Financial news

BKN301 Group, the digital payments and banking-as-a-service (BaaS) provider in the MENA region, has launched its new BaaS Orchestrator solution, aiming to empower fintechs and banks of all sizes, helping them incorporate financial features into their existing value propositions.

The BKN301 BaaS Orchestrator solution is a platform that aims to tackle the challenges encountered by fintech companies and traditional banks while building and maintaining a robust infrastructure for their financial services.

Through customisation, this platform enables companies to tailor the banking and payment experience to meet their requirements. The solution also offers a scalable solution with flexible APIs for market expansion, improving efficiency by eliminating significant upfront expenses and shortening time-to-market.

Stiven Muccioli, founder and CEO of BKN301, commented: “Our goal is to build a future in which financial services are universally accessible. Through the launch of BKN301 BaaS Orchestrator, we seek to drive innovation as well as bridge gaps between conventional and digital experiences. The platform aims to help companies extend their services into the financial domain, improve customer engagement and create new revenue streams.”

Much of the growth seen in the fintech sector is driven by Gen Z. According to recent surveys, almost half of respondents in the UAE (51 per cent), Saudi Arabia (48 per cent), and Egypt (43 per cent) use mobile wallets for daily payments.

The BaaS Orchestrator connects different core banking systems, payment processors and third-party services. The platform uses a modular design principle to enable organisations to choose and integrate their required features.

The platform also offers a developer-friendly API interface to create personalised banking and payment experiences best suited to the requirements of fintech companies.

Supporting ‘ongoing development’

The orchestrator aims to address a number of issues related to digital banking, such as costs, market scalability and migration problems. It minimises up to 50 per cent costs on core banking, card issuing, payments acquiring (online and offline), cross-border remittances, bill payments and services top-ups.

BKN301 explained its scalability saves almost 100 per cent of any future migration costs for core banking and payment processing. It works in different markets with a multi-core banking platform using the same API set and front end.

Mahesh Paolini-Subramanya, CTO at BKN301, said: “At BKN301, we seek to accommodate ongoing development in both its internal services and external integrations. Our BKN301 BaaS Orchestrator offers the freedom to choose which API version to integrate. The platform’s dedication to continuous evolution enables it to iterate rapidly and adapt to the changing demands of the region’s financial market.”

For the new BaaS Orchestrator platform, the company coordinates its proprietary BaaS core modules and third-party system integrations. These integration capabilities allow for several financial features to be incorporated into a business’s products, especially when it comes to legacy core banking systems of banks.