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European stores but needs to demonstrate

“Access to global transaction banking with 5 lines of code,” akin to something like Stripe for banking, is the Railsbank mantra.

  Specifically, the platform provides companies with a range of wholesale banking services, including IBANs, receiving money, sending money, converting money, direct debit, issuing cards, and managing credit through ApIs. “Our tech solves the legacy issue by hiding it,” explains Verdon.

  However, along with the Railsbank CEO’s insistence internally that its ApI should be considered its UX — since developers are the startup’s end user — the secret sauce is that compliance has been baked in from the start. This sees all transactions that are initiated through the platform stay in line with compliance policy enforced through what Railsbank calls its unique “Compliance Firewall”.

  “For the first time the partner and/or customer’s compliance manual is live and active and not a pDF stuck in a drawer,” claims Verdon. “Every transaction (on-boarding, opening an account, receiving money, sending money, issuing a card, issuing credit etc.) has to pass through the Compliance Firewall and has to comply with compliance policy”.

  To that end, the types of companies or fintech startups that could utilise Railsbank are far-ranging and Verdon says that every day the company is discovering new use-cases. (It offers a sandbox, including live account generation, to try out the platform.)

  One example is a regulated investment company that needs modern ApI access to its banking. This could include creating accounts, receiving money, sending money etc, so that they can implement straight through processing.

  Another is a lender that wants to offer a ‘banking lite’ current account to gain more data on an individual customer’s behaviour to lower the lending risk and possibly even the lending rates.

  Or perhaps an Amazon merchant who wants to sell on Amazon’s  compliance controls to a banking partner. They could use Railsbank to show they only accept money from Amazon including surfacing Amazon Marketplace data (via Amazon’s ApI) on what goods were sold for each Amazon settlement.

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