Finqware, a Europe-based licensed payment institution, has announced the launch of FinqData, an Account Information Service (AIS) API built for multibank data aggregation. The product is designed to transform raw banking data into structured, automation-ready financial information for digital platforms, addressing a persistent data quality challenge that has constrained financial workflow automation across the continent.
While Open Banking has expanded access to bank connectivity in recent years, product teams at accounting, invoicing, and financial management platforms continue to face operational friction stemming from inconsistent transaction formats, fragmented bank schemas, unreliable metadata, and manual reconciliation processes. FinqData is positioned as a response to these structural limitations, delivering cleansed, labelled, and standardised financial data through a single integration.
Coverage and technical capabilities
FinqData provides access to one of the largest Open Banking connectivity networks in Central and Eastern Europe, spanning more than 150 banking institutions across 20 countries. Rather than retrieving raw bank feeds, the API delivers enriched data that can be consumed directly by accounting systems, billing and invoicing software, and other financial management applications without additional processing.
The platform handles data normalisation behind the scenes, removing the need for engineering teams to build and maintain custom data-cleaning pipelines for each connected institution. Finqware states the API is built on an aggregation platform consolidated over six years of serving banks and corporate customers.
Commenting on the news, Elena Cosma, Chief Product Officer at Finqware, noted that most developers underestimate the engineering time spent cleaning and standardising banking data after the bank connection itself is established. She described FinqData as built to address the next challenge after access, which is making banking data operationally reliable.
Embedded Finance and the shift toward data quality
Finqware frames the launch within a broader maturation of the Open Banking market, describing a transition from a connectivity-focused phase to what it terms a quality era, in which operational reliability becomes essential infrastructure. For Embedded Finance providers and lenders, the API is intended to enable faster access to verified financial information for risk assessment. For accounting platforms, it aims to reduce the burden of bank reconciliation and transaction matching.
By removing friction from manual bank exports and fragmented banking interfaces, FinqData is designed to support a shift from reactive financial operations toward real-time financial automation across European digital platforms.
