How Whillet is Leading the Way in Cloud-Based Financial Services

With cloud technology now considered standard in the banking and financial services industry, clients expect slick and reliable online platforms that they can easily access. That means businesses that continue to shun Banking as a Service (BaaS) options, run the risk of becoming uncompetitive. If you’re searching for an embedded financial service provider, Whillet offers a quick, easy and cost-effective solution in the BaaS segment. 

Let’s take a closer look at what kind of cloud services are available right now and how to choose the right one for your business needs. But first it’s important to understand the different cloud-based financial services available to you and what the advantages are of integrating SaaS (Software as a service) over other services such as PaaS (Platform as a service) and IaaS (Infrastructure as a service)? In order to simplify how all of these work and their differences, let’s imagine a pizza. 

IaaS

In this model, the consumer or business shifts some or all of their physical data storage and computing infrastructure requirements to a cloud-based provider. This is a cost-effective way to run your operation as you don’t need the floor space for large servers or to employ a team of in-house IT specialists. However, you can still manage all of your online infrastructures such as data storage and network configuration, for your business or personal requirements. Expressed in pizza terms, IaaS is like buying a pre-prepared pizza but cooking it at home and adding your own additional toppings if required before cooking it according to the prescribed instructions.  

PaaS

With this option, the customer uses a platform with a ready-made set of components, including hardware and software, for the development and operation of their own applications, as well as a platform management environment. In the pizza analogy, this would be the home-delivery option. The pizza is made and cooked elsewhere and brought to your door, so all you have to do is set the table and enjoy.

SaaS

Here, the client uses a ready-made software programme, which can be anything from email, an online calendar or other online office tools through a cloud-based agreement with the SaaS provider. The client doesn’t need any special technical knowledge and simply needs to create a username and password to log in and begin work. The SaaS service provider manages everything else and also gives technical support when it’s needed. If SaaS were pizza, it would be made to order in a Michelin Starred restaurant, delivering you a delicious pizza with excellent service. 

BaaS

BaaS is basically SaaS, but for finance. It is an intermediary between banks and financial technologies, providing financial services to the end user. Where SaaS works in partnership with a bank, it becomes BaaS.

Whillet provides Banking as a Service to its clients and offers them a high-quality, user-friendly service including:

• All operations are one click, with no switching to third-party resources. No questionnaires, visits to bank branches, or other bureaucracy.
• Offering clients financial services cards, electronic money, transfers, and payments for third-party services.
• Automated payments, cashbacks and promotional discounts.
• Easy-to-access payment histories and balance top-ups.
• Convenient integration of a payment acceptance window onto a website or other platform. 
• A high level of protection for all financial transactions and database security.
• 24×7 technical support including a dedicated team of specialists from Whillet for your project.
• An individual approach and customization of the service for the specifics of your business.

Whillet allows businesses to fully outsource e-commerce provision, eliminating obligations and reducing costs of automated transactions in a highly secure manner. Cloud technologies like BaaS can support and drive the growth and promotion of modern businesses through increased client footfall.