Regional Australia Bank launches BaaS strategy with SME software partnership

Regional Australia Bank has launched its new Banking as a Service (BaaS) strategy by partnering with small-medium business financial management platform, Thriday.

Banking as a service enables corporate businesses and fintechs to offer branded banking products to their customers and clients, and thanks to this partnership, Thriday can offer its customers a Thriday transactional account and Visa Debit card, powered by Regional Australia Bank. Regional Australia Bank Chief Product Officer, Chris Stace, says he is excited to have Thriday – which, thanks to the agreement has become Australia’s only fully integrated business financial management solution – on board.

“As an organisation, we’re looking to leverage our core capabilities to diversify into Banking as a Service, and increase the support we can give to small businesses, too. “We are committed to capitalising on the opportunities that arise to diversify and grow revenue for our Members, and this partnership with Thriday is a great step towards this,” he says. The ability to further support small-medium businesses was a fundamental reason that Thriday was chosen to launch Regional Australia Bank’s BaaS strategy.

Thriday gives small business owners end-to-end control of their finances, from banking, payments, invoicing and expense management right through to tax and accounting – and the platform estimates it can save small-to-medium businesses up to six hours per week of time that would usually be spent on financial admin. Stace says, "As a customer-owned and focused bank, we are always looking at creating and delivering value to our members and this partnership allows us to help support small and medium businesses who play such an important role in our communities and our economic landscape," he says.

For more information, contact Michellie Henry at Regional Australia Bank: [email protected]