Regional Australia Bank (RAB) has confirmed a new deal to provide ‘white label’ banking products and services to SME-specialist fintech Thriday.
As part of the new Banking as a Service (Baas) agreement, Thriday, an financial management platform, can now offer its customers a Thriday-branded transaction account and Visa Debit card, backed by the RAB’s ADI licence and technology infrastructure.
RAB chief product officer Chris Stace said that the bank is seeking to take full advantage of its core capabilities to diversify into Banking as a Service.
“We are committed to capitalising on the opportunities that arise to diversify and grow revenue for our Members, and this partnership with Thriday is a great step towards this,” Stace said.
“As a customer-owned and focused bank, we are always looking at creating and delivering value to our members and this partnership allows us to help support small and medium businesses who play such an important role in our communities and our economic landscape”.
He added: “The ability to further support small-medium businesses was a fundamental reason that Thriday was chosen to launch Regional Australia Bank’s BaaS strategy.”
Thriday promotes its itself as an “all-in-one” financial administration platform which provides clients end-to-end control of their finances, from banking, payments, invoicing and expense management, to tax and accounting.
“[T]hanks to the agreement,” Stace said, “[Thriday has] become Australia’s only fully integrated business financial management solution”.