IP Multimedia Subsystem (IMS) is about to revolutionize the telecom market. According to ABI Research analyst Ian Cox, "Every Tier 1 service provider in fixed and wireless networks will announce SIP-based services running over IMS in the next six to twelve months." IMS began life as a wireless network architecture for adding IP-based services to existing circuit-switched voice. When Session Initiated Protocol (SIP) was introduced, IMS evolved to an open architecture: operators are not locked into a proprietary solution, nor are point solutions needed for each service. Soon fixed network providers began adapting it to IP networks. IMS allows a single device to use both fixed and wireless networks. IMS will allow many new services, including VoIP, to be offered simultaneously over SIP-enabled networks. Vendors can develop applications and equipment knowing they will be fully interoperable. Services can be tried quickly and discarded if unpopular. A single database holds all subscriber information, lowering operating costs for multiple services.
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