Finqware Technology Chosen By the Largest Romanian Bank for Its Multibanking Feature

Finqware is a Romanian startup that has already brought the Croatian banks into the open banking era in less than two months, achieving 90% market coverage. The Romanian startup established connections with PSD2-compliant APIs of 7 major Croatian financial institutions.

Today, Finqware moves forward in Romania, connecting Banca Transilvania to five banks' APIs in the first commercially open banking use case.

The Finqware middleware technology provides a single API for open banking. Thus, BT clients can see their current accounts from ING Bank, Revolut, BCR, and UniCredit Bank in NEO mobile banking app.

As the final beneficiary of open banking, the consumer gets faster and easier access to his finances. Simultaneously, through Finqware technology, Banca Transilvania benefited from the increased ability to customize the account aggregation process without losing on the customer experience side.

"Open Banking put us at the dawn of a revolution in banking equal in magnitude to the invention of cards or the World Wide Web's birth. The democratization of data and the rise of mobile devices can offer unprecedented outreach for banks to serve even the underbanked clients. We are confident that, together with our banking partners, we will be the game changers in this field and author this new chapter in the history of financial services. Our team of talented coders has already developed the technology that could bring banks into the open banking era, with no tech legacy to drag us down, no screenscraping or other compromises," said Cosmin Cosma, CEO and Co-Founder of Finqware. 

Today, open banking and data-driven finance are no longer perceived as mere buzzwords. Banks must grapple with a fast-evolving landscape, so they need to include the PSD2 APIs aggregation into a broader digital transformation strategy.

Aside from the multi-banking feature, Finqware is ready to enable:

• Multi-banking treasury management solutions
• Peer to peer payments for online retailers
• Whitelabel Personal Finance Management apps
• Compliance solutions for banks to monitor and report the open banking progress
• Cross border financial marketplaces

In a data-driven economy, showing an aggregate financial position across banks or geographies, combined with cash-flow forecasting tools, could deliver a good value proposition for small and medium-sized companies and increase the level of trust between banks and SMEs.

For that matter, on the corporate side, open banking is part of a data-driven optimization process.

Finqware develops open banking infrastructure, creating a bridge between consumers or businesses and their financial service providers through a cloud-based middleware leveraging the PSD2-compliant APIs. Launched in 2018 and headquartered in Romania, the company aspires to become a regional leader in the CEE Open Banking space.

Reaching the full capabilities of open banking in real-time production, not in sandbox environments, Finqware has already set in motion the open banking in Croatia and Romania. You can read more about Finqware in this article (in Romanian).