Service business

Smart Fintech Launches First Account Inquiry Service

Smart Fintech launches a new open banking product, Smart Accounts, the only account inquiry service – AIS, developed in Romania and authorized by the National Bank of Romania (NBR). The solution is aimed at individuals and legal entities (who will thus be able to access all their bank accounts in one place) and at all companies processing the banking-financial data of their customers (such as invoicing platforms, NFIs , ERP services or supplier personal finance management).

“Smart accounts are a headless product (through which banking services are integrated directly into fintech platforms, offering content and experience tailored to each channel and user) which, through APIs, brings full transaction automation and payments to potential customers, directly from the estimating account. Currently, they process data manually or only with a little automation via APIs. Smart Accounts is a real digitalization and automation solution, accessible in 3 clicks, under a simple form, in a dynamic process, with live financial data”says Mihaela Georgescu, co-founder of Smart Fintech.

“For security reasons, control of data access rests with the end user, who authorizes consent to the platforms used for 90 days, with the possibility of further extension.“, adds Mihaela Georgescu.

An integration that brings banks, corporates and customers together securely and quickly, with multiple benefits

By integrating the Account Inquiry solution into their platforms, Smart Fintech partner companies gain access to their customer profiling data, enabling them to make informed strategic decisions regarding the subsequent offering of products and services. In addition, Smart Fintech integrated partners will not need to go through the authorization process: Smart Fintech, the authorized third-party service provider, acts as an intermediary between the bank and them and ensures compliance with regulations.

“Our partners can analyze buying behavior and determine the performance score for each customer profile. This allows them to define and propose the most suitable product and service offers, depending on the context and the financial profile of each of them”, explains Ana-Maria Georgescu, co-founder, head of sales and marketing Smart Fintech.

On the other hand, the end user, whether a natural or legal person, benefits from the implementation of the Smart Accounts solution on the platforms he uses, since he can access account details, transactions and to the history, as well as to the balances. All this information facilitates financial forecasts and the seizing of savings and investment opportunities.

“The design of the solution aims to create an excellent, unified user experience based on easy access to instant financial information and opportunities for innovation and growth”, adds Ana Georgescu.

100% local support for partners and full automation of all operations

While in Europe there are 500 approved third-party providers, in Romania Smart Fintech is the only company to have obtained the NBR authorization. They launched two open banking products in just one year – Payment Initiation Service (PIS) – Smart Pay, and now, Account Inquiry Service (AIS) – Smart Accounts. A significant advantage of having an authorized local provider is that the support team is 100% local, a critical aspect in the initial implementation of the solution and, later, in its use.

Also of note, until June 2022, Smart Accounts and Smart Pay will unite the 12 most important banks in Romania, and Revolut, covering both personal and business accounts.

Continuous and rapid expansion of the list of banks is possible on the basis of SmartPG, the Hub which offers a standardized integration of banking APIs, compliant with EBA regulations via the PSD2 directive. SmartPG is a solution developed by IT Smart Systems on IBM API Connect technology, and it currently covers about 100 banks in Romania, the European Union and the United Kingdom.

“We aim to secure 20 smart account partnerships by the end of the year, and we estimate a volume of 500,000 queries per bank. Some of our partners have already tested the product in SandBox (an isolated virtual test environment allowing users to run programs and applications without affecting them). They are happy with all the experience and opportunities available, and are now waiting for our launch to finalize the implementation of their systems”concludes Mihaela Georgescu.