"During his four years as chairman of the Federal Communications Commission, Michael Powell championed the idea that new communications technologies should not be subject to federal and state regulations. But as Powell prepares to step down in March, Voice over Internet Protocol (VoIP) -- the technology that allows telephone calls to travel over the Internet -- faces a push by several states to regulate it as a traditional telephone service, a move that many fear would stifle its potential."
The BaaS model has been adopted across a wide range of industries due to its ability to streamline financial processes for non-banks and foster innovation. BaaS has several industry-specific use cases, where it creates new revenue streams. Banking as a Service (BaaS) is rapidly emerging as a growth market, allowing non-bank businesses to integrate banking services into their core products and online platforms. As defined by Juniper Research, BaaS is "the delivery and integration of digital banking services by licensed banks, directly into the products of non-banking businesses, commonly through the use of APIs." BaaS Market Development The core idea is that licensed banks can rent out their regulated financial infrastructure through Application Programming Interfaces (APIs) to third-party Fintechs and other interested companies. This enables those organizations to offer banking capabilities like payment processing, account management, and debit or credit card issuance without