment.
The platform's core APIs include the Consumer API, Move Money API, Accounts API, and Cards API. The Consumer API allows developers to manage account information for each user so that the user can use the other functional BBVA services (e.g. move money, card issuance, etc.). The Move Money API allows US-based customers direct funds to another qualified US account with a single action. The Accounts API allows developers to connect multiple accounts of a particular user with a single call. The Cards API provides an end to end card management service.
To learn more, check out the full API docs. At the site, you can learn more about the full suite of services, getting set up, and get support. BBVA was early to he game in Europe, before PSD2 was in effect, and it is early to the market in the US. After more than 10 partners successfully tested the platform in beta, BBVA is ready for broader implementation.