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FinTechs Aid Banks In Their Own Open Banking Initiatives

FinTechs Aid Banks In Open Banking Initiatives

Open banking initiatives and bank-FinTech collaborations continue to expand in an effort to improve financial services offerings for small and medium-sized businesses (SMBs). This week’s look at these partnerships and data integration efforts finds a focus on small business lending and compliance, while some newly forged partnerships are also looking to help banks strengthen their own FinTech collaboration agreements.

Treasury Prime Funded For API Tech

Built on the bank-FinTech collaborative model, startup Treasury Prime recently announced a $9 million Series A funding round for its API technology. The company, which received investments from QED’s Amias Gerety, SaaStr’s Jason Lekin and NYCA Partners’ Hans Morris, enables financial institutions (FIs) to digitize and modernize their back-office operations. At the same time, Treasury Prime is a technology company that enables banks to more easily collaborate with other FinTechs, again via API integrations that promote seamless communications. With the new funding, Treasury Prime said it plans to forge a marketing team and bolster its existing team with new hiring.

Aegean Baltic Bank Taps Wolters Kluwer Tech

Aegean Baltic Bank of Greece announced late last week that it will implement risk management technology from Wolters Kluwer. According to the bank, Wolters Kluwer’s OmeSumX for Regulatory Reporting and its OneSum X for Risk Management solutions will enable the FI to promote compliance with Basel IV and CRD V requirements. Key to the collaboration is data efficiency, as Wolters Kluwer is able to consolidate bank data for a single view of accurate, reconcilable information for reporting and regulatory compliance.

Billy Reveals Open Banking Plans

Based in Denmark, Billy offers small business accounting solutions that loop into SMB bank account data via open banking. According to Crowdfund Insider reports, Billy is the first Danish FinTech to have secured Financial Supervisory Authority permission to unlock clients’ bank account information, which will enable Billy to further automate bookkeeping and cash flow management for its SMB users. The FinTech is collaborating with Nordic API Gateway to facilitate the data connectivity, per reports.

Varengold Bank Collaborates On FinTech Finance

Varengold Bank, an FI focused on FinTech financing, recently announced a new collaboration with Wirecard to further enhance financial services for FinTechs. Together, the companies will focus on connecting FinTechs to capital and refinancing solutions, while enabling alternative lenders to optimize their existing loan portfolios. The firms will also connect joint FinTech partners to a white-labeled payments solution, a press release noted, adding that Varengold Bank clients will be brought “closer to Wirecard’s Banking-as-a-Service expertise” across banking, card issuing, acquiring and lending operations. “At its core, this collaboration is about fueling the growth of ambitious FinTech companies,” said Wirecard Head of Sales, Financial Institutions and FinTech Europe Leonard Coen in a statement.

Finovate Capital Adds MonetaGo Technology

Alternative lending FinTech Finovate Capital has secured a collaborative agreement with MonetaGo in a deal that will see the businesses bolster Finovate Capital’s technology for lenders across India. MonetaGo will integrate its financing technology within the Finovate Capital platform, which facilitates short-term financing for small businesses to combat invoice fraud and other points of friction. The platform currently works with more than 15 lenders in the country, giving them access to enhanced security features to expand SMBs’ access to capital.

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LIVE PYMNTS ROUNDTABLE: MODERNIZING & SCALING FOR THE NEW NORMAL

The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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