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What does Finance as a Service mean?
FaaS is an umbrella business label whose meaning depends on the provider and customer. The key distinction is whether the service manages a company’s internal finance work, supplies finance technology to a financial institution, or enables customer-facing financial products within a nonfinancial business.
For example, KPMG describes its FaaS as an enhanced service delivery model combining skilled teams, technology, and ongoing management of finance operations. Its page says the model gives companies “rapid access to highly skilled talent and leading-edge technologies.” That is KPMG’s description of its offering, not an industry-wide definition. KPMG Finance as a Service
SAP Fioneer uses the same label for finance software and services aimed at financial institutions, including financial management, reporting, analytics, reconciliation, consolidation, compliance, and daily profit-and-loss processes. These two uses of FaaS have different customers and scopes. SAP Fioneer Finance as a Service
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Three different offerings may be called FaaS
Managed finance operations
In this model, a provider takes on some of a company’s finance processes using a managed service. KPMG’s described scope extends from upstream and transactional work—such as inventory management, invoice tracking, revenue collections, and contract management—to financial close and financial planning and analysis (FP&A). A company considering this model is evaluating an outsourced or jointly delivered finance function, not merely buying a software license.
The specific work, decision rights, and controls vary by contract. KPMG’s broad description does not establish that every provider includes every listed function, or that a provider assumes the company’s legal accountability for its financial reporting.
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Finance software and services for financial institutions
Some providers use FaaS for technology and services that help banks or other financial institutions run financial management and reporting processes. SAP Fioneer’s offering is an example. A buyer in this category should assess the financial institution’s operational and technology requirements rather than assume it is outsourcing a nonfinancial company’s accounting team.
Embedded finance and Banking as a Service
Embedded finance places financial products—such as payments, loans, or insurance—inside a broader offering from a nonfinancial company. A retailer, software platform, or other business can present the product within its customer journey. McKinsey describes Banking as a Service (BaaS) as a related supply model in which financial institutions provide bundled services that nonbanks can use, often through APIs and partner arrangements. McKinsey: What Is Embedded Finance?
SAP Fioneer announced an Embedded Finance-as-a-Service platform in 2023 to connect SAP users and financial service institutions. Announced examples included Buy Now, Pay Later, Request to Pay, purchase-order finance, and invoice finance. This is workflow-embedded financial infrastructure, not the outsourcing of a customer company’s accounting department. The announcement establishes the described product and use cases, not current availability, performance, or geographic coverage. SAP Fioneer’s 2023 announcement
How to tell which meaning a provider intends
Ask what outcome the provider is responsible for delivering, and who the service is designed to serve. These questions separate internal finance operations from financial-institution technology and embedded products:
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- Whose finance work is involved? Is the provider handling your company’s accounting and planning processes, supporting a financial institution’s finance operations, or enabling a financial product for your customers?
- What is actually included? Request a task-level scope: processes, systems, handoffs, outputs, and exclusions. A label such as “FaaS” does not specify the scope.
- Who are the parties? For embedded finance, identify the financial institution, technology platform, customer-facing business, and end customer—and clarify what each party does.
- Where does the work or product appear? Managed operations connect internal transactions, close, and planning. Embedded finance places a financial product in an external customer workflow.
How to evaluate managed finance operations
For an outsourced or managed finance function, compare the provider’s actual responsibilities and operating model, not just the breadth of its service page. KPMG’s description illustrates how transaction processing can connect to close and FP&A; it does not define a standard FaaS package.
- Work included: List the transaction processes, close tasks, reporting, and FP&A responsibilities the provider will perform. Record what stays with your team.
- Controls and compliance: Specify who performs, reviews, and evidences each control, how exceptions are escalated, and which responsibilities remain with your organization.
- Systems and data: Map integrations, data ownership, access permissions, reconciliation points, and the process for resolving errors or outages.
- People and expertise: Confirm staffing, specialist skills, coverage, continuity arrangements, and how knowledge is retained if team members change.
- Implementation and service levels: Agree on transition responsibilities, milestones, reporting cadence, service measures, and escalation paths.
- Continuity and exit: Set out how records, processes, and access will be transferred if the arrangement ends or the provider changes.
How to evaluate embedded finance or BaaS
Embedded finance is a different buying decision: the question is how a financial product reaches customers through a nonfinancial business and which organizations operate each part of that experience. McKinsey notes that API-based BaaS distribution requires risk and compliance management for embedded-finance partners. McKinsey on embedded finance and BaaS
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- Product and geography: Confirm that the financial product fits the use case and the intended markets. Do not infer geographic availability from a general product description or announcement.
- Roles and accountability: Identify the bank or other financial institution, platform provider, business distributing the product, and party responsible for each customer-facing and operational obligation.
- Integration: Check API capabilities, workflow fit, data flows, service dependencies, and how failures or changes are handled.
- Risk and compliance: Agree how partner oversight, customer checks, monitoring, complaints, and exceptions are managed across the parties.
- Customer relationship: Clarify branding, customer ownership, support responsibilities, and what customers see when they apply for or use the product.
- Commercial model: Understand the fees, revenue arrangements, and operating costs relevant to the proposed service; the label alone reveals none of these terms.
What performance claims and market figures establish
Provider figures should be read as attributed claims, not guaranteed results or independent benchmarks. KPMG’s 2025 page presents outcomes it says it has seen in research and client work: 50% improvement in productivity, 25%+ improvement in working capital, 100% controls compliance, 70% improvement in accounting productivity, 50% more accurate forecasts, and 5X faster planning cycles. The cited material does not establish that these outcomes apply to every customer or constitute independently verified comparative performance. KPMG’s stated FaaS outcomes
Separately, McKinsey’s 2024 U.S. banking strategy article says its research determined that embedded finance in the United States was worth $20 billion. That is a U.S.-scoped figure, not a global valuation. McKinsey’s 2024 U.S. banking strategy article
Why the definition matters when choosing a provider
The three meanings solve different problems, so there is no single useful FaaS comparison for every buyer. A company assessing a managed finance function should focus on process scope, controls, integration, service continuity, and exit terms. A business embedding payments or lending should instead assess product fit, partner roles, workflow integration, risk oversight, customer experience, and commercial arrangements. A financial institution buying finance software has a separate technology and operations evaluation.
Provider pages establish how those providers use the term; they do not establish a universal industry definition, uniform service package, or common pricing model. Treat each proposal as a specific arrangement and verify its current availability, geography, contract terms, and responsibilities directly with the provider.
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