What is Fintech as a Service (FaaS)?

Fintech as a Service (FaaS) is not a new buzzword or trend. Fintech is a collective term for financial technology and essentially refers to software apps tailored to:

· Help automate and enhance the user experience in financial services.

· Facilitates the management of financial operations for administrators and business owners.

FaaS is therefore a service that provides financial technology and is developed, updated, and maintained by its provider according to security and compliance requirements.

Over the past few years, the fintech industry has heard the cries of constant consumer demand around the world for innovative and seamless payment solutions.

Questions remain as companies do not want to be left behind as the rate of adoption of newly discovered technologies increases. How will fintech be accessible on all platforms?

This is where Fintech as a Service comes in as an elegant way to democratize the adoption of such concepts.

On the user end, which is usually also a service provider, they use an API (application programming interface) to embed subscribing fintech capabilities into their own platform.

Therefore, users pay subscription fees for the aforementioned APIs without having to invest in the infrastructure itself.

APIs are very useful pieces of software that allow many apps and computer programs to interact with each other.

A fairly simple example of this interaction is how payment facilitators (PayFacs) such as Square and PayPal offer FaaS technology to many businesses as a way to improve their in-app payment capabilities and overall user experience.

What are the benefits of Fintech as a Service?

The main benefits of integrating FaaS into your business are simple, FaaS leads to:

・Achieve and provide a better customer experience

Give customers more options (e.g. access to loans)

・Compliance and fraud prevention (KYC/AML screening)

・Strengthen security

・Achieving high adaptability while keeping fees low

・Realization of further happiness of customers

・Achievement of high retention rate

・Digitalization of financial services and activities

Free up employee time (e.g. robotic process automation)

What contributes to the growth of FaaS?< b="">

Fintech-as-a-service success is based on three key ingredients:

Extend your reach with interoperability and integration

Fintech has a global reach in terms of payments, and FaaS has expanded the payment scene to hitherto untapped places.

FaaS integration is seamless. This means that user experience can reach new heights in terms of quality, whether domestic or international commerce.

In fact, scaling has never been easier as the FaaS provider boasts a global network that is fully compatible with local payment methods.

Plus, with the help of our scalable and universal API, financial planning has never been easier.

Harnessing disruptive technology

Fintechs-as-a-Service can take advantage of highly innovative technologies faster than traditional companies.

Whether it’s cryptocurrencies, artificial intelligence, cloud-based software, or big data analytics, fintech seems to outperform its traditional counterparts.

These innovations help strengthen FaaS’s position in the financial industry.

Global payment simplicity

Expanding your reach is great, but digital payments are incredibly simple thanks to FaaS.

They are a major driver for FaaS to grow its business and, incidentally, a major driver for other companies to do as well.

Fintechs-as-a-service allows companies to leverage their own global network of local payment methods. This means that expansion plans can meet the reliability of local payment networks.

Where is the FaaS market headed?

FaaS market predict The market size is projected to be USD 3,847 million, with an expected growth rate of 24.8% from 2021 to 2026.

The numbers make it clear, for those who may still be skeptical, that fintech is the dominant force within the tech sector.

And considering how these entities can connect businesses and easily change the shopping experience around the world, it’s no exaggeration to say that FaaS will become even more prevalent in the future.

The last word

Leveraging financial services to provide users with a higher quality end product has become a reality, whether companies are looking to expand, sustain, or simply improve their profit margins.

Therefore, partnering with a FaaS provider that can offer global reach and multiple payment methods is critical.

Fortunately, there’s never been a better time to achieve global reach with seemingly infinite scaling capabilities and zero infrastructure requirements.

Fintech as a Service (FaaS) is not a new buzzword or trend. Fintech is a collective term for financial technology and essentially refers to software apps tailored to:

· Help automate and enhance the user experience in financial services.

· Facilitates the management of financial operations for administrators and business owners.

FaaS is therefore a service that provides financial technology and is developed, updated, and maintained by its provider according to security and compliance requirements.

Over the past few years, the fintech industry has heard the cries of constant consumer demand around the world for innovative and seamless payment solutions.

Questions remain as companies do not want to be left behind as the rate of adoption of newly discovered technologies increases. How will fintech be accessible on all platforms?

This is where Fintech as a Service comes in as an elegant way to democratize the adoption of such concepts.

On the user end, which is usually also a service provider, they use an API (application programming interface) to embed subscribing fintech capabilities into their own platform.

Therefore, users pay subscription fees for the aforementioned APIs without having to invest in the infrastructure itself.

APIs are very useful pieces of software that allow many apps and computer programs to interact with each other.

A fairly simple example of this interaction is how payment facilitators (PayFacs) such as Square and PayPal offer FaaS technology to many businesses as a way to improve their in-app payment capabilities and overall user experience.

What are the benefits of Fintech as a Service?

The main benefits of integrating FaaS into your business are simple, FaaS leads to:

・Achieve and provide a better customer experience

Give customers more options (e.g. access to loans)

・Compliance and fraud prevention (KYC/AML screening)

・Strengthen security

・Achieving high adaptability while keeping fees low

・Realization of further happiness of customers

・Achievement of high retention rate

・Digitalization of financial services and activities

Free up employee time (e.g. robotic process automation)

What contributes to the growth of FaaS?< b="">

Fintech-as-a-service success is based on three key ingredients:

Extend your reach with interoperability and integration

Fintech has a global reach in terms of payments, and FaaS has expanded the payment scene to hitherto untapped places.

FaaS integration is seamless. This means that user experience can reach new heights in terms of quality, whether domestic or international commerce.

In fact, scaling has never been easier as the FaaS provider boasts a global network that is fully compatible with local payment methods.

Plus, with the help of our scalable and universal API, financial planning has never been easier.

Harnessing disruptive technology

Fintechs-as-a-Service can take advantage of highly innovative technologies faster than traditional companies.

Whether it’s cryptocurrencies, artificial intelligence, cloud-based software, or big data analytics, fintech seems to outperform its traditional counterparts.

These innovations help strengthen FaaS’s position in the financial industry.

Global payment simplicity

Expanding your reach is great, but digital payments are incredibly simple thanks to FaaS.

They are a major driver for FaaS to grow its business and, incidentally, a major driver for other companies to do as well.

Fintechs-as-a-service allows companies to leverage their own global network of local payment methods. This means that expansion plans can meet the reliability of local payment networks.

Where is the FaaS market headed?

FaaS market predict The market size is projected to be USD 3,847 million, with an expected growth rate of 24.8% from 2021 to 2026.

The numbers make it clear, for those who may still be skeptical, that fintech is the dominant force within the tech sector.

And considering how these entities can connect businesses and easily change the shopping experience around the world, it’s no exaggeration to say that FaaS will become even more prevalent in the future.

The last word

Leveraging financial services to provide users with a higher quality end product has become a reality, whether companies are looking to expand, sustain, or simply improve their profit margins.

Therefore, partnering with a FaaS provider that can offer global reach and multiple payment methods is critical.

Fortunately, there’s never been a better time to achieve global reach with seemingly infinite scaling capabilities and zero infrastructure requirements.

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