How Fintech as a Service Automates Financial Functions

Jerome Arthur Uffner is a prepaid card and technology executive who guides Tern Commerce, Inc., as president and delivers various integrated payment solutions. Over the years, Jerome Uffner has positioned his company as a Fintech as a Service (FaaS) space leader.

The fintech aspect of this equation involves financial technology or software applications that automate the experience of customers who access banking and related services. It also simplifies how business owners can administer various operational tasks, from payroll to budgeting.

Technology providers create FaaS platforms that perform tasks. In addition, the providers oversee the platform’s maintenance, development, updates, and security. The user accesses functionalities within the native platform using an application programming interface (API). The API is a money-saving function that enables various systems to mesh together and deliver functionality to a full range of clients.

A typical example of FaaS is a company that handles transactional services. The company teams up with a site that sells rental bookings. Then, the site delivers payment solutions. Another example is a retailer that routes transactions through a payment service provider. FaaS optimizes the terms of every transaction performed and is a cost-saving method for the retailer.