Business

How can Banking-as-a-Service solutions speed up the launching process of a fintech app?

Cledara introduced its application in less than 2 months

BY 21.05.2020 3 minutes read

Banking-as-a-service solutions have been on the market for a while now – acting as much needed intermediaries between banks and fintech companies. They are playing an important role in the digital transformation of banks,  initiating beneficiary partnerships between the players. In addition, through this end-to-end process, banks are shifting towards a more modular way of working in order to embrace third-party collaborations, while fintechs are able to execute financial service capabilities without the need of developing expensive services themselves.

SaaS

We are all familiar with the Software-as-a-Service (SaaS) distribution model in which a third-party supplier hosts our application, making our life easier by providing:

  • Easily scalable
  • Automatic updates 
  • Easy accessibility
  • Quick setup and deployment
  • Continuous support
  • Easy payment terms
Banking

BaaS

In the last few years, a similar structure has come of age for banking solutions in the fintech industry. Banking-as-a-Service (BaaS) allows companies to integrate digital payments and a variety of  banking solutions ranging from basic compliance solutions to more specialized products without the need for burgeoning fintechs having to develop each piece of the puzzle, ensuring:

  • Security – operate within a legal framework
  • Scalability – cloud-based solutions
  • Fast integration – quicker deployment
  • Highly specialized solutions for financial services
Banking

Cledara’s core business

Have you ever wondered if there is an app for managing all your SaaS subscriptions in one place? You are probably familiar with the feeling of finding yourself in the need of changing invoice data, downloading invoices themselves, and you have no idea who is your organization is managing or paying for subscriptions? 

Cledara identified this market niche back in 2018 and with the support of skilled Vacuumlabs developers, they built a full-production web app in just 7 weeks. Since then, they have been helping many companies with their product which includes several life-saving features, like software stack tracking, payment authorization and predictions, integrated invoice handling options, and virtual card payments.

The power of virtual cards

Adding virtual card payments into your accounts payable workflow is one way to help your business handle invoices more efficiently. Therefore, Cledara implemented virtual cards in its system utilizing the huge range of benefits of this BaaS solution.  But how can virtual cards simplify your SaaS management on the platform?

  • It helps you empower your team without losing control – payment limits can be set
  • Creating the virtual card takes just a few minutes – a simplified pathway to ePayments, quick onboarding
  • Reporting gets easier – all spending is visible on one platform
  • Real-time visibility – immediate actions can be taken to prevent overspending

Tribe Awards

An additional advantage of being part of the Cledara platform is joining a community that subscribes to similar apps as you do. The company introduced a program to earn points through their application either for subscriptions or also other payments you process, including purchase for AWS, Google Cloud, Azure, or a new Apple Macbook. Their virtual card integration also allowed for the launch of Europe's first card rewards program for startups, Cledara Rewards.

BaaS integration as a boost

BaaS platforms enable fintechs to connect with banks’ systems via APIs, allowing them to offer branded banking solutions directly to their customers. It is a win-win-win situation. It helps the bank to build partnerships, provides a secure service to the customer, and last but not least, allows the fintech company to build revolutionary solutions as fast as possible. In other words, the bank is responsible for risk management and compliance with regulations while the fintech company can focus on the user experience and agile development.

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Marketing and Office Manager

About Vacuumlabs

Vacuumlabs provides teams of flexible software engineers and designers with years of experience building fintech, online marketplaces, and digital products. Every step of the way, Vacuumlabs experts collaborate with clients, so that they can move fast, learn and iterate as they build world-class products together.

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