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.