Kotapay, a division of First International Bank & Trust (FIBT), has recently announced that Raisin will integrate with its new bank-direct BaaS platform, Kavinu. This move builds upon FIBT’s existing partnership with the German fintech company, which previously involved serving as the holder of Raisin customers’ cash accounts.

Incorporating these changes, Raisin now has access to a range of cloud-based microservices that facilitate fund transfers between external accounts and multiple banks and credit unions on the Raisin marketplace. Additionally, key responsibilities such as risk management and compliance functions will be managed by FIBT. Both institutions remain committed to meeting the evolving needs, preferences, and demands of their clients while ensuring regulatory compliance.

According to the official press release, Kotapay’s vertical integration aims to streamline the BaaS model, thereby simplifying processes for fintechs and Embedded Finance providers. This approach emphasizes direct relationships between fintech firms and banks, leading to more secure and faster market entry. Notably, Kavinu offers several benefits including a direct bank connection, robust security, accelerated launch times, and flexible architecture.

More information on FIBT’s integration of Raisin can be found in the source document below.