Challenger Starling bank offers companies in various industries the possibility of providing retail banking services through its application programming interfaces (APIs).
The service, which already has its first client, will allow companies to offer their customers banking services as current and savings accounts without having to become a bank themselves.
Starling's banking service as a service can be used in areas such as retailing by companies that want to offer their customers savings and current accounts without the need for strong technological development because they will use the bank's APIs.
Regulatory approval will not be necessary because the service will be managed using the Starling banking license. APIs can be implemented with a few lines of code and offer bank partners access to key payment systems such as faster payments, SEPA and Bacs.
Anne Boden, CEO of Starling Bank, said that the latform strategies took off in many other areas. He mentioned the rise of Airbnb, Uber and Apple in the housing, transport and music markets, yet these companies do not own property, vehicles or content.
"As a next generation digital bank, Starling is now taking the model to the British banking sector, allowing other companies to create banking services in addition to its own branded banking infrastructure," he said.
Starling Bank was designed by Boden, a banker with an IT background. It aims to use modern technology to make banking as convenient as possible, allowing customers to benefit from the data they generate in their daily lives.
Just over a year after obtaining the UK banking license with restrictions and immediately after the restrictions The license was revoked in April 2017, Starling made its services available through its app
The bank's service is already used by the savings market Raisin UK to open accounts for its customers.
Kevin Mountford, CEO of Raisin UK, said: "The Raisin UK market has really hit consumers since launch a few months ago." The partnership with Starling will facilitate our growth, expanding our network of partner banks and offering consumers a wider range of savings products. "
In the past, financial services companies and companies such as retailers have collaborated with banks to offer financial services to mark the front- end, but banking, which includes systems and regulatory approval, is provided by a traditional bank.
The Starling banking service is aimed at companies that want to offer banking services provided through the latest technology.