The growing demands of SaaS (Software-as-a-Service), IaaS (Infrastructure-as-a-Service) and PaaS (Platform-as-a-Service) might give birth to industry-specific services and platforms in a very close future with solutions such as BaaS (Banking-as-a-Service) and BaaP (Banking-as-a-Platform).
The correlation between income and access to formal financial services is still very strong in today’s world, however, this landscape is now changing with innovators now integrating with main-stream banking systems through central banks regulatory frameworks, which are now becoming more flexible globally, and extended by FinTech service providers, which are pushing hard to change the world of financial services. Entrepreneurs are leading a pack of disrupters.
Banking as a Service (BaaS), radically shift from building and managing financial solutions to assemblers of consumer-driven financial management tools and related offerings, which provide banks a solid path to compete in this fast-mutating market. BaaS makes banks able to accelerate their time to market into new environments and rapidly meet the needs and expectations of digital consumers, but moving to BaaS is not something easy, once banks must be willing to unlock their data and application services to partners, such as FinTechs and other third- party developers, through standardized and open APIs (Application Programming Interfaces), as well as plug-and-play within new emerging platforms in which they are not the actual owners of the customer experience and relationship, which is a complete new mentality to banks and their traditional business model.
BANKEX is Bank-as-a-Service on blockchain, building the Proof-of-asset-Protocol. The product of BANKEX is the Proof-of-AssetProtocol, which solves the issue of non-fungible asset liquidity. Proof-of-Asset means the token released as part of the protocol is ensured with an asset. The know-how of BANKEX is the Proof-of-Asset protocol, in essence a combination of BaaS (Bank-asa-Service) and blockchain technologies. BANKEX takes a client asset, primarily on the financial market, tokenize it, then, without waiting for the portfolio to accumulate critical mass, turn this asset into money for the bank. This is made possible through formation of a single pool of similar assets (e.g., pool of banks) thereby creating a marketplace, where banks benefit from liquidity and investors benefit from a predictable and transparent cash flow.
Billions of individuals and businesses are served and trillions of dollars are moved around the antiquated global financial system each day. Still heavily reliant on paper, albeit dressed up with a digital façade, there are many issues with this system that cause added expense and delays as well as make it easier for crime and fraud to cripple it. Despite the financial industry’s resistance to change, blockchain and its expected benefits make it worthwhile.
Blockchain disruption could be highly in the Banking process. It would enable higher security and lower costs for banks to process financial servicess between organizations and their clients and even between banks themselves. In the current reality, there are a lot of intermediaries in the payment processing system, but blockchain would eliminate the need for a lot of them.
{BANKEX enables anyone to build a full-scale bank without having a banking licence](http://bankex.org), by using several APIs of different banks and fintech products of their choice. Whether as a commercial bank or a retail bank? BANKEX provides a simple platform and simple process. By just adding some analytics,anyone can start their business.
A bank built according to this model can be launched in a day and renewed every month based on microservice architecture and using open-source software from the marketplace of banking technology.
