Software as a service (SaaS) is a way of delivering applications over the Internet—as a service. Instead of installing and maintaining software, you simply access it via the Internet, freeing yourself from complex software and hardware management.
SaaS applications are sometimes called Web-based software, on-demand software, or hosted software. Whatever the name, SaaS applications run on a SaaS provider’s servers. The provider manages access to the application, including security, availability, and performance.
CBS is not a cheap solution and requires Heavy Capital Expenses in the beginning like Data Center, Servers, Networking Equipment, Power and Air-conditioning, Trained Manpower, Software and other Licenses, Backup facilities, DR Site etc.
Under this model the Vendor puts up everything for the clients (Banks) in a shared mode and provides all usage of all the above on a monthly fee, freeing the client (Banks) from the responsibility of Acquiring, Maintaining and Upgrading the IT Infrastructure.
A good way to understand the SaaS model is by thinking of a bank, which protects the privacy of each customer while providing service that is reliable and secure—on a massive scale. A bank’s customers all use the same financial systems and technology without worrying about anyone accessing their personal information without authorization.
A “bank” meets the key characteristics of the SaaS model:
A multitenant architecture, in which all users and applications share a single, common infrastructure and code base that is centrally maintained. Because SaaS vendor clients are all on the same infrastructure and code base, vendors can innovate more quickly and save the valuable development time previously spent on maintaining numerous versions of outdated code.
The ability for each user to easily customize applications to fit their business processes without affecting the common infrastructure. Because of the way SaaS is architected, these customizations are unique to each company or user and are always preserved through upgrades. That means SaaS providers can make upgrades more often, with less customer risk and much lower adoption cost.
Improved access to data from any networked device while making it easier to manage privileges, monitor data use, and ensure everyone sees the same information at the same time.
Organizations are now developing SaaS integration platforms (or SIPs) for building additional SaaS applications. The consulting firm Saugatuck Technology calls this the “third wave” in software adoption: when SaaS moves beyond standalone software functionality to become a platform for mission-critical applications.
We Provide Core Banking Services (CBS) on SaaS Model.