Finqware, a Romanian fintech company with European operations, announces the launch of
FinqPayments, „the first corporate payment service in Central and Eastern Europe (CEE) based
exclusively on API banking interfaces” – according to the press release. FinqPayments is already adopted by major companies in Romania, such as Nepi Rockcastle, One United Properties, Fan Courier, Electrica Furnizare, and Regina Maria.
With this launch, „Finqware, a Romanian company passported as a European Payment Institution, becomes the first company in the region to launch payment services based on Open Banking APIs for corporations within an integrated treasury automation platform (TMA)” the company explains.
The FinqPayments module enables the initiation of individual payments to various beneficiaries, supplier payments, or salaries based on a loaded list, frequent payments saved for recurrent execution, and the export of payment proofs in PDF format for transmission to beneficiaries. With these features, FinqPayments offers a comprehensive solution for simplifying and optimizing banking operations, specifically tailored for large companies.
„FinqPayments is not just a technological innovation but also a strategic step toward the future of corporate finance, fundamentally transforming how companies interact with banking services for payment operations. This service, the first in CEE based exclusively on Open Banking APIs, brings a new paradigm to facilitating financial operations for companies,” declares Elena Cosma, Senior Product Manager at Finqware.
Key benefits of using FinqPayments include:
. Elimination of individual file imports for each payment in every bank.
. Management of all payment scenarios in a single application.
. Use of already connected payment bank accounts in the Finqware platform to initiate payments and gain increased visibility over balances and turnovers.
. Comprehensive monitoring of all scheduled payments.
. Rapid reporting of executed payments and identification of authorized individuals.
Currently, FinqPayments already supports manual initiation of payments for the first 15 Romanian banks, covering over 95% of the local banking market. Among these, four banks additionally offer full automation services for companies through Open Banking: Banca Comercială Română, ING Bank Romania, BRD Societe Generale, and Libra Bank. These services enable customers to initiate and authorize multiple payments via API, facilitating the automation of operations within companies.
„All Romanian banks are expected to implement this feature in the coming period, thus completing digital services for their medium and large-sized company clients, in compliance with the legal obligation established by the Revised European Payment Services Directive (PSD2)” Finqware concludes.
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: