Finqware technology chosen by the largest Romanian bank for its multibanking feature

With open finance on the rise in Europe, Banca Transilvania (BT), the no.1 bank in Romania in terms of assets, chose Finqware to deliver real benefits to retail clients through a multi-banking feature, according to Business-Review.eu

Finqware is a Romanian startup that has already brought the Croatian banks into the open banking era in less than two months, achieving 90 percent 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,” declares Cosmin Cosma, CEO and Co-Founder of Finqware.

Read more HERE

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