Romanian fintech Finqware has unveiled the first corporate payment automation service in Central and Eastern Europe (CEE) based exclusively on Open Banking APIs.
FinqPayments enables the initiation of individual payments to various beneficiaries, supplier payments, or salaries based on a loaded list, frequent payments saved for recurrent execution, and the export of payment proofs in PDF format for transmission to beneficiaries, according to Finqware.
It means that Finqware becomes the first company in the region to launch payment services based on Open Banking APIs for corporations within an integrated treasury automation platform (TMA).
FinqPayments already supports manual initiation of payments for 15 Romanian banks, covering 95% of the local banking market, while four of these banks – Banca Comercială Română, ING Bank Romania, BRD Societe Generale and Libra Bank – additionally offer full automation services for companies through Open Banking.
These services enable customers to initiate and authorise multiple payments via an API, enabling the automation of operations within companies.
Finqware expects all Romanian banks to implement this feature in the coming period, to offer digital services for their medium and large-sized company clients, in compliance with the legal obligation established by the revised European Payment Services Directive (PSD2).
“FinqPayments is not just a technological innovation, but also a strategic step toward the future of corporate finance, fundamentally transforming how companies interact with banking services for payment operations,” said Elena Cosma, senior product manager at Finqware.
“This service, the first in CEE based exclusively on Open Banking APIs, brings a new paradigm to facilitating financial operations for companies.”