Banking As a Service: Your Banking Partners Matter

November 30th, 2021 | Currency Cloud


If you are going to build your business on top of your BaaS platform, it better be sturdy.


And that means finding a partner bank that understands your goals and needs.


Today’s guest, Trent Sorbe, is the Founder & President of Central Payments, where he’s helping to build the muscular platform businesses need to feel confident in their BaaS business.


In this episode of Payments Innovation, we’ll discuss:

  • How Central Payments is laying the foundation for Fintech and embedded finance success

  • The importance of a reliable banking partner for Fintechs and brands in the BaaS space

  • Why you should never lose sight of the product component

  • Things are evolving rapidly in the Fintech world (as always) — let’s explore how Trent and Central Payments are cresting the wave of the future.


“It’s clear these Fintechs could use more from their bank partner. So how do we come to the table and allow for super easy integration, and bring choice and optionality within an API platform?” — Trent Sorbe


THE EMERGING FINTECH TIDAL SURGE

Trent and his team sensed the coming need for more robust BaaS options for developing Fintech organizations.


They decided to grab the bull by the horns and create something unforeseen and highly functional. Offering effortless integration, a vast landscape of choices, and an embedded bank charter, their bespoke API supports your entire ecosystem.


Why has this lingo and this BaaS concept become so popular?


Brands that are laser-focused on building their customer base and a highly unique customer experience don’t always have the bandwidth to handle the cogs and wheels of compliance, processing, or payments.


Existing monoliths might desire to add some aspect of payments to their menu to increase revenue, but they don’t want to be a bank or a financial institution. They just want to get their new product to market fast and rake in more money.


Trent has crafted a one-stop-shop for these entities that’s also deeply committed to serving the community.


“To be one step removed from your bank is a high-risk proposition.” — Trent Sorbe


THE DINOSAUR OF TRADITIONAL BANKING

A business that’s distanced from its banking partner is taking an unnecessary risk.


Because Central Payments sprang from CBKC, a certified Community Development Financial Institution that’s been family-owned for almost 75 years, they’ve got the banking chops your company needs, as well as a dedication to making financial products more accessible.


Their exceptional charter also means they’re protecting their clients from regulatory issues, fraud, and anxiety.


It’s perfect for small businesses in underserved communities, and those that have been rejected or overlooked by the traditional banking industry. Trent is breaking down these toxic barriers and not only protecting these diverse companies but also lifting them up.


“If you’re going to build a business, why not build it with experience and stability?” — Trent Sorbe


ALL FORMS OF MONEY MOVEMENT

Central Payment’s API is unbelievably flexible, incorporating issuing capability, risk management, a call center, ID verification, and easy coding.


With CP’s open marketplace, you can select the microservices you need, and they weave it all into one unique userspace that makes your life easier. The platform grows along with your business.


Their functionality allows their API to integrate multiple providers into their ever-expanding ecosystem.


But Trent never wants to lose sight of the criticality of the product component.


CP is no fly-by-night Fintech fever dream, but a solid, historical operation with a decades-long legacy of banking service.


Not every BaaS venture will survive. It “takes tremendous scale to get that cost points down to where you can start to sniff profitability,” as Trent points out.


The more vertically integrated you are, the stronger your ecosystem, and the bigger your chances are for true success.


Ditching the middleman and heading straight for a consolidated platform like Central Payments will bring it about even faster.


What’s the next big thing coming in Fintech and payments, according to Trent’s thus far impeccable foresight?


Dive into the entire episode to find out!