A BaaS provider is a financial institution that provides banking infrastructure, license and services, such as payment processing, account management, and compliance with banking regulations to third-party companies.
At the same time, BaaS platform is a software platform that serves as a mediator between a BaaS provider and a third-party company. By connecting both, offering a pre-integrated software solution with support, customer service tools, and marketing and analytics capabilities, it enables third-party companies to build their own financial products and services hassle-free.