About ENPAY
With the aim of automating payment processes, making them simple and secure, and addressing the current challenges in corporate payments, Finologee began developing its ENPAY platform in 2020. Leveraging its FinTech product development expertise, stemming from its role as the founder and operator of Digicash, the Luxembourg banks’ mobile payment infrastructure, and Mpulse, the national routing and clearing platform for professional text messaging, the company launched the platform in June 2021.
With a significant number of corporate players and financial institutions still relying heavily on manual processes, such as paper-based payment instructions or authorisations that require manual data entry and physical signatures, ENPAY has been specifically designed to simplify and automate payment processes from start to finish.
By streamlining payment processes, businesses eliminate several manual processes, freeing employees to dedicate their time and efforts on other and more beneficial business functions.
“We firmly believe that our Enterprise Payments platform can be the missing link many financial service professionals and institutional players are looking for to automate their payment processes and reduce risks.”
Raoul Mulheims, CEO of Finologee (statement from the Finologee product launch)
A thorough analysis of market requirements had led to the conclusion that most payment products currently available on the market only partially cover the full range of functions that many companies are looking for. Besides, with the growing list of regulatory compliance requirements particularly around AML/CFT challenges, businesses are also looking for a product that includes specific features which are adjustable to their needs, for instance, risk management and analysis, industry-specific reporting, treasury optimisation and anti-money laundering tools. ENPAY aims to specifically address these angles:
All-encompassing product
Adjustable features
The initial product requirements definition was done alongside the requirements of Crédit Agricole Life Insurance Europe (CALIE), one of Luxembourg’s leading life insurance companies. CALIE is also the first client/end-user to integrate Finologee’s Enterprise Payments platform.
“I salute the Enterprise Payment initiative ENPAY, which is another successful illustration of the potential of cooperation between a traditional player like Credit Agricole Life Insurance Europe and a new FinTech like Finologee.
Pierre Gramegna, former Luxembourg Minister of Finance (statement from the Finologee product launch)
“Projects led by Fintech companies such as the Finologee ENPAY platform and boosting their relationship with established businesses effectively demonstrate how cooperation cannot only solve current business challenges but also reshape existing technical setups to be ready for tomorrow’s challenges.”
Franz Fayot, the Luxembourg Minister of the Economy (statement from the Finologee product launch)
The scope and the impact of the collective digitalisation challenge in professional payments requires a strong collaboration and the support of key stakeholders in the market:
Supported by
The Luxembourg Government and Finologee signed a joint funding agreement to support the process and organisational innovation objectives of this project, which has the potential to significantly improve the connectivity infrastructure of Luxembourg banks.
Bank connectivity provider
Through Finologee’s direct SWIFT network connection, ENPAY’s bank account connectivity reach is virtually unlimited. SWIFT is the world’s core secure financial messaging operator.
Authentication & Transaction e-Signature partner
Luxtrust, Luxembourg’s leading qualified trust service provider operating the national Public Key Infrastructure, provides user authentication and manual transaction signature components.
Authentication & Transaction e-Signature partner
Finologee’s own Authenticator mobile App is relying on INCERT-issued certificates. INCERT is a public agency founded in 2012 by the State of Luxembourg and the Luxembourg Chamber of Commerce.
Do you want to know what we could build together or get a product demo?
Get in touch and we will evaluate how we may help you.