Steering through regulatory changes and fostering B2B payments: Finologee’s journey showcased at ICT Spring 2023

Jonathan Princed showcased at ICT Spring 2023

Steering through regulatory changes and fostering B2B payments: Finologee’s journey showcased at ICT Spring 2023

During the ICT Spring 2023 event, Jonathan Prince, CSO and co-founder of Finologee, took the stage in a TV interview discussing B2B Payments. The interview was centered on key challenges that financial institutions are facing, the topic of IT security and the emergence of new technologies in the financial industry. The conversation highlighted Finologee’s role in guiding financial institutions in adeptly navigating through evolving challenges and skilfully seizing opportunities in the area of regulatory and financial technology.

The conversation kicked off with Jonathan Prince providing insights into the genesis of Finologee. He delved into the company’s core mission, which revolves around supporting Luxembourg financial institutions in overcoming emerging challenges arising from the evolving regulatory landscape by automating and digitising processes.

In today’s financial landscape, he said, regulatory pressures were mounting, especially impacting sectors like banks, fund industry players, insurance companies and other regulated entities. Subsequently, the need for efficient and cost-effective solutions grew more urgent. According to Prince, the key to tackling these challenges lay in implementing digital solutions that not only streamline operations but also reduced expenses. Finologee’s platforms were meticulously designed with these goals in mind, offering financial institutions the necessary tools to save resources, time and money while increasing compliance.

As the conversation turned to the topic of cybersecurity, he provided reassurance that Finologee’s platforms, such as ENPAY, addressed this concern head-on: “Security is a key consideration for any financial institution. It is precisely why Finologee diligently adheres to the rules and guidelines outlined by regulators and market standards. By integrating robust cybersecurity measures, including authentication protocols and an audit trail, Finologee ensures that both financial institutions and their clients benefit from transparency and trust.”

He went on to explain that application programming interfaces (APIs) had emerged as a cornerstone of technological innovation. Finologee leveraged APIs to provide microservices to financial institutions. This approach not only simplified integration with existing legacy systems but also offers a cost-effective solution. APIs were the conduit through which Finologee delivers its services, allowing clients to access the functionality they need while maintaining agility and flexibility in their operations.

Jonathan Prince, CSO and Co-Founder of Finologee: “In the near future, we will unveil a rebranding for the application, marking its broader scope. Going beyond payments is the goal. So, I encourage you to stay tuned!”

Finally, the conversation moved to Finologee’s future endeavours. He pointed to an upcoming rebranding of ENPAY, Finologee’s banking connectivity and compliance platform, whose scope would be expanded to include areas beyond just payments.