Finqware, a European fintech startup based in Bucharest, received from the National Bank of Romania the payment institution license to act as regulated account information and payment initiation service provider.
Using the passport procedure, the company can be able to operate in all 27 EU countries, connecting to any of the 6000+ banks in the European Union area for getting banking data or posting account to account payment orders for its enterprise customers.
“Until now, only very large global companies could install, on their premises, very costly and sophisticated solutions for treasury management, payments, and financial operations about their banking partners. However, in the range of mid-market companies, such solutions are currently having very low adoption, due to their complexity and high capital expenses. The bank APIs are here now to open the access to extremely proficient treasury and cash management solutions to a wide number of companies, for a fraction of the price, on a monthly subscription-based model. Open banking connectivity comes also with unparallel benefits against the old technologies, like real-time data pulling and no-human touch financial data processing potential. And Finqware has the aggregation technology to leverage these opportunities for businesses”, said Cosmin Cosma, Co-founder, and CEO of Finqware.
The license, based on the Revised Payment Services Directive (PSD2) which regulates the payments ecosystem in the EU, is an important milestone in the company’s strategy to launch, across all of Europe, its FinqTreasury solution. FinqTreasury is aimed to become the most important fully-fledged embedded banking platform for mid-market companies, automating their internal financial operations, based on open banking.