Fintech Business Podcast Interview: Nicolas Benady, CEO at Swan (Live At Money2020 Europe)
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Jun 19, 2024 Nicolas Benady, CEO of Swan, a leading French embedded finance platform, shares insights from Money2020 Europe. He discusses the unique advantages of banking-as-a-service in Europe compared to the U.S. and the significance of being licensed as an e-money institution. Nicolas highlights how Swan effectively oversees its third-party partners and showcases diverse clients, ranging from neobanks to software companies integrating financial services. He emphasizes the importance of compliance and innovative partnerships in transforming the fintech landscape.
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Swan: Embedded Finance Platform
- Swan is a banking-as-a-service platform that lets companies embed financial services.
- Companies can offer accounts, cards, and other fintech features under their own branding.
E-money License vs. Banking License
- Swan operates under an e-money license, not a banking license.
- This allows storing and moving money, limited credit, and simplified regulation compared to banks.
Regulatory Burden and BaaS in Europe vs. US
- Swan handles regulatory burden for clients, including compliance and risk management.
- Unlike some US BaaS platforms, European platforms like Swan are directly regulated and have direct relationships with card networks.