fintus uses FinTecSystems’ universal banking API to extend the functionality of its Suite – high added value for financial institutions
fintus integrates FinTecSystems’ banking API by means of the Suite’s open interface infrastructure, thus enabling a whole new range of technologically and economically attractive functions: Access to bank accounts for the readout of account information, balances and transaction turnovers. With the information released by the customer, financial institutions can create their own applications and enrich them with transaction data. The digital account check from FinTecSystems permits the onboarding of new customers without any additional proof of income and with significantly improved fraud prevention. FinTecSystems’ digital account check integrates seamlessly into the digital application path of fintus Suite, improves the customer experience without any media discontinuity – and sustainably increases the conversion rate!
FinTecSystems is one of the leading providers of account information and payment initiation services. Within the digital application process, they enable the fast and reliable assessment of the end customer’s creditworthiness, among other things. With the Munich-based FinTech’s universal banking API, XS2A is possible at more than 5,000 banks for over 100 million bank accounts. XS2A stands for “Access to Account”, and is a component of the new payment services directive (PSD2), which regulates the market for payment and account information services. PSD2 requires banks, as account-holding financial institutions, to also grant account data access to third-party providers via high-performance interfaces (APIs). This makes a multitude of new services possible that end customers can not only use in the traditional banking environment, but also directly at the point of sale.
“We continue to see high growth potential in the market for online loans.” says Benjamin Hermanns, CEO and founder of fintus. “By integrating digital bank information from FinTecSystems into the fintus Suite, we can offer our customers the option of concluding an online loan even faster and without any media discontinuity. This will also be possible on the go with a smartphone or tablet.”
FinTecSystems is one of the leading Banking API and Smart Data providers in Germany. In addition to an open banking platform with which the company provides account information and payment initiation services, FinTecSystems has specialised in the analysis of financial data with an analytics platform. Banks, FinTechs, and payment service providers use the company’s solutions to make real-time credit decisions, minimise default risks, and initiate online transfers, among other things. TÜV-certified FinTecSystems performs services for N26, Santander, DKB and Deutsche Handelsbank, as well as for other financial institutions.