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This Temenos white paper discusses Banking-as-a-Service (BaaS), a model in which companies provide banking services through APIs to other organizations. The paper highlights the value chain of BaaS, the momentum in the industry, and the technology required for BaaS. The platform, architecture, and seven key attributes of the technology are discussed in detail. The paper also identifies the different players in the BaaS ecosystem, including the consumer of BaaS (the company that owns the end-customer), the BaaS enabler (the company that provides banking services through APIs), and the license holder or bank. The license holder rents its license to the BaaS enabler and provides access to compliant products. The paper concludes by discussing the potential for BaaS to enable companies to build their own digital and/or niche propositions at speed and scale without having to secure a banking license or invest in regulated banking infrastructure.