Banking as a Service
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Banking as a Service (BaaS) enables financial services companies to hold client cash amounts for and on behalf of their respective clients, by use of individual client bank accounts held in the books of ABN AMRO Clearing Bank N.V. (AACB). BaaS provides an alternative solution for the use of investment vehicles, such as fiduciary trustees and/or money market funds, whereby it aims to increase capital efficiency, minimise the administrative burden and simultaneously mitigates the exposure on underlying investment risks.
ABN AMRO Clearing’s: Banking as a Service
Banking as a Service offers to hold client money deposits under the Dutch deposit guarantee system, governed by a sound regulatory and legal framework. While your clients will have their respective cash accounts held in the books of AACB, you will remain the “owner” of the client relationship. Your clients will manage and monitor their respective cash account through your website and related tools and/or apps.
It's developed on a new distributed ledger platform, named “Panopticon”, based on Hyperledger fabric and is scaled to process up to 500 transactions per second. Using the available interfaces, the AACB banking service can be integrated in your systems to allow an optimal client experience.
Safeguarded by the Deposit Guarantee Scheme
ABN AMRO Clearing Bank (AACB) holds a banking license issued by the Dutch central bank. Under the terms of the Financial Supervision Act, you are entitled to make a claim for compensation under the Deposit Guarantee Scheme if AACB is unable to meet its financial obligations. The scheme covers your deposits with AACB up to a certain maximum value. You are eligible for compensation under the Deposit Guarantee Scheme if:
Your bank is a member of the Deposit Guarantee Scheme; and
The product in question is covered by the Deposit Guarantee Scheme; and
You are an account-holder who is eligible for compensation under the Deposit Guarantee Scheme.
Information on the Deposit Guarantee Scheme:
View on the most important aspects of the Deposit Guarantee Scheme. The fact sheet also includes information on businesses and products that are not covered by the scheme. The bank will send you a copy of the fact sheet (or will let you know how you can access it) once a year. The same information is also included with your statements of account (if you receive these).
Contact us
Curious to find out more on how the BaaS platform can make your company more future proof? For further information please contact Reinier van Dam.