Fintech as an innovation engine for financial services
With Fintechs, a new type of company entered the market of service providers some years ago, which until now had been reserved for the banks. Using innovative technologies, they offer new and above all comfortable solutions for the web.
Fintechs have a decisive advantage over the established credit institutions: their enormous agility.
While new ideas for financial services in the banking world often have to struggle their way through all instances, the business model of Fintechs consists in the forging of ideas and the fastest possible implementation.
Quality through standards in the processes
The quality of the solutions depends on a number of factors. In addition to the obligatory innovative usage interfaces in the form of apps or portals, what matters mainly are reliable processes in the backend. Most of these processes consist of the communication with credit institutions via interfaces, whether for transferring payment files or for retrieving account information.
In Europe, with the standards for SEPA and EBICS there are ideal conditions in the area of corporate banking for implementing technical concepts using the modular principle in the shortest possible time.
For this, however, only products can be considered, which can be easily integrated into the business processes of the service providers. Features such as platform independence or stability play just as much a role as flexible usage.
EBICS + tools = BL Transfer Tool
The BL Transfer Tool from the EBICS specialist Business-Logics based in Hilden, Germany, known for its reliability and versatility, has established itself as a the basic component at nationally and internationally operating Fintech companies. Originally developed for the use in enterprises, it offers exactly the functionality that is crucial for independent financial service providers, too:
- externally controlled sending and retrieving of files via EBICS
- generation of SEPA payment files
- account statement conversions
- splitting of account statements
The BL Transfer Tool provides service to many Fintechs for several years and makes for reliable processes in the interaction with all EBICS banks.
The software is distributed directly by the manufacturer and is available on request free of charge as demo version for all interested parties.
Implementation of financial services using a modular concept