YES BANK has announced that it has partnered with Banking-as-a-service (BaaS) start-up, Falcon, to tap into the rapidly growing embedded finance market.
YES BANK is one of the pioneering banks that have embraced the BaaS model, which helps in rationalising technology cost and significantly reduces time-to-market, thereby empowering the bank to launch competitive offerings more frequently.
The partnership with Falcon will enable YES BANK to provide customers with tailor-made financial solutions by leveraging Falcon’s wide suite of products, backed by state-of-the-art technological infrastructure.
Commenting on the partnership, Anita Pai, Chief Operating Officer, YES BANK said, “We, at YES BANK have always been at the forefront of adopting digital initiatives that help us provide customers with a rewarding banking experience. Our partnership with Falcon aligns with this approach as it empowers the Bank to create innovative propositions within shorter time periods without compromising on the quality and convenience that the Bank is known to bring forth across all its offerings. Going forward, we foresee an exponential demand for embedding financial products in newer ways, and with this collaboration, we aim to deliver that experience to our customers.”
Falcon offers a future-proof stack to build bespoke cards, payments, accounts, and lending products at unreal speeds to financial institutions and tech companies. The company’s leadership team packs in former executives from the world’s largest financial players like RBL Bank, HDFC, FIS, Zeta, and Mahindra Comviva. Backed by several marquee investors from the US, India, and the Middle East, Falcon aims to tap into the $30-billion market opportunity.
Speaking on the development, Prabhtej Bhatia, Co-founder of Falcon said, “Team Falcon has always appreciated YES BANK for being one of India’s digital payments pioneers. We’re already working with the bank on introducing several innovative use cases and product lines, and the initial traction and response from customers have been phenomenal. We look forward to YES BANK being an essential part of our journey to achieving $100B in TPV.”
“Today, we’re proud to count YES BANK as one of our key partners in our ambition to become one of the world’s leading BaaS platforms,” he added.