The service is authorised by the National Bank of Romania (NBR). The solution suites individuals and legal entities (who will thus be able to access all their bank accounts in one place) and all the companies processing their customers’ financial-banking data (such as billing platforms, NFIs, ERP services, or personal finance management providers).
By integrating the account interrogation solution into their platforms, businesses partnering with Smart Fintech have access to their customers’ profiling data, which allows them to make decisions regarding the subsequent offering of products and services. Moreover, the Smart Fintech integrated partners won’t need to go through the authorisation process: Smart Fintech, the authorised third-party service provider, acts as an intermediary between the bank and them and ensures compliance with the regulations.
According to the company press release, the end-user, whether a natural or legal person, benefits from having the Smart Accounts solution implemented in the platforms they use, as they can access account details, transactions and history, along with balances.
Smart Fintech officials have stated that, until June 2022, Smart Accounts and Smart Pay will bring together the 12 most important banks in Romania, and Revolut, covering both personal and business accounts.
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