Tier One US Providers' Immature Offers Hope To Morph In 2005 -- According to Forrester Research "The current generation of softswitch-based hosted VoIP services is aptly, but not perfectly, suited to meet the needs of small and medium-size businesses (SMBs). Currently, they are ill-equipped to meet many fundamental enterprise requirements. For example, none is geographically ubiquitous. However, this service is not stillborn. Distinctions between the three major providers are emerging, such as the ability to support soft clients/softphones, integration with wireless services, and the availability of unified messaging. Each tier one hosted VoIP service provider plans major service enhancements this year. When combined with the prospect that more tier one providers plan to enter the market this year, 2006 could be a turning point in business use of managed voice services � but only if providers make services truly enterprise-class."
The BaaS model has been adopted across a wide range of industries due to its ability to streamline financial processes for non-banks and foster innovation. BaaS has several industry-specific use cases, where it creates new revenue streams. Banking as a Service (BaaS) is rapidly emerging as a growth market, allowing non-bank businesses to integrate banking services into their core products and online platforms. As defined by Juniper Research, BaaS is "the delivery and integration of digital banking services by licensed banks, directly into the products of non-banking businesses, commonly through the use of APIs." BaaS Market Development The core idea is that licensed banks can rent out their regulated financial infrastructure through Application Programming Interfaces (APIs) to third-party Fintechs and other interested companies. This enables those organizations to offer banking capabilities like payment processing, account management, and debit or credit card issuance without