What are the reasons for choosing Highnote over a BaaS platform when both platforms offer the benefit of speed?

It varies a lot around the functionality that you need. Highnote, for example, is like a full program manager to help run the entire card process. It really started with a whole general ledger so you could have each individual enterprise manage the complexities and the fund flows that were going through that, and most people aren't designed that way.

The Bond and the banking-as-a-service platforms do some of the same stuff, but they have different constraints because of the way that their bank partnerships run.

They do have these points of overlap, but they're also very different needs as viewed from specific customers. If you're trying to create a relationship like in the case of Squire where you want to I want to offer a business banking account and other services—well, that's where Bond is really differentiated in being able to get live quickly with a complete solution.