Infrastructure
Ledgering in Embedded Finance: Build, Buy, or BaaS?
Ledgering is the sub-ledger system that tracks customer balances within a pooled FBO account. The decision to build, buy, or use BaaS-provided ledgering is a critical early architecture choice.
The Ledgering Decision
Ledgering is infrastructure that must work perfectly — the decision to build, buy, or rely on BaaS shapes your program's operational ceiling.
BaaS-Provided Ledger
Included in BaaS stack. Fastest to launch. Dependent on BaaS provider's data model, API access, and performance. Difficult to migrate from. Right for early-stage programs.
Best for: pre-$5M monthly volume, early product
Purpose-Built Ledger (Buy)
Modern Treasury, Moov, or similar. API-driven, flexible, designed for financial programs. More setup than BaaS-bundled but more flexible. Good middle path for scaling programs.
Best for: $5M–$50M monthly volume, direct models
Custom-Built Ledger
Built internally. Maximum flexibility and control. Significant engineering investment. Right for large-scale programs with specific requirements that commercial ledger products don't meet.
Best for: $50M+ monthly, product-specific needs
Questions about your program architecture? We diagnose the specific decisions that apply to your program in 30 minutes.
Talk with us →