Bebawa and the Germany-based Hypothekarbank Lenzburg, which develops and sells Finstar, have successfully completed the test phase. The fintech has an e-money license in Lithuania, which is comparable to the fintech license of the Swiss supervisory authorities. Bebawa uses the software to record customers, manage accounts, post payment transactions and utilises the Finstar modules ‘as a service’ for independent data processing.
According to a Bebawa representative, the company offers an alternative to electronic payment transactions and Finstar’s modular construction principle can be adapted to the fintech’s needs. A Hypothekarbank Lenzburg representative states that the cooperation with Bebawa shows that Finstar can also be used on the European market for account administration and payment transactions with different currencies.
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