BaaS in Lithuania or Bank as a Service is a turnkey fintech solution from a single vendor. You don’t have to take any extra steps at all: apply for a license, look for partners (for example, banks or Forex), acquirers, issuers, you don’t need to create a giant IT department or a compliance department. In fact, you just buy a ready-made base and use it.
SaaS is off-the-shelf software that you buy from a vendor and connect to it via a web-resource. WL SaaS, unlike BaaS, provides only technical basis. All legal issues, licenses, partners and other processes necessary for fintech, you decide on your own. BaaS and SaaS are ready-to-implementation tequinics: you obtain specific functionality and connection to specific gateways. The more changes you plan for in the future, the more nimble and flexible your solution needs to be. For example, you may want to add a new payment method, but platform doesn’t interact with this type, or it will take a whole year to make changes.
How is Banking as a Service different from SaaS?
The difference between BaaS and software solutions in Lithuania is automation levels. BaaS – ready-made commercial cloud model. If SaaS offers ready software basis for doing commercial activities, such as CRM, email, communications, etc., but does not rebuild our business processes, then BaaS just offers a ready-made business model with a complete restructuring of business processes. BaaS offers not just software for automating a pizzeria, but also completely builds all business processes, i.e. offers a ready-made business model, within which, conditionally, anyone can launch commercial projects for the production and delivery of goods.
BaaS offers automation in its entirety. And BaaS automates only one of the business processes, such as workflow or logistics. Classic Software as a Service, in turn, does not change business processes or the business as a whole, but only provides ready-made software services (mail, communications, CRM).
Security and primarily features of mentioned White Label services in Lithuania
In the case of SaaS/BaaS, all data is stored on the provider’s side. Should this decision be considered risky? You can look at this question differently – are you ready to set a more serious mechanism for security than supplier offers you? Estimate how long it has been on the market and what customers use its services. Do you possess the means to create and maintain your data protection mechanisms?
SaaS service allows businesses to save on IT by outsourcing software maintenance. Applications on SaaS models are updated more often than usual (once a month or even once a week). This is due to next-mentioned reasons.
- Software is located centrally at provider, so it’s the provider who deals with updates, and not the client himself/herself.
- All user applications share a common configuration, making testing easier.
- Providers do not have to spend means on updating and maintaining software background versions.
- Design and regression testing is faster: provider has full access to tenant data.
- Payment Model – A flat fee per user is charged monthly or yearly. That is, the client can remove or add new users at any time and pay only for their real number.
Banking solutions in Lithuania give you possibilities to develop your own product on a ready-made basis. SaaS/BaaS is an opportunity to be on the market almost tomorrow. Given the speed with which world of fiscal technologies is developing and changing, SaaS/BaaS look more attractive than software licenses.