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Banking Providers

Third-Party Providers Comparison

Architecture alignment note (2026-02-14): This document is pre-architecture research from the mobilebank-research phase. Drop ultimately chose a PSD2 pass-through model — no wallet, no balance held by Drop, no IBAN generation. BaaS providers listed here would serve as Open Banking (AISP/PISP) integration partners, not wallet infrastructure. Card issuing is a FUTURE feature (feature-flagged). This document is retained as provider research reference.

Table of Contents

  1. Banking-as-a-Service (BaaS) Providers
  2. Card Issuing Platforms
  3. Payment Processors
  4. KYC/Identity Verification Providers
  5. Virtual IBAN Providers
  6. Recommendation Matrix

1. Banking-as-a-Service (BaaS) Providers

Overview

BaaS providers enable fintech companies to offer banking services without obtaining their own banking license. They provide the regulatory infrastructure, APIs, and banking capabilities.

Provider Comparison

Solarisbank (Solaris SE)

Attribute Details
Headquarters Berlin, Germany
License Full German banking license + Digital Assets Custody
Coverage EU-wide (passporting)
Key Features Accounts, cards, lending, digital assets, compliance
Target Market Fintechs, enterprises, large card programs
Notable Clients Samsung, ADAC
Strengths Full-stack, modular APIs, banking license
Weaknesses Requires BaFin approval for new partners, financial challenges
Best For Enterprises needing complete banking capabilities

Services:

  • Current accounts with IBAN
  • Card issuing (virtual + physical)
  • Lending products
  • Digital asset custody
  • Full compliance stack

Swan

Attribute Details
Headquarters Paris, France
License EMI (French)
Coverage Eurozone (expanding)
Key Features IBANs, cards, embedded finance
Target Market Startups, SMEs, SaaS platforms
Strengths 5-minute integration, built-in KYC, fast time-to-market
Weaknesses Limited geographic coverage, cards/accounts focus
Best For Fast MVP launch, European startups

Key Differentiators:

  • Claims 10X shorter implementation time
  • KYC/fraud detection built into product (no extra cost)
  • Developer-friendly APIs
  • Good for expense management, HR tech, proptech

Treezor (Societe Generale)

Attribute Details
Headquarters Paris, France
License EMI (European) + MasterCard Prepaid approved
Coverage EU (branches in Italy, Spain, Germany)
Key Features E-wallets, cards, marketplaces, crowdfunding
Target Market Neobanks, mobility, employee benefits
Strengths Backed by Societe Generale, SEPA network, 50M+ transactions/year
Weaknesses Best suited for eurozone transactions
Best For Euro-focused operations, established platforms

Services:

  • White-label prepaid cards
  • E-wallets
  • Marketplace payments
  • Crowdfunding solutions

Railsr (formerly Railsbank)

Attribute Details
Headquarters UK
License EMI
Coverage Europe, Asia
Key Features BaaS, Cards-as-a-Service, payments, compliance
Target Market Fintechs, brands embedding finance
Strengths Flexible APIs, cards + payments combined
Weaknesses Financial challenges (acquired/recapitalized 2023)
Best For Card programs, embedded finance for brands

Other Notable Providers

Provider HQ Specialty Notes
Modulr UK Payments infrastructure EMI license, fast payments
Paynetics Bulgaria E-money, cards EU + UK licenses
Vodeno/Aion Poland/Belgium Full banking Acquired by UniCredit
OpenPayd UK Multi-currency accounts Virtual IBANs specialist

BaaS Selection Criteria

  1. Regulatory Coverage: Does license cover target markets?
  2. API Quality: Developer documentation, SDKs, sandbox
  3. Time to Market: Integration complexity, onboarding time
  4. Pricing Model: Setup fees, per-transaction, revenue share
  5. Financial Stability: Provider's funding, profitability
  6. Scalability: Can grow with your business
  7. Support: Technical support, account management

2. Card Issuing Platforms

Provider Comparison

Marqeta

Attribute Details
Headquarters US (global coverage)
Coverage 40+ countries
Key Features Virtual/physical cards, JIT funding, customization
PCI Compliance Level 1, tokenization
Pricing ~$0.50/virtual card, 0.5-1% transaction fee
Setup Cost $5,000-$50,000
Best For Custom card programs, expense management

Strengths:

  • Open API architecture
  • Just-in-Time (JIT) funding
  • Real-time transaction control
  • Extensive customization options

Stripe Issuing

Attribute Details
Headquarters US (Ireland for EU)
Coverage US, EU expanding
Key Features Virtual/physical cards, webhooks, Stripe ecosystem
Integration Seamless with Stripe payments
Best For Existing Stripe users, developer-centric teams

Strengths:

  • Real-time authorization hooks
  • PCI compliance handled by Stripe
  • Apple Pay / Google Pay integration
  • Excellent developer experience

Adyen Issuing

Attribute Details
Headquarters Netherlands
Coverage Global
Key Features Issuing + acquiring + processing combined
Integration Single API for all payment needs
Best For Enterprise with complex payment needs

Strengths:

  • Unified platform (issuing + acquiring)
  • 3D Secure built-in
  • Real-time reporting
  • Global compliance (GDPR, PSD2)

Other Card Issuers

Provider Specialty Coverage
Paymentology Cloud-based issuing Global
Thredd (GPS) Prepaid programs EU, UK
Wallester European cards EU
Galileo Processing platform US, expanding

3. Payment Processors

Adyen

Attribute Details
Pricing Model Interchange++ (most transparent)
Processing Fee EUR 0.10-0.15 per transaction
Interchange Pass-through (EU capped: 0.2% debit, 0.3% credit)
Payment Methods Cards, local methods, wallets
Best For Large volume, international operations

Strengths:

  • Direct connections to card networks
  • Local payment methods (SEPA, iDEAL, etc.)
  • Single platform for global payments
  • 50% EBITDA margin (financially stable)

Stripe

Attribute Details
Pricing 1.4% + EUR 0.25 (EU cards), 2.9% + EUR 0.25 (non-EU)
Features Payments, subscriptions, connect, treasury
Best For Startups, developer-first companies

Strengths:

  • Excellent documentation
  • Rapid integration
  • Broad feature set (payments, issuing, treasury)
  • Strong developer community

Stripe Treasury (Embedded Finance)

Feature Capability
Financial Accounts Stored-value accounts for customers
Bank Integration Fifth Third Bank partnership
FDIC Insurance Pass-through eligible
ACH/Wire Supported
Use Case Embedded banking for platforms

Notable Implementation: Shopify Balance built on Stripe Treasury

Other Payment Processors

Provider Specialty Pricing Model
Checkout.com Enterprise payments Interchange++
Mollie European SMB Fixed % per method
Worldpay Global acquiring Custom
PayPal/Braintree Consumer payments Fixed %

4. KYC/Identity Verification Providers

Provider Comparison

Onfido

Attribute Details
Services ID scanning, facial recognition, risk scoring
Coverage Global (195+ countries)
Integration SDK (iOS, Android, Web) + API
Compliance GDPR, eIDAS, SOC 2
Best For High-volume onboarding, international

Sumsub

Attribute Details
Services KYC, AML screening, fraud prevention
Coverage 220+ countries
Features Bank verification, PEP/sanctions screening
Best For Growing fintechs, multi-region expansion

IDnow

Attribute Details
Services Video-based verification, eIDAS compliance
Coverage Europe focus
Compliance BaFin approved, full eIDAS
Best For German market, strict compliance requirements

Entrust

Attribute Details
Recognition Gartner Magic Quadrant 2025
Services AI-powered verification, digital onboarding
Best For Enterprise, banking institutions

Comparison Matrix

Provider Document Types Biometrics AML Screening Pricing Range
Onfido 4,500+ Face match Yes $$$
Sumsub 3,000+ Face + liveness Yes $$
IDnow EU focus Video + face Yes $$$
Ondato 2,000+ Photo/video Yes $$
Trulioo Global databases Limited Yes $$
iDenfy 3,000+ Face + liveness Yes $

5. Virtual IBAN Providers

Key Providers

OpenPayd

Attribute Details
IBAN Countries UK, FR, MT, NL
Features Named vIBANs, Target2 connectivity
API Simple (2 required params)
Best For Platforms needing named accounts

Banking Circle

Attribute Details
Headquarters Luxembourg
Features Named vIBANs, multi-currency (EUR, GBP, USD, AED)
Target High-volume PSPs, EMIs

Airwallex

Attribute Details
Coverage 60+ markets
Features Global accounts, FX, API automation
Best For International operations

Other Providers

Provider Specialty
Payset SME-focused, multi-currency
Clear Junction High-risk friendly
Currencycloud FX + accounts
Sharpay Instant issuance, SEPA/SWIFT

IBAN Provider Selection Criteria

  1. Coverage: Which IBAN countries needed?
  2. Naming: Named vs. pooled IBANs
  3. Payment Rails: SEPA, SWIFT, Target2
  4. Currency Support: EUR, GBP, USD, others
  5. API Quality: Documentation, reliability
  6. Compliance: AML/KYC support
  7. Pricing: Per-account, per-transaction fees

6. Recommendation Matrix

By Company Stage

Stage BaaS Cards KYC Payments
MVP/Seed Swan Stripe Issuing Sumsub Stripe
Growth Treezor/Railsr Marqeta Onfido Adyen
Enterprise Solarisbank Marqeta/Adyen IDnow Adyen

By Use Case

By Budget

Sources

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