Finqware and FGO simplify financial operations for businesses through Open Banking

Finqware, a pan-European payment institution and provider of Open Banking infrastructure for businesses, announces the integration of its FinqData solution into FGO, a Romanian invoicing and financial automation platform.

„Through this integration, FinqData, the bank data aggregation service developed by Finqware, enables account, balance and bank transaction information to be imported automatically into the FGO platform, with users’ consent and in accordance with PSD2 security standards.” – according to the press release.

„One specific use case is the automatic issuance of a tax invoice upon receipt of payment for an order or a pro forma invoice. Online merchants can accept card payments for orders, and once the payment is identified in the bank account, an invoice is automatically issued in FGO and matched to the corresponding transaction. Merchants can thus complete the entire process, from payment confirmation to invoicing and reconciliation, without manual intervention and with a significantly lower risk of errors. Furthermore, incoming payments are identified through synchronisation several times a day, thanks to FinqData’s on-demand bank data refresh capability.” – the company explained.

The integration illustrates how Open Banking supports the digitalisation of corporate financial management through automated workflows that go beyond simply displaying banking information.

“Through FinqData, we make bank data available to digital platforms in a form that enables end-to-end process automation. The integration with FGO shows exactly what this means: a payment identified in the account can trigger invoice issuance and transaction reconciliation, all within the same day. The value for users lies in the seamless flow and the time saved in their day-to-day work,” said Elena Cosma, Chief Product Officer, Finqware.

For FGO, the integration expands financial automation capabilities by connecting invoicing features with information retrieved directly from bank accounts. In addition to the workflow for online merchants, bank data enables transactions to be matched with invoices already issued or received, and the status of incoming and outgoing payments to be updated.

“We firmly believe that the applications a company uses should communicate with one another. For entrepreneurs, what matters is that information from banking, invoicing and accounting reaches where it is needed, without additional steps, regardless of the technology behind it. Our collaboration with Finqware is another step towards the connected ecosystem we are building at FGO,” said Valeriu Filip, founder of FGO.

FGO and Finqware are both Romanian fintech companies and members of the Romanian Fintech Association. Their collaboration demonstrates how complementary expertise within the local ecosystem can be brought together to create solutions that address specific business needs: reducing repetitive tasks and connecting banking services with business applications.

_________

Finqware is a Romanian fintech company authorised as a pan-European payment institution, specialising in Open Banking infrastructure for businesses. Through its products — FinqTreasury, FinqData and FinqLink — the company connects more than 150 banks across 20 European countries and helps organisations automate financial processes such as bank data aggregation, transaction reconciliation and payment initiation. Finqware’s infrastructure is used by both enterprise customers and software developers looking to integrate Open Banking services into their own products.

Launched in 2017, FGO is a Romanian platform for invoicing and automating business financial activities. FGO connects invoicing, accounting, banking and interactions with government authorities. Used by more than 175,000 entrepreneurs and accountants, the platform integrates e-Factura, e-Transport and REGES Online, alongside partners such as Banca Transilvania, Salt Bank and SAGA Software. The platform is developed by i-Tom Solutions and works with companies in banking, accounting, payments and technology to connect the services entrepreneurs use every day.