Powens expands to Portugal, increases coverage in Germany and UK

Powens provides solutions to give financial institutions, fintech players, and business management software vendors secure access to personal and business banking transactional data while also unlocking the ability for instant account-to-account payment flows. This allows designing embedded finance experiences that attract, convert, and retain customers, according to the company.

Powens states that the Open Banking revolution led by key players like Abanca Portugal, Banco Atlantico, Millennium BCP, and Novo Banco is already rapidly transforming Portugal’s banking landscape. Recent research by Statista found that neobanking, digital payments, and digital investing services in the country are on the rise and are projected to keep growing in the future, the press release states.

Powens wishes to increase its presence in emerging Open Banking markets. This is stated as being the reason behind the decision to extend the coverage of the company’s solutions to Portugal, providing access to 30 connectors, reaching 94% of the market, according to the press release.

Increasing coverage in Germany and the UK.

As noted in Powens’ Fall Products Release, its team has been working to expand the coverage of its Bank and Pay products (both of which reportedly are PSD2-compliant). Powens started by setting its sights on Spain and Italy and now chose to focus on growing the company’s presence in Germany and the UK. Powens now offers 830+ connectors (and growing) in both countries. 

The UK: Coverage for Powens’ banking aggregation and payment services is now 81% and 83%, respectively.

Germany: Coverage for banking aggregation services is now 81%, and work is currently underway, with a specific emphasis on partners like Deutsche Bank and Volksbank, to expand payment services’ coverage significantly in Q1 2023.

This update seeks to support both individual and business checking accounts. Powens already reportedly notcied traction around Personal Finance Management (PFM) and Credit running on this expanded coverage, which it’s supposedly showing early signs of success, as stated by the company.

Powens has been included in this year’s Open Banking report. Inside the Enablers of Open Banking, Open Finance, and Open Data, Bertrand Jeannet, the CEO of Powens, talks about the journey that banks and fintechs have went through to move from Open Banking towards Open Data via Open Finance. Read the full article in our #OpenBanking and #OpenFinance report, available for download here.