Webster Bank Joins BHB Banking-as-a-Service Association as Founding Member
On May 17, 2022, Webster Bank announced it had joined the Bankers Helping Bankers (BHB) Banking-as-a-Service Association as a founding member. The BHB BaaS Association was created specifically for sponsor banks and focuses on legislative advocacy, establishing best practices for delivering BaaS to non-bank entities, building community among bankers, and connecting institutions with technology partners. Webster Bank operates as a BaaS sponsor bank, partnering with fintechs and non-financial institutions to offer services including account management, debit and credit card issuance, payments, and lending under its banking charter.
Chris Rigoni, Managing Director for Webster BaaS, stated the bank is committed to driving thought leadership and innovation alongside like-minded peers. He emphasized that Webster sees tremendous opportunity to continue growing its BaaS business. The move signals increased institutional coordination among sponsor banks navigating the evolving regulatory and competitive landscape of embedded finance.
- Formation of a dedicated BaaS sponsor bank association signals maturing industry coordination and proactive regulatory engagement among banks offering BaaS.
- Sponsor banks organizing collectively may strengthen their position in shaping BaaS regulation and standards, potentially influencing how fintechs access banking infrastructure.