Unit, a Banking-as-a-Service platform allowing companies to integrate financial services into their products, announcement On Thursday (January 20) it debuted a new way to issue virtual cards.
It will be a new pilot environment, allowing businesses to create live bank accounts and issue virtual cards in minutes.
“Last year, Unit enabled more than 100 companies to launch production-ready banking products in weeks, where previously it took more than a year,” the CEO said. Itai Damti said in the press release. “We’ve had customers go from no code to full life in 21 days. We wanted to make it even faster and easier for businesses to create and launch new banking products.
“With our new pilot environment, companies can now test their product using real funds and build a proof of concept to get investment from investors or executives in minutes.”
The pilot represents a new solution for businesses to create accounts, cards and payments, and the release notes that early adopters were able to do all of this “instantly”.
According to the statement, Unit aims to boost financial access through the creation of tools to empower more FinTech builders, and the company “abstracts” the challenges of building and bringing banking experiences to market.
The unit launched in late 2020 and now has over 100 customers and $70 million in funding.
PYMNTS wrote that banking as a service and integrated banking, while usually concentrated in the areas of fintech and financial services, have now become more ubiquitous.
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More non-financial services companies have started implementing them, including Apple and Goldman Sachs, which have rolled out buy-it-now, pay-later (BNPL) services for Apple Pay, called Apple Pay Later.
Additionally, Talenthouse, an arts networking site, launched a banking solution for the needs of members of its creative community – an underserved demographic in financial services. The company also recently partnered with software company Vodeno to bring banking services.