How do banks and processors leverage dedicated SaaS to accelerate payment innovations?
A staggering one-third of global software is used in a Software-as-a-Service (SaaS) model, and the volatile payment sector is quick to see its benefits. Both digital-native fintech companies and large, established banks and processors turn to SaaS for rapid product launches without substantial upfront investments or compliance-related delays. They can transition from capital expenditure (CapEx) to operational expenses (OpEx), gaining financial flexibility, predictable expenses, and a more efficient allocation of resources.
Despite its allure, there's a significant caveat with SaaS: companies don't want convenience and cost savings at the expense of creative freedom. Many payment-related as-a-service models offer infrastructure and services for rent that are limited to a standard set of features. Even if they are good, they might not suit the particular needs of a company’s business. Dedicated SaaS solutions, like OpenWay's Way4 platform, provide the benefits of SaaS while granting control, flexibility and high product configuration. This empowers clients to leverage new market opportunities and realize their distinct business vision without compromise.
OpenWay’s latest case study shows how companies can benefit from a combined approach of on-premise and SaaS to increase their speed and scalability, both when migrating to dedicated SaaS or launching new business models in dedicated SaaS. Read to learn:
What is the difference between shared SaaS and dedicated SaaS, and how this affects what unique products you can launch
How dedicated SaaS gives the flexibility to grow quickly in new payment areas
What kind of dedicated SaaS vendor can allow freedom on both business and technological levels
How SaaS can be used together with legacy and in-house to maximize your options
Dmitry Yatskaer is the Chief Technology Officer at OpenWay, with over 25 years of experience in the payment industry. He oversees the Way4 product development strategy and actively participates in OpenWay’s most sophisticated projects. He advises clients on the optimal payment solution architecture, new business line development, and large-volume card and merchant portfolio migrations. Dmitry has contributed to the successful launch of CMS platforms for ACB, Borgun, Comdata, Equity Bank of Kenya, equensWorldline, Halyk Bank, Network International, Nets, SIX Payment Services, and others.
Laura Peltokangas is a multilingual professional with 20+ years of experience in researching, creating and editing content for fintech, banking, and other industries. She has been writing for OpenWay for over a decade, reporting on emerging trends in the payments industry and collaborating on relevant, insightful analyses with the Marketing team. She is committed to contributing valuable perspectives that shape conversations and inform decision-makers within the rapidly evolving world of financial technology.
OpenWay is the only best-in-class provider of digital payment software solutions for card issuing, digital wallets, merchant acquiring, BNPL, transaction switching, tokenization, and fleet payments, and the best cloud payment systems provider as rated by Aite and PayTech. Top-tier banks and processors, as well as ambitious fintech startups, have chosen OpenWay as their strategic partner. With its unique capabilities in rich functionality, fast-to-market, high availability and better ROI, the Way4 software platform guarantees an unparalleled customer payment experience.