Open Banking

Motivation: Growth opportunities for all industries

Driven by PSD2 and digitization, the number and acceptance of open banking use cases have been rising steadily for years. Thanks to Open Banking technology, companies are now able to develop and offer customized solutions for the individual needs and life situations of their customers. Likewise, companies themselves use and benefit from Open Banking solutions for example to automate and optimize accounting processes.

In our finAPI Open Banking Update, you will discover which possibilities and opportunities this also opens up for you and your company. Furthermore, you will find a selection of business processes from various industries that were only made possible by Open Banking. 

finAPI product platform

Modular Open Banking

The combination of individual product modules offers companies a wide range of use cases along the entire digital customer journey – far beyond pure banking and financial services. Thanks to the modular principle, a wide range of specific applications can be configured. You can find out how e-commerce providers, insurance companies, telecommunications companies and many other companies can benefit from this in our “finAPI Open Banking Update” and also here on our website.

Open Banking module

Our Open Banking module is the foundation of our software. It enables third-party providers to retrieve account data from banks and also from payment service providers such as PayPal. finAPI can access data from banks in Germany, Austria, Belgium, France, the Netherlands, Romania, Slovakia, the Czech Republic and Hungary. With customer approval, we can access data from all sorts of accounts, such as current accounts, savings accounts, as well as credit cards, securities accounts, building society deposits, and PayPal accounts of both private and business customers. The most important tool is our PSD2-compliant XS2A interface.

Data Intelligence module

finAPI’s Data Intelligence module is designed to analyze financial data extensively. It categorizes transactions,
carries out cash flow and risk analyses, and identifies credit and insurance contracts. Artificial intelligence ensures
precise analyses and continuous system development. When categorizing account transactions, we deliver an accuracy
of up to 99 percent in the most relevant categories.

Payment modul

Thanks to our payment module, companies can integrate key payment solutions into their accounting systems: SEPA transfers, scheduled transfers or real-time transfers and standing orders, as well as SEPA direct debits and collective direct debits. The payment products can be used by accounting departments, for example, to trigger payments automatically. E-commerce companies can offer their customers secure online payments via bank transfer or direct debit without media disruption.

KYC modul

Our KYC (Know Your Customer) module identifies customers and business partners via their bank accounts without
media disruption. Depending on the level of security required, the module can map different levels of detail.
Our various GiroIdent products can help prevent fraud, check the age or addresses of customers, or securely verify
identity. Amongst other use cases, identity verification is necessary to fulfill the KYC obligation required by European
money laundering laws.

Opportunities & Possibilities

Use cases for all industries

We want our customers to be able to clearly see how they can benefit from Open Banking and where finAPI can bring them value. That’s why we describe some interesting use cases for different companies and industries on the following pages.

Need advice?

Do you have questions or need more information about our products and services? Contact us.

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