Verestro's Fintech-as-a-Service Platform: Podcast Episode 02

In this episode, we're breaking down the advantages of Verestro's Fintech-as-a-Service platform. We will give you insights into how Verestro is revolutionizing the fintech industry. Tune in to learn how Verestro can help your business achieve fintech success.

SPEAKER 1: All right. So, Fintech as a Service.

SPEAKER 1: You know, it's a hot topic. And and for good reason. Right. I mean, imagine you're trying to launch like a really cutting edge financial product.

SPEAKER 1: Yeah. But instead of having to build every single thing from scratch. Right. You could just tap into this ready made platform.

SPEAKER 2: Exactly.

SPEAKER 1: That's the allure of FAAS. Yeah. And we've got some research here from Verestro. Right. And they are a major. Player in the FAAS space.

SPEAKER 1: And it's almost like they're giving us a sneak peek into their playbook a little bit.

SPEAKER 1: But what's really got me interested is this claim of sheer speed that they're promising. So let's dive in and see if we can unpack what makes FAAS so revolutionary.

SPEAKER 2: Absolutely. The article really hammers home this speed advantage.

SPEAKER 1: It does.

SPEAKER 2: Doesn't it? Yeah. They claim that using FAAS is 200% faster than traditional in-house development.

SPEAKER 2: Okay. Now that's a bold statement.

SPEAKER 1: 200% faster. Yeah. That's not just a little boost. That's like strapping a rocket to your product launch.

SPEAKER 2: It is.

SPEAKER 1: But what's the magic behind the speed? Is it just about having pre-built components or is there more to it than that?

SPEAKER 2: So it is certainly about having those pre-built components. Okay. You know, things like your secure payment gateways. Right. Your KYC/AML solutions. All of that's already baked in. Right. But it's also... About the streamlined integration and deployment processes that the FAAS’s providers offer, they've done this countless times before.

SPEAKER 2: So they've ironed out all the kinks and optimized the entire workflow.

SPEAKER 1: So it's like they've already navigated that regulatory maze and built all the infrastructure so you don't have to.

SPEAKER 2: Precisely.

SPEAKER 2: And to really illustrate the impact of that, the article uses the example of card issuing, which...

SPEAKER 2: Let's be honest, it's notoriously complex. Yeah. And time consuming.

SPEAKER 1: If you're going it alone? Right. This could take years.

SPEAKER 2: Easily 18 months to three years, sometimes even longer.

SPEAKER 1: Wow. So you're talking about a serious commitment. Absolutely. Almost like launching a new business unit. Exactly.

SPEAKER 2: Yeah. But with FAAS, Verestro claims you could be up and running in as little as three months.

SPEAKER 2: Wow. That kind of speed can be the deciding factor in today's market. Right. Think about a startup. Yeah. That's trying to beat a competitor to launch. Sure. Or a company that wants to quickly capitalize on a new market trend.

SPEAKER 1: Right.

SPEAKER 1: You gotta be quick.

SPEAKER 2: Exactly.

SPEAKER 1: Yeah. In the fast-moving world of finance, being first to market can be everything. Absolutely.

SPEAKER 1: And speaking of advantages, let's talk about the financial side of things. Okay.

SPEAKER 1: The article mentions that FAAS can be significantly more cost-effective than traditional development.

SPEAKER 2: Yes. And they go even further than that. Okay. They actually claim... That their platform is up to 50% less expensive than competitors.

SPEAKER 1: 50%.

SPEAKER 2: 50%. Now, I know that might sound a little too good to be true.

SPEAKER 1: It does sound a little too good to be true.

SPEAKER 2: But they break down the reasoning quite clearly.

SPEAKER 1: Okay. All right. I'm listening. Okay.

SPEAKER 1: Convince me, how can they offer those kinds of savings?

SPEAKER 2: Well, for starters, they highlight their focus on cost discipline.

SPEAKER 1: Cost discipline.

SPEAKER 2: Essentially, they run a tight ship. Okay. They are laser focused on efficiency.

SPEAKER 1: Okay.

SPEAKER 2: Optimizing their internal processes and avoiding unnecessary expenditures.

SPEAKER 1: So it's about maximizing value. Exactly. Not just throwing money at the problem.

SPEAKER 2: Precisely.

SPEAKER 1: Okay. So it sounds like they're not wasting resources on Fancy offices or extravagant perks.

SPEAKER 1: But what about the actual technology itself?

SPEAKER 1: Sure. Surely building and maintaining a robust FAAS platform. Yeah. That's got to come with some hefty costs.

SPEAKER 2: Of course.

SPEAKER 2: But that's where their business model comes into play. Okay. They've opted for a strategic location. Okay. In a region that's actually known for its competitive IT talent pool. Okay. This allows them to access highly skilled engineers and developers. Yeah.

SPEAKER 2: But at a lower cost compared to, say, Silicon Valley. Sure. Or London.

SPEAKER 1: Right. Much higher cost of living in those places.

SPEAKER 2: Exactly. Yeah. So they're strategically positioning themselves to leverage those global talent pools.

SPEAKER 1: That's smart.

SPEAKER 2: It is very smart.

SPEAKER 1: Yeah. But there's going to be more to it than that. Right? They would be able to offer these significant cost reductions solely based on location.

SPEAKER 2: Well, Verestro has a very solid track record. Okay. With over 65 successful FAAS implementations under their belt.

SPEAKER 1: Wow.

SPEAKER 2: This extensive experience translates into streamlined processes. Okay. Optimized development cycles. Right. And fewer costly mistakes.

SPEAKER 1: Makes sense.

SPEAKER 2: They've essentially perfected their approach.

SPEAKER 1: So they've got the experience down.

SPEAKER 2: They've got it down.

SPEAKER 1: Minimizing waste and maximizing efficiency and that efficiency translates into savings for their clients exactly okay so they've got the experience they've got these efficient processes they've got the strategic location yeah but how does their subscription model actually work in practice Like, let's say I'm a company and I'm interested in using Verestro's Faze platform. Sure.

SPEAKER 1: What can I expect?

SPEAKER 2: So their model is actually quite straightforward. Instead of a massive upfront investment, you know, to build your own infrastructure. Yeah. You pay a relatively small setup fee. Okay. And then there's a monthly fee. Right. Based on your usage.

SPEAKER 1: So it's kind of like a pay-as-you-go model.

SPEAKER 2: Precisely.

SPEAKER 1: Similar to cloud computing services and things like that.

SPEAKER 2: Exactly. You only pay for what you use. Makes sense. Which can be a game changer, especially for startups. Right. And smaller companies.

SPEAKER 1: Yeah, limited budgets.

SPEAKER 2: With limited budgets, exactly. And going back to their card issuing example. Okay. They actually provide some concrete numbers here.

SPEAKER 1: Okay, let's hear it.

SPEAKER 2: In-house development for something like that could easily run you into millions. Okay. But with Verestro's FAAS platform, they're talking about a setup fee of around €20,000.

SPEAKER 2: Okay. And then monthly fees ranging from €4,000 to €8,000.

SPEAKER 2: Depending on the type of card being issued.

SPEAKER 1: That's a huge difference. It is. Millions versus tens of thousands to get started. It really levels the playing field. It does.

SPEAKER 1: But beyond cost, another critical factor in fintech is stability. Absolutely. Right? You need a partner you can rely on, especially when you're dealing with sensitive financial data. For sure. And transactions and things like that.

SPEAKER 2: Absolutely. And Verestro clearly understands that concern.

SPEAKER 1: Okay.

SPEAKER 2: They dedicate a significant portion of the article to highlighting their own financial stability.

SPEAKER 1: So they're not shying away from that conversation at all. No, they're not. In fact, it sounds like they're quite proud of their track record.

SPEAKER 2: And they have every right to be. Okay. They emphasize their profitability, the fact that they're not reliant on external loans. Right. And their strong backing from MasterCard.

SPEAKER 1: So they've got some good fundamentals there.

SPEAKER 2: They really do. Yeah. These are all incredibly positive signals, especially in an industry that's seen its share of volatility recently.

SPEAKER 1: For sure. For sure.

SPEAKER 1: Ok, so it's like they're saying, look, we're not we're not just here for the short term. We're building something sustainable.

SPEAKER 2: Exactly.

SPEAKER 1: But stability is only one piece of the puzzle. Sure. What about flexibility? Ok. Right. The fintech landscape is constantly changing. Always. Can a fast platform keep up with that pace of innovation?

SPEAKER 2: That's the million dollar question. Right. Verestro argues that FAAS is inherently more flexible than traditional development. Right. And they make a compelling case. Okay. They highlight their direct contact with decision makers.

SPEAKER 1: Okay. So you're not dealing with layers of bureaucracy to get things done.

SPEAKER 2: Exactly. You're dealing with the people who can actually make decisions. I like it. And they emphasize their willingness to customize solutions to meet specific partner needs.

SPEAKER 1: So it's not a one-size-fits-all approach they're willing to work with you to find the right fit.

SPEAKER 2: Exactly. They even talk about having a dedicated team focused on tailoring the platform to accommodate unique regulatory requirements and market-specific demands.

SPEAKER 1: That's crucial. It is. Because as we know, the regulatory landscape for fintech can be incredibly complex and it constantly influxes.

SPEAKER 2: Constantly changing.

SPEAKER 1: Yeah. So Verestro stresses their commitment to compliance. They do. But they also emphasize the importance of finding that balance between the standardization and customization.

SPEAKER 2: It's a tough balance. Right. But an important one.

SPEAKER 1: So it's like they're providing the engine in the chassis.

SPEAKER 2: I like this analogy.

SPEAKER 1: But you can customize the body and the features to build the car you need.

SPEAKER 2: That's a great way to put it.

SPEAKER 1: All right. So we've talked about speed. Right. We've talked about cost effectiveness. Effectiveness. Yep. Stability. Flexibility. True. But ultimately, it all boils down to one thing.

SPEAKER 2: What's that? Absolutely. At the end of the day, it's all about the bottom line.

SPEAKER 1: Right. And this is where things get really interesting. Okay. Verestro doesn't just focus on the cost savings. Right. They actually make a compelling case for FAAS as a revenue generating engine.

SPEAKER 2: They do. They provide some really intriguing examples. Okay. For instance, they talk about how FAAS can significantly accelerate time to revenue.

SPEAKER 1: Time to revenue!

SPEAKER 1: I like it.

SPEAKER 2: Remember that card issuing example we discussed earlier?

SPEAKER 1: Yeah, the 18 months to three years versus three months.

SPEAKER 2: Exactly. They argue that by using their platform, companies could launch their card programs up to four times faster.

SPEAKER 1: Four times faster.

SPEAKER 2: Four times. That's got to be huge. It's massive.

SPEAKER 2: Imagine the revenue potential of getting a new financial product or service to market that quickly.

SPEAKER 1: It's a game changer.

SPEAKER 2: It is a game changer. And they also highlight specific features. Within their platform. Okay. Like their fees module.

SPEAKER 1: Fees module.

SPEAKER 2: Which allows companies to start generating revenue from day one.

SPEAKER 1: So it's like having that built-in revenue stream from day one. Instead of waiting, you know, months or even years, potentially, to see a return on your investment.

SPEAKER 2: And that speed and efficiency can make all the difference. Yeah. When you're trying to scale your business. For sure. And compete in a crowded market.

SPEAKER 1: Absolutely.

SPEAKER 1: All right. So looking back at everything we've talked about. Yeah.

SPEAKER 1: With Verestro's FAAS platform, we've covered a lot of ground here.

SPEAKER 2: We have.

SPEAKER 1: From the incredible speed. Speed and cost advantages to this emphasis on stability, flexibility, revenue generation.

SPEAKER 1: It's clear that FAAS offers a compelling alternative to traditional fintech development.

SPEAKER 2: It really does. And I think what's most impressive to me is how Verestro addresses the potential concerns head on. Okay. They're not just saying, trust us. Right. They're backing it up with concrete examples, data points. Yeah. And a clear commitment to their partner's success.

SPEAKER 1: Yeah. They're putting their money where their mouth is, so to speak. Exactly. And that level of transparency and accountability. It's refreshing. It's refreshing to see.

SPEAKER 2: It really is. They're not just selling a platform. Yeah. They're presenting a strategic partnership.

SPEAKER 1: I like that.

SPEAKER 2: Built on shared success.

SPEAKER 1: Yeah.

SPEAKER 1: And that's a powerful message for sure.

SPEAKER 2: It is.

SPEAKER 1: So as we kind of wrap up this deep dive into.

SPEAKER 1: The world of Fahas. Yeah. It really begs the question.

SPEAKER 2: What's that?

SPEAKER 1: If this technology can significantly reduce the barriers to entry for fintech innovation, what does that mean for the future of the industry?

SPEAKER 2: That's the million dollar question, isn't it?

SPEAKER 1: It is.

SPEAKER 2: I think we're only scratching the surface of what FAAS can do.

SPEAKER 1: Still early days.

SPEAKER 2: It's very early days. Imagine a world where any company. Okay. Regardless of size or technical expertise. Right. Could launch sophisticated financial products and services.

SPEAKER 1: Interesting.

SPEAKER 2: It could be a game changer for financial inclusion. Okay. For underserved communities. Right. For entrepreneurs with groundbreaking ideas.

SPEAKER 1: So it's democratizing access to these tools and technologies. That was once reserved for the biggest players in the space.

SPEAKER 2: Absolutely. And that kind of disruption can lead to incredible innovation and progress.

SPEAKER 1: Yeah. It's definitely an exciting time to be in fintech.

SPEAKER 2: Very exciting.

SPEAKER 1: And I have a feeling this is just the beginning of FAAS.

SPEAKER 2: I think so, too.

SPEAKER 1: All right. Well, on that note, we'll leave you with those thought-provoking questions to ponder. There you go. If you're interested in exploring these ideas further, I highly recommend checking out Verestro's full article.

SPEAKER 2: It's a great read.

SPEAKER 1: Until next time, keep exploring, keep innovating. Absolutely. And as always, happy diving.

SPEAKER 2: Happy diving.