Finologee launches e-signature of SEPA Direct Debit authorisations with Unicef
Finologee, the RegTech specialist from Luxembourg, today announced its collaboration with UNICEF Luxembourg to provide the United Nations agency’s Luxembourgish branch with its frictionless ‘SEPA Direct Debit E-Signature’ system to optimise the donation collection process and let donors sign online direct debit authorisations effortlessly.
A major challenge for UNICEF and other NGOs is to transform one-time donations into regular donations. Thus, carefully considering their donation collection method becomes an imperative for all organisations in order to increase their donor lifetime value. To address this issue, UNICEF has opted to implement Finologee’s ‘SEPA Direct Debit E-Signature’ system, which will enable the organisation to get its donors’ electronically signed approval for recurring payments. These direct debits are then withdrawn directly from the donors’ bank accounts on a monthly basis, consequently increasing donations for the benefit of their causes. Payment by direct debit not only overcomes issues such as bank card expiry dates and the use of third-party payment platforms, but it also has a lower transaction processing cost. With Finologee’s new product, the donor’s consent to direct debits on donor’s accounts will be given using a LuxTrust e-signature that is legally binding.
Finologee’s ‘SEPA Direct Debit E-Signature’ module provides a white labelled product encompassing both an electronic signature/consent component and a full-fledged business process management engine, using the company’s own FinTech Acceleration Platform, Multi-Channel Messaging product and LuxTrust’s electronic document signing feature. This will further allow UNICEF’s donors to provide their identification data, as well as fill in and sign their direct debit authorisations using their computers or mobile phones. Hence, improving and speeding-up the donor billing management process, this new process will reduce paperwork and make both UNICEF’s and its donor’s life significantly easier.
Finologee started the development of its ‘SEPA Direct Debit E-Signature’ product in 2017. It is based on the company’s substantial expertise in designing and running business-critical payment systems stemming from both Digicash, the Luxembourg’s retail banks mobile payment ecosystem, and Mpulse, the country’s national hub for SMS payment and routing. Both systems handle tens of millions of transactions per year since 2006 and meet the highest quality and availability criteria.
Over the last 18 months, Finologee has designed and developed its third high performance system after Digicash and Mpulse, the FinTech Acceleration Platform, as an additional step to digitise financial services focusing on existing pain-points to further enhance the customer experience. This platform gives the company the capacity to operate different products lines, all relying on this platform, and available to Finologee’s clients as off-the-shelf, ready-to-use and fully compliant Software-as-a-Service (SaaS) products.
Finologee is a Luxembourg based FinTech/RegTech player focusing on building digital platforms for the financial industry. It has developed a full-fledged FinTech Acceleration platform and several products relying on this infrastructure: an identification and consent automation product enabling regulated players to outsource their KYC and customer conversion, a multi-channel compliant messaging system facilitating customer interaction, an access to account gateway facilitating PSD2 compliance for banks with a single connection to their infrastructure and a billing process optimisation tool. Finologee is owned and managed by seasoned FinTech entrepreneurs, who previously built and ran Digicash, a multi-bank mobile payment product and acceptance network.
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