Using its own payment engine, iBanFirst provides CFOs and its users the benefit of a range of innovative technological products on a single platform.

iBanFirst’s payment engine is designed with 50 business specialists, technology experts, architects and data intelligence specialists. Based entirely on cutting-edge technologies and languages, the platform limits the use of third-party solutions to a minimum. This core technology is supported by financial and technical partners specialising in vertical needs (market data, verification of identity documents, monitoring of the risk of customers, etc.). This innovative feat enabled iBanFirst to be ready for PSD2 two months ahead of the date fixed by the EBA (European Banking Authority).

Why is iBanFirst doing this? Traditional banks face two major challenges: banking systems have changed little since the 1980s, tending to remain in the hands of qualified experts many of whom are retired. Moreover, traditional banks tend to rely on third-party solutions depriving them of their technological independence, as well as being expensive in terms of human resources and budgets. And while fintech’s are able to stimulate many advances and create banking innovation, they do not possess the necessary infrastructure or long-term road maps. The consequences? Generally, they end up outsourcing their technologies thus limiting their added value.

Oualid Abderrazek, Chief Product Officer at iBanFirst said: “iBanFirst focuses all its know-how and innovation first and foremost on clients in order to ensure the security and transparency of their cross-border payments, and free them up from time-consuming tasks with no added value. We focused our efforts in R&D to create services that save our clients both time and money. What makes us stand out in the crowded ecosystem is the quality of our services.”