According to the company press release, FinqPayments represents the inaugural corporate payment service in Central and Eastern Europe (CEE) exclusively based on API banking interfaces. This development marks a notable progression in financial services for medium and large European enterprises, integrating with the FinqTreasury treasury automation platform, a system already successfully adopted by several Romanian companies such as Nepi Rockcastle, One United Properties, Fan Courier, Electrica Furnizare, and Regina Maria.
Finqware is a Romanian company authorised as a European Payment Institution, and it has now become the first company in the region to launch payment services based on Open Banking APIs for corporations within an integrated treasury automation platform (TMA).
In the official press release, Finqware representatives emphasised that FinqPayments represents not only a technological novelty but also a strategic move towards the future of corporate finance. Specifically, this service introduces a new paradigm for companies' interactions with banking services in payment operations.
The FinqPayments module facilitates various payment functions, including individual payments to beneficiaries, supplier payments, and salary disbursements based on a pre-loaded list. Additionally, it supports saving frequent payments for recurrent execution and exporting payment proofs in PDF format for transmission to beneficiaries. Designed for large companies, FinqPayments aims to simplify and optimise banking operations.
Some of the main benefits of FinqPayments include the elimination of individual file imports for each payment in every bank, centralised management of all payment scenarios, the utilisation of connected payment bank accounts for better visibility over balances and turnovers, thorough monitoring of scheduled payments, and quick reporting of executed payments along with authorised individual identification.
At the time of writing, FinqPayments supports manual initiation of payments for 15 Romanian banks. It's also worth noting that four banks offer full automation services for companies through Open Banking, namely Banca Comercială Română, ING Bank Romania, BRD Societe Generale, and Libra Bank.
In August 2023, Finqware integrated Microsoft Azure Active Directory in the FinqTreasury platform. Through this integration, corporate customers gained the ability to connect to their bank accounts in real time at any European bank using 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. At the time, they aimed to alleviate this by integrating the FinqTreasury automation platform with Windows credentials.
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