Finqware Launches FinqPayments – the First Corporate Payment Automation Service in CEE Based Exclusively on Open Banking APIs
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. FinqPayments represents a significant step in the evolution of financial services for medium and large European companies, seamlessly integrating into the FinqTreasury treasury automation platform, already successfully 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).
“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.
Senior Product Manager, Finqware
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.
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).
“This launch reflects our commitment to innovation and addressing the ever-changing needs of the business environment. We take pride in being pioneers in introducing payment services based on Open Banking APIs for corporations within an integrated treasury automation platform. FinqTreasury becomes an essential tool for the complete automation of financial operations in companies. We are dedicated to continuing this innovative journey and consolidating our position at the forefront of the fintech revolution in Romania and across Europe,” stated the Finqware representative, underscoring their commitment to remaining at the forefront of financial technology.
For additional information about FinqPayments and Finqware solutions, please visit www.finqware.com.