Finologee delivers bank account aggregation with French FinTech LaFinBox
Finologee’s trusted FinTech platform to offer LaFinBox’s account aggregation APIs thanks to new collaboration between two digital pioneers. Luxembourg’s financial industry can now seamlessly integrate new Personal Financial Management application & deliver the 360-degree tool to end clients.
Finologee, the Luxembourg-based leader in financial-industry digitisation, announced today that its digital platform of fintech solutions features LaFinBox’s advanced Personal Financial Management (PFM) application.
This partnership marks the natural next step for two digital finance pioneers, who, by aligning their strengths, make the market’s best fintech solutions accessible to Luxembourg’s financial community.
Finologee’s fully compliant Application Programming Interface (API) platform currently delivers curated microservices/APIs to 30 of Europe’s top private banks and wealth management firms, letting them quickly design and deploy digital services for their customers.
By harnessing the LaFinBox application, financial institutions can give end clients a 360-degree view of their assets in a single glance. Real-time aggregation of personal financial data informs its personalised insights and easy-to-use financial tools.
This wave of next-generation solutions stems from the second Payment Services Directive (PSD2), which came into effect on January 13, 2018. Most notably, the Directive opened the financial services market up to Third Party Providers (TPPs) by giving them access to bank accounts via APIs.
Acting as a TPP that provides Account Information Services, LaFinBox’s ultimate goal is to deliver white-labelled API solutions to financial institutions that want to enhance their web or mobile banking interfaces.
Through this collaboration, LaFinBox plans to demonstrate a growing demand for Personal Financial Management (PFM) applications in the private banking and wealth management industries. The company already passports its Account Information Service Provider license to Luxembourg and other European countries and has begun testing using the sandboxes provided by Finologee on behalf of its client banks.
This symbiotic partnership allows both companies to respond to the growing market need for applications that tailor and improve customer journeys within the financial industry.
Jonathan Prince, Finologee’s co-founder and CSO says:
PSD2 played the role of innovation catalyst in the banking industry and end customers are eager to access the new products and services emerging from the FinTech world. By connecting institutional clients with cutting-edge financial solutions, such as those developed by LaFinBox, we are empowering them to raise the quality of their client services. Through our Trusted Fintech Platform, we work hard to source, verify and offer APIs, products and services that exceed customer expectations.
Stéphane Vallois, LaFinBox’s co-founder says:
LaFinBox's clients often own several accounts across Europe. For many months now, the demand to aggregate these accounts and having a global vision of user's wealth has been surprisingly increasing. Our partnership with Finologee will enable us to respond to this demand quickly and efficiently.
Finologee is a Luxembourg-based FinTech and RegTech specialist. The company runs a versatile and trusted digital platform that simplifies connectivity between financial institutions and a variety of FinTech solution, essentially enabling an “App” repository for its institutional clients. Institutions can more easily source and implement components that have been verified by Finologee such as ID document validation, video chat, electronic signatures, access to bank account (PSD2), KYC/remediation tools and messaging features. Finologee develops a variety of its own apps and aggregates best-in-class FinTech products. The company was founded by the entrepreneurs that created Digicash, the Luxembourg banks’ mobile payment system. Finologee was recognized as Luxembourg’s Finance Startup of the Year and received the APSI Startup Award in 2018. Finologee is regulated by the Commission de Surveillance du Secteur Financier (CSSF) as Professional of the Financial Sector (Support “PSF”).
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LaFinBox is a mobile asset management application that gives users a global overview of their finances by consolidating all of their assets – bank accounts, life insurance, investments, employee savings, etc. – from various institutions, as well as real estate. LaFinBox is managed by CrossQuantum, a fintech created at the end of 2015 as an initiative of SwissLife, a leading player in the life insurance & wealth management sector.
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