Through this integration, corporate customers will be able to connect in real time and instantly to their bank accounts in any European bank, directly with their company email address and Windows password.
Finqware officials highlighted the increasing complexity among financial department employees in large companies due to frequent bank authentication and security concerns. They aim to alleviate this by integrating their FinqTreasury automation platform with Windows credentials. This integration ensures secure and effortless access to business bank accounts, eliminating the need for daily bank passwords and tokens. In companies using Windows, users will be automatically logged in to manage accounts, streamlining operations, and enhancing security through the use of existing MS Windows passwords.
Finqware is also already working to integrate the artificial intelligence engine OpenAI to revolutionise the way companies use financial data in the decision-making process.
The fintech’s team has explored AI solutions such as ChatGPT. Leveraging their existing capabilities of real-time logging and creating a 'data lake' with historical banking data, they are integrating OpenAI's solution to enable conversational commands for querying and reporting in a standardised format. This includes generating sophisticated reports and advanced queries based on natural language questions. These functionalities, previously thought of as futuristic, are becoming a reality through FinqTreasury in the near future.
In addition to these implementations of complementary state-of-the-art technologies, Finqware also plans to launch a number of new facilities based on proprietary Open Banking technology in the area of payment automation and company receipts.
The company is already testing the payment and collection modules of the FinqTreasury platform. In the fall of 2023, they will revolutionise the way bank payments can be made by medium and large companies in Romania, company officials added.
From a financial perspective, the company is already experiencing growth, managing to exceed in the first half of 2023 the double turnover of the previous year. Among the companies already using the technological solutions developed by Finqware are One United Properties, Fan Courier, SelfPay, Banca Transilvania, CEC Bank, Nepi Rockcastle. The company has strategic partnerships with Microsoft, Google, and PwC. With an international presence in Luxembourg, the company aims to expand to two new countries by the end of 2023 (Greece and Bulgaria).
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