Banking and financial services are very demanding industries when it comes to regulation. This is why very few companies actually choose to build their own payments system.
If you opt for the use of BaaS, there are varying amounts of risk to take into consideration, including:
Costs: companies that use BaaS should be ready for unexpected or hidden costs, such as fees for exceeding usage limits, additional services, features, or data transfers.
Security: there can be some constraints in relation with security protocols that can compromise the security of users' financial data.
Regulatory risks: certain BaaS providers operate in different countries, and this can cause regulatory compliance issues, which can be challenging to navigate.