Stripe has announced Stripe Treasury, which will offer Banking as a Service (BaaS) solutions.
In Brief:
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Stripe will partner with banks to offer a BaaS API.
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This means businesses that use Stripe can provide embedded banking services for their customers.
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Shopify is set to use the API.
What does this mean?
At the moment the service will only be available to a select few of Stripe’s clients, however it is sure to be rolled out going forward. Citibank and Barclays have joined as global expansion partners while Stripe has an agreement with Goldman Sachs in the US.
