Finqware is a Romanian startup specializing in integration and open banking applications.
In June 2022, the startup became one of the few payment institutions under the European PSD2 regulation, authorized to work in all 27 EU countries to receive banking data or capture payment orders for its business customers.
Using the passporting procedure, the company can be able to operate in all 27 EU countries, connecting to any of the 6000+ banks in European Union area for getting banking data or posting account to account payment orders for its enterprise customers.
The license, based on the Revised Payment Services Directive (PSD2) which regulates the payments ecosystem in EU, is an important milestone in the company’s strategy to launch, across all Europe, its FinqTreasury solution.
FinqTreasury offers a set of modules to fully automate all banking operations of a large company: treasury, accounting reconciliations, payments to suppliers, collection of receivables, acceptance of digital payments, cash flow reports, and financial audit.
Finqware started in 2018 as a technical service provider for banks such as OTP Bank, Banca Transilvania and CEC Bank and has been continuously developing and improving its deep tech infrastructure for banks APIs aggregation. The purpose was to end up with one of the most solid and scalable financial data hubs, capable of delivering the security, data quality and real time requirements of the corporate finance users.
The European open banking market was valued at $6.14 billion in 2020, and is predicted to reach $48.30 billion by 2030