Backend-As-A-Service for Payments-As-A-Service

The growth of the Fintech ecosystem brought with it an influx of Payment Service Providers (PSP). These new arrivals are changing the way the industry is serving and interacting with its customers.
Growth Triggers Fresh Challenges
It doesn’t matter if you are a B2C or a B2B company, you are now facing a more informed, savvier Customer/Merchant who is looking not just for the best pricing but for the best value for their money.
This evolution of the customer required the service provider to evolve as well, simply to keep up. Providers have had to consider additional services as part of their value proposition – not always an easy task for companies with limited resources and legacy systems.
The market became more accessible to young, fresh brands offering agile and innovative approaches to payments. Many veteran players have been left to follow their lead or risk losing business. Customers today are looking for faster onboarding, fewer questions and more services offered instantly, from “one-click-checkout” to the ability to login with social networks and even easy ways to share expenses on the go.
Square Gets it Right
Payment Service Provider Square is an excellent example of a PSP who acted quickly to respond to customer demand. Square started out with their card reader and MPOS, then quickly expanded their services to ecommerce, scheduling and many more options designed to help SMBs (Small Medium Business) expand and scale their own enterprises. Square’s ease of use has helped thousands of merchants improve revenues and take control of their day to day activity.
At Coriunder, we have been focused on the PSP-As-A-Startup (PAAS) approach, where the PSP is changing their strategy and allocating their budgets to become more competitive with newer, more agile providers; this led to another PAAS approach. This one has been around for a while but wasn’t considered as an alternative; Payments- As-A-Service. This option paves the way for white label gateway providers that have been enabling the quick setup of a Payment Service Provider without the need of a large technical team and the security certifications that come with it.
The majority of providers are focusing on the large network of acquiring banks and alternative solutions instead of on the flexibility needed for the PSP to build his client base. But it’s not just about the payments.
Our Solution for the PAAS Dilemma
Our approach is slightly different; we built a BAAS (Backend-As-A-Service) model that gives our clients tools to manage Customers (Card holders/Users), Merchants, Affiliates and even their own employees. This provides our clients with a way to build apps and services as part of their offering and to manage the billing and “standard” services all within one, PCI Level 1 certified, management suite.
This approach made Payments an “Add-on” to the PSP’s service and not the main service; we see some clients expanding our Merchant Management Portal to allow scheduling and invoicing. Other users are building risk and fraud tools to extend the KYC checks and transactions monitoring they have in place.
We serve as a hub that provides the PSP with the options they need to integrate to every service provider they wish to. Together, they can create intuitive workflows that better serve their business logic.
BAAS and Fraud Prevention
An evolution of a customer comes hand in hand with the evolution of the “Fraudsters”. In many cases, the PSP is left exposed on both fronts; they need to both cater to the customer and combat fraud. Clients adopting BAAS are using the Backend solution to manage both transactions and customers, so they now have the ability to integrate Risk and Fraud tools. In many cases, they can even build their own custom tools to define workflows that help them better mitigate risk and more effectively fight chargebacks and fraud.
We see the struggles of our customers as a shared challenge, so we offer a C2C (Client-to-Client) integration as part of the core functionality, brands can help one other find solutions more quickly. With C2C integration, additional revenue streams can be established, as clients developing new services or expanding to new territories can assist one another with growth and opportunity.
When we launched our service we aimed it at startups looking to build their idea on top of our Backend; we soon we learned that the PSP market was in dire need of a service like ours. We are now serving Payment Service Providers globally, with partners based in Hong Kong, the United States, Cyprus, Malta, Costa Rica and more. By addressing the needs of this rapidly growing industry and helping clients create innovative custom solutions, BAAScan resolve the dilemma faced by the average PSP.
About Coriunder
Coriunder is a Backend-As-A-Service platform for Fintech and ecommerce companies. Whatever your services might be, Coriunder provides you with reach management tools to monetize your solution and enables you to expand globally with our Payment optimization tools and a single point of integration for all of your services.
With over 300 available integrations to acquiring banks and service providers, Coriunder is the logical Backend-As-A-Service for the Payment Service Provider.
About Eliad Saporta

Eliad Saporta is the Managing Director of Coriunder. With a background in law and an MBA in finance, Eliad has always been drawn to product management and design. He worked as a consultant for various companies, assisting them in their efforts to build products in the payments ecosystem. Today, he helps entrepreneurs not only by assisting them, but also by offering the right tools and services for building their vision.

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