Goldman Sachs Has Software Allowing Any Company to Offer Banking Services
Could so-called "banking as a service" become the hot new product in the financial industry? Ever the risk-taker, Goldman Sachs (NYSE: GS) is betting that the answer is yes. The storied financial services company just released software that effectively provides bolt-on banking products and services to companies that want to offer them to their clients.
In Goldman's words, its software empowers a nonbank enterprise to "Embed business bank account experiences within your own applications."
This type of offering falls under a broader category known as "transaction banking," which essentially means providing the wherewithal for companies to conduct a range of day-to-day transactions to keep their businesses running.
Source Fool.com
