Starling Bank is expanding its banking-as-a-service and payment services offerings, bringing white-label banking services to the UK.

This will allow companies to launch their own bank accounts and provide customers with payment services such as debit cards, a move that aims to inject competition into the banking market – traditionally dominated by large major banks.

“The banking transformation has begun, we’re enabling customers to pick and choose the applications and services they need and how they use them,” said Anne Boden, CEO of Starling Bank, speaking at the PayExpo 2018 conference in London.

By opening up its APIs in this way different businesses can develop and scale new financial products without the need for long development lead-times and complex legal arrangements.

Clients can pick and choose components, or product features, from Starling and as they are using Starling’s banking license, they do not need to become a regulated entity. Clients also have access to all the major payment schemes in the UK and Europe.

Boden added: “The API economy is far more important and relevant to banking than PSD2 and Open Banking. It is changing the rules of the game and does not need legislation for its survival or existence. We’re proud to be one of the first real implementations of this model for the banking industry.”

Using Starling’s payments services customers can quickly integrate into UK and European payment schemes to access Faster Payments, Bacs and SEPA, the bank says.

Starling’s clients include French challenger bank Ditto, UK’s Department for Work and Pensions, new digital bank of RBS/NatWest, and savings and investment marketplace Raisin UK.

Starling is also working with Instarem, Vitesse, Incuto and AccessPay and has “strategic partnerships” with companies such as Vocalink, Currencycloud, Form3, Railsbank, FIS, and Bankable.