The pan-European B2B fintech platform Finom joined hands with Salt Edge, a leader in offering open banking solutions, „to leverage PSD2 possibilities for SMEs and professionals all over Europe,” according to the press release.
Finom provides SMEs and freelancers with business payment accounts as well as expense and team management services. The Dutch B2B fintech company blends together accounting, financial management, and banking functions for early-stage businesses, SMEs, and freelancers into one cross-device product. Having set to accelerate its international expansion in 2022, Finom has got its EMI licence in the Netherlands. As one of the requirements to offer EMI services was to be compliant with all the strict PSD2 requirements, Finom has chosen Salt Edge for the job.
Backed up by Salt Edge’s PSD2 Compliance solution, Finom is leveraging PSD2 possibilities for its customers, making the innovation more secure and allowing customers to share account information with and initiate payments only through regulatory-verified fintech apps.
„Finom is now growing steadily, gaining over 3,000 new clients every month and reaching a growth rate that has taken other fintech players several years. That’s why we’ve needed to have by our side a partner that would match us at this pace. And Salt Edge was able to always deliver it. There is huge untapped market potential in the European Union in regards to financial services for SMEs, and we already see how open banking-powered services will bring ways to help customers in managing their businesses.” – Ivo Dimitrov, Co-founder of Finom.
Upon successful testing of the Finom compliance APIs, the company got exempted by the De Nederlandsche Bank from providing a fallback channel, liberating Finom from extra regulatory and technical obligations.
The solution has also successfully passed an external audit on its compliance with PSD2, RTS requirements, and Berlin Group technical standards.
„Having an efficient and reliable PSD2 compliance implementation, Finom can quickly respond to customers’ needs, leaving the burdens of TPPs technical integration, portal maintenance, and support to us. Our goal is to assist Finom to provide flawless open banking capabilities in the fastest possible way.” – Andrei Scutari, Country Manager at Salt Edge
Finom is an international innovation-driven start-up, currently providing B2B services in France, Germany, and Italy. The headquarter is based in Amsterdam (The Netherlands). Founded in 2019, Finom is a 100% digital B2B financial service, designed by entrepreneurs and freelancers for the benefit of entrepreneurs and freelancers. It blends together finance management, invoicing, and payments. The start-up raised €16.8 million in investments in 2020.
Salt Edge is a financial API platform with PSD2 and open banking solutions for every business. The company has two main vectors of activity: enabling third parties to get access to bank channels via a unified gateway, and developing the technology necessary for banks to become compliant with the directive’s requirements. ISO 27001 certified and AISP licensed under PSD2, the company is integrated with 5,000+ financial institutions in 50+ countries.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
