Smart Fintech marks a new premiere in Romania, becoming the first third-party provider licensed on both open banking segments.
After becoming the first authorized payment institution in Romania under the PSD2 European directive in April, the start-up also received earlier this month authorization as an account information service provider from the National Bank of Romania, the regulatory authority.
“We are very proud that we are the one placing Romania on the Open Banking map! And that we managed to do that fast, in less than two years from the implementation of the European directive into Romanian legislation”, states Mihaela Georgescu, co-founder of Smart Fintech.
“We opened the door of innovation for anyone excited by the potential of this field, whether it is a start-up, a medium or large company, or an individual. Anyone having an idea for different ways to manage financial resources to add value for consumers can now implement it using SmartAccounts and SmartPay. And they can be sure they operate in a secure and well-regulated environment, with no burden of getting licensed first”, further states Mihaela Georgescu.
“The end of the year will likely surprise us with both services live & kicking, with the number of customers larger than expected, and thousands of transactions processed. But that is the beauty of the beginning: even though you have to take small steps and the road is difficult and unsafe, if you look around and rapidly adapt, the results will come”, concludes Mihaela Georgescu.
“2022 will be dynamic in the field, banks would complete and stabilize their implementations required by the European directive, and integrations would be much simpler. The concepts of open banking will become more familiar to the public, and more players will be aware of the potential of these new opportunities. Last but not least, the entry barrier will get lowered, having at least one authorized Romanian fintech that integrates Romanian banks. Here, as in any new field, it is essential to be among the first ones”, adds Ana Maria Georgescu, co-founder of Smart Fintech.
“We believe that these integrated solutions – SmartAccounts and SmartPay – can bring countless benefits, along with plenty of room for innovation. For example, to verify the existing balance of a user – as a condition for granting a loan or for installments-based orders, or to automate the management of financial situation for companies, with integrated salaries payment”, concludes Ana Maria Georgescu.
