Finologee at the ICT Spring 2023: A Recap

Keynote speech on corporate payments with Jonathan Prince, CSO at Finologee

During his keynote speech on trends in corporate payments, Jonathan Prince, CSO of Finologee, captivated the audience with valuable insights and examples. He began by introducing mpulse, Digicash and Finologee, highlighting the founders’ team expertise in building and running business-critical finance platforms for many years.  

Jonathan then addressed the top three challenges in corporate payments, emphasising the complexities of using multiple systems (ERP, CRM, billing, etc.), the importance of security and fraud management and the need for accessing real-time and accurate data. He shed light on the pain points faced by many businesses, including the difficulties of connecting with banks (e.g. via SWIFT, EBICS, etc.), the burdens of manual processing through outdated methods like fax or email, the risks of mistakes and fraud, and the lack of automation.  

In this context, he then went on presenting two use cases of ENPAY, Finologee’s professional payments and multi-bank account management platform: one in the life insurance sector and another in the AIFM/ManCo area. He explained the rationale behind ENPAY as a multi-bank/accounts SaaS platform. In his conclusion, he stressed the three essential ingredients with which ENPAY is supporting its users —operational efficiency, security enhancement, and data quality improvement—leading to substantial time and cost savings for businesses. 

ICT Spring TV Show with Raoul Mulheims, CEO at Finologee 

In a TV show centered around banks and FinTechs and moderated by Lisa Burke, the participants included Laurent Marochini from Société Générale, Jean-Pierre Schmit from Jemmic, Barbara Bavay from BGL and Finologee’s Raoul Mulheims. The panel delved into several significant questions regarding the relationship between the two sectors and the challenges they face. The discussion began with the long-standing perception of FinTechs as adversaries by traditional banks, particularly following the 2008 financial crisis. The panel explored whether the end of the “FinTech vs. Big Bank” culture war has been reached and examined strategies for effectively transferring innovations from FinTechs and start-ups to the banking world, highlighting the role of the ABBL (Association of Banks and Bankers in Luxembourg) in promoting such partnerships. In addition, participants addressed the key considerations when selecting a FinTech partner for a bank and vice versa. The pressing issue of cybersecurity in the era of open banking, the security of operations and customer data, and the joint efforts FinTechs and banks need to make to effectively address these risks were also discussed. 

TV Show interview with Jonathan Prince, CSO at Finologee 

The TV Show interview with Jonathan Prince revolved around three essential questions. Firstly, Jonathan discussed how the implementation of new technology and automation can significantly enhance efficiency and reduce costs in B2B payments. He emphasised the power of streamlining processes, eliminating manual tasks, and leveraging automation to accelerate payment workflows. Transitioning to the topic of cybersecurity, he highlighted how automation plays a pivotal role in decreasing the risk of fraud and ensuring secure business transactions. The interview then delved into the genesis of the idea behind “ENPAY,” the professional bank connectivity and multi-bank platform launched in June 2021. Jonathan shared the inspiration behind ENPAY, stressing the pressing need to address inefficiencies and mitigate risk within Luxembourg’s financial industry and institutional players. As the interview concluded, he also made an exciting announcement, teasing that ENPAY would soon undergo a rebranding. He invited the audience to stay tuned for further updates, promising exciting developments on the horizon.