PwC Romania has signed a partnership with Romanian fintech Finqware to help financial departments optimise their internal processes using Open Banking technology. PwC Romania will include Finqware solutions in its business automation services portfolio to cover the increasing demand of companies in achieving effective cash management, real time accounts reconciliation and treasury management.

Through the FinqTreasury platform, an Open Banking corporate data hub, Finqware is positioned to become the preferred real-time cash management solution for medium to large businesses in Europe. Licensed as a Financial Payment Institution and authorised to operate in 30 EEA countries, Finqware offers both account information and payment initiation regulated services for companies to operate in real time with their accounts across banks, entities or countries. Companies like Nepi Rockcastle, MedLife, SelfPay and Romanian Post already chose Finqware as provider to implement their digital strategies.

Finqware was established in 2018. Backed by institutional investors such as Elevator Ventures, Raiffeisen International venture capital arm, and Gapminder, Finqware is already a preferred provider for open banking technology for the largest banks in Central and Eastern Europe such as Banca Transilvania, Alpha Bank, CEC Bank, and OTP. Open Banking in Romania Romania already registers thousands of Open Banking users and an exponential increase in the number of accesses to banking APIs in the first quarter of the year, one and a half year after the first commercial implementation.

The Finqware platform, the first local banking data platform under the European PSD2 regulation, has registered over 10,000 active users of bank account query services. To support these services, the Finqware platform made over 18 million data calls to the APIs of Romania’s most important banks in the first three months of 2022. The PSD2 regulation comes in recognition of the ‘fintech revolution’ in the European payment services market and gives FinTech institutions a significant role in the future of the financial environment.

Romania is one of the most advanced countries in the region regarding population usage of the benefits offered by the European Commission’s regulation on payments. Thanks to this regulation and the API technology, Europeans can make online payments, even in physical stores, directly from their bank account, without using a card. For people with multiple bank accounts, these changes will allow access to information about existing accounts, from one place, in a secure data environment.

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