Smart Fintech launches alternative payment service SmartPay

The fintech aims to execute in 2021 a number of several thousand payments per month through the SmartPay solution and expects the Open Banking competition to start in Romania.

SmartPay is the first account-to-account payment initiation service that one can use as an alternative to any online card payment for purchases, invoices, or utilities. Also, it can be used as a payment accelerator - integrated into any application that manages financial resources in any form, such as electronic invoicing, accounting, ERP systems, payment platforms, or personal finance management. Smart Fintech created this service based on the European PSD2 payment services directive - which facilitates access in the financial sector to new players, different from banks and traditional services.

The advantages of SmartPay are multiple, from more friendly commissions compared to traditional card payments to shorter transfer time. Another benefit for SmartPay partners is that they no longer need an additional license from the NBR to initiate payment service as the product is already accredited. Also, by integrating their platforms with SmartPay, they do not need further integrations with each bank.

The banks integrated so far with the SmartPay service are BRD, BCR, Banca Transilvania, ING Bank, CEC, and Raiffeisen Bank. The company is working to integrate 10 banks by the end of 2021, to offer additional flexibility to users and proposes its first partnerships with online merchants and service providers.