In this episode, we delve into the world of fintech, comparing the traditional approach of building custom solutions with software houses to the speed and efficiency of Fintech-as-a-Service providers. We explore the advantages of partnering with a specialized provider like Verestro, including rapid implementation, reduced costs, and access to a robust, pre-built platform. Tune in and discover how Fintech-as-a-Service can empower businesses to accelerate their growth, navigate complex regulations, and gain a competitive edge in the rapidly evolving financial landscape.
Okay, so if you're listening to this, you're probably in the FinTech space and feeling some pressure to keep up with all the new tech solutions coming up. Oh, definitely. It's a fast-moving industry. It is.
And you might even be thinking about those white label banking apps wondering if that's the thing that'll really give your business a boost. Yeah, that can be pretty appealing. Definitely. But then the question comes, where do you even start? Right.
You've got a lot of options these days. You do? Do you go the traditional route with the software house or do you dive into this FinTech as a service thing? It's a lot to figure out. I can imagine it can be overwhelming. Absolutely.
And that's exactly what we're going to unpack today. We're diving deep into the world of FinTech solutions comparing those two paths. And to guide us, we've got a true FinTech expert from Verestro, a leading FinTech as a service provider. Welcome to the show.
Thrilled to be here. Thanks for having me. All right, so before we get into Verestro's secret sauce, let's make sure we're all on the same page. For our listeners who might be newer to FinTech, if you break down what makes a software house different from a FinTech as a service provider? Absolutely.
So think of a software house like the classic tech superheroes. You know, they're ready to tackle any coding challenge you throw at them. They're the masters of custom software development. So if you need a website with all of the bills and whistles or an app to manage your inventory, they're the ones to call.
Exactly. The first thing with them is they're all about project-based work. They figure out what you need, build the software from scratch, deliver it, and then they move on to the next exciting project. So they're like the custom tailors of the tech world, creating a perfect fit for each client.
That's a great way to put it. Now, FinTech as a service provider is like us at Verestro, we do things a little differently. We're laser focused on providing ready to go financial technology solutions. So things like payment processing, digital wallets, the core systems that power those slick banking apps we talked about.
We got it. That's our bread and butter. Now, that's where things get really interesting. The FinTech landscape is constantly changing.
What's cutting edge today could be outdated tomorrow. How does that as a service model work with that rapid evolution? That's a great question and you hit the nail in the head. The beauty of as a service is that it's constantly evolving. We don't just build a solution and then forget about it.
We're always updating, refining, and making sure our clients have the latest and greatest technology. It's like having a pit crew constantly fine-tuning your race car so you can stay focused on driving. Exactly. So if I'm a FinTech startup with a killer idea for a new financial product, I can essentially plug and play with Verestro's existing solutions and not waste time reinventing the wheel.
That's the idea. We handle all the heavy lifting on the tech side so you can focus on what really matters, building your brand, making your customers happy and scaling your business. Now one thing that really caught my attention when I was researching for this is that you're very upfront about what you don't do. It's not every day you see a tech company setting limits like that.
What's the thinking behind that? That's a fantastic question and it really gets to the heart of our philosophy. We believe in focusing on what we do best, which is FinTech. And that means we made a conscious decision not to take on custom software projects outside of that area. So you're not going to be building the next big social media platform or designing a game-changing VR experience? Exactly.
While those areas are super interesting, they're just not our expertise. By sticking to FinTech, we can put all our energy into being the absolute best in this specific sector. I like that. It's about specializing.
Yeah, it is. Think about it this way. If you needed brain surgery, you wouldn't go to a foot doctor, right? You'd want a neurosurgeon, a specialist in that field. We're like the neurosurgeons of FinTech.
That's a great analogy. So you might not build my AI-powered coffee maker. But we could definitely power the payment system for it. And maybe even build a micro-loan feature for those top-of-the-line models.
Now, you talk, OK, let's switch gears a bit and dive into what Verestro does offer. What exactly falls under your umbrella of FinTech solutions? We offer a whole range of solutions designed specifically for the financial world, but there are three areas where we really shine. First, we're experts in complex integrations. The FinTech world is all about seamless connections between different systems, like linking your app to a bank's core system or integrating with different payment gateways or even pulling an external data to make your offerings even better.
So it's not just about building isolated solutions. It's about making sure everything fits together smoothly. Exactly. The second area where we excel is multi-account management.
This is crucial for any business that deals with transactions across multiple accounts, like a platform managing funds for different users, or a neo-bank handling accounts in different currencies. Because things can get complicated pretty quickly when you're dealing with multiple accounts, especially as businesses grow. For sure, our solutions make that whole process efficient, secure, and scalable, so everything runs without a hitch. And finally, our third core strength is comprehensive card processing.
We cover everything from issuing physical and virtual cards to processing transactions, whether it's contactless payments in stores, online purchases, or even those new mobile wallets. Wow, that's quite a range. And I imagine all of this ties back to that as a service model. You're not just building these solutions once you're constantly updating and approving them to keep up with new tech and regulations.
Precisely. We're always innovating and optimizing our platform to ensure our clients have the most advanced and secure solutions out there. Okay, so I've got a good idea of what Verestro offers. Now let's talk about the why.
What makes your approach stand out? What makes it different? One of the biggest things that sets us apart is that we're not experimenting with untested technology. Our platform is built on a solid foundation of experience. It's been refined through tons of real world implementations. So there's less risk involved for companies working with you? Exactly.
When you partner with us, you're not just getting lines of code. You're getting our collective experience, our deep understanding of fintech, and our commitment to your success. And here's the best part. We offer incredibly rapid implementation.
How rapid are we talking? Because we're building on our existing platform, we can usually deploy new solutions for our clients in just a few weeks, not months. We're talking one to two months for a fully functional solution at a cost of around 10 to 20,000 euros. Wait a minute, one to two months. That's unheard of in custom software development.
That's the power of fintech as a service. We cut out those long development cycles and huge up-fund investments so you can get your solutions up and running quickly and affordably. Now let's talk about something that's a big deal in fintech regulations. The financial world is a maze of compliance issues.
How does Verestro handle that for its clients? That's a critical point. We're deeply familiar with all those regulations. We have certifications from Visa and Mastercard, and our team is always on top with the latest compliance requirements. So you're not just giving them a toolbox.
You're giving them the instruction manual, too. More like we're providing the toolbox, the instruction manual, and we're there to help them every step of the way. We're not just a tech provider. We're a partner helping our clients navigate those complex regulations.
That piece of mind must be priceless. Especially for startups who are just starting to navigate all of this. It definitely is. Another thing that sets us apart is our global reach.
Our solutions are designed to work across borders, which allows our clients to expand their reach and tap into new markets. That makes sense, given your mission of making cutting-edge financial technologies available to everyone everywhere. Exactly. We believe everyone deserves access to these innovative financial solutions regardless of where they are or their background.
Okay, we've covered a lot of ground here. We talked about the difference between software houses and Fintech as a service, and we explored some of the key advantages that Verestro brings to the table. But I want to shift gears a bit now. And get into how all this translates to real benefits for our listeners.
You read my mind. We'll save that for part two. Stay tuned, folks. All right, so let's talk about what all this means for Fintech companies and their goals.
Yeah, we've talked about the overall picture. But how can Verestro help tackle those real-world challenges that keep Fintech founders up at night? Okay, so let's say you're a neo-bank and you're dreaming of launching this amazing mobile banking app. You could go the traditional route and hire a bunch of developers. Spend months, maybe even years, building every single feature from scratch.
Exactly. Or you could team up with Verestro and plug into our existing platform. We've already got that core banking infrastructure. The payment processing, the security protocols, all ready to go.
It's all there waiting for you. It's like giving them a head start instead of having them build a car from spare parts. So it's not just about saving time and money. It's also about reducing risk.
Exactly. When you work with us, you're not just getting code, you're getting our years of experience, our expertise, and our commitment to your success. Now, some people might say that using a pre-built platform could limit your customization options. How do you respond to that? That's a fair point.
But our platform is designed to be flexible. We offer a lot of customization options, like white labeling our existing solutions with your brand, or integrating with other services that enhance your unique offering. So it's about finding that balance between a strong foundation and the flexibility to create something truly unique. Exactly.
Let's look at some real-world examples of how Fintech companies are using Verestro's solutions right now. One area where we really shine is card issuing and acquiring. Okay, so you're talking about things like prepaid cards, debit cards, even credit card program. Secondly, we have clients using our platform to launch their own branded card programs.
We handle everything from the technical integration to the regulatory compliance. So they can focus on building their brand and getting those customers. Part programs can be really complex to set up, especially for startups with limited resources. That's where we come in.
We streamline everything and make it efficient. Even for companies that are just starting out. Exactly. Another area where we're seeing a lot of growth is embedded finance.
Uhhh. Embedded finance, the hot topic everyone's talking about. For those who might not be familiar, can you give us a quick explanation? Sure, embedded finance is all about seamlessly integrating financial services into non-financial platforms. Okay, so things like a ride-sharing app that lets you split fares and pay for tricks without leaving the app or a website that offers loans at checkout.
Exactly. It's all about bringing financial services directly to the customer. Verestro's platform is perfect for this. We provide the tools and infrastructure that businesses need to embed these services into their existing systems.
Better some of the biggest challenges companies face when they try to embed financial services, and how does Verestro help them overcome those challenges? One of the biggest hurdles is what we talked about earlier, the regulatory complexity. It can be a minefield for companies that aren't familiar with all the rules. That's where our experience is so valuable. We guide our clients through the process and make sure they're compliant.
It's like having a guide to help you navigate a really complicated maze. Exactly. Our challenge is the technical integration itself. Connecting different systems and making sure data flow smoothly can be a real headache.
Our platform is designed to make that integration as painless as possible. We have prebuilt connectors for popular platforms and a team of experts who can help with more complex integrations. So whether it's a simple plug-and-play solution or something more complicated, Verestro's got you covered. Absolutely.
We want to be the one-stop shop for everything embedded finance. I want to go back to something you mentioned earlier, the rapid pace of innovation in Fintech. How does Verestro make sure its solutions are always at the forefront? We're constantly innovating. It's part of who we are.
We have a dedicated team that's always looking at the industry, researching new technologies and finding ways to improve our platform. It sounds like an exciting place to work. Well, we've covered a lot of ground today. We've talked about the difference between traditional software houses and this new Fintech as a service model.
And we've explored some of the key advantages Verestro offers. So as we wrap up this deep dive into the world of Verestro, I want to leave our listeners with this thought. We've seen how fast the Fintech world is moving and we've seen the power of partnering with a company like Verestro, a company that doesn't just provide cutting-edge technology but also offers the expertise support and global reach to help Fintech companies succeed. It's been great talking about all of this.
It has. So my question to you, the listener is this. In a world that's quickly moving towards digital finance, what happens to the business that choose to wait and see instead of taking advantage of these new innovative solutions? The future of finance is being written right now and we all have a choice to make. Do we want to be a part of shaping that future? If you're ready to jump in, Verestro can help guide you along the way.
So reach out to them, explore their solutions and let's build the future of finance together. Thanks for joining us for this deep dive. Until next time, keep innovating and keep exploring.
