Luxembourg’s Fintech platform operator Finologee has developed a new hosted system that provides both API end-points to automate professional payments and modern secure web interfaces to enhance workflows and data visualisation, with a direct connection to the SWIFT network.
The product’s development is supported by the Luxembourg Government, and Crédit Agricole Life Insurance Europe (CALIE) is the first client/end-user to adopt this new platform.
Luxembourg, 10 June - Finologee kicked off the development of its Enterprise Payments (ENPAY) platform last year with the goal to help financial industry players and institutions to address business process enhancement and automation challenges with their payment workflows and interactions.
Instead of continuing to manage multiple, host-to-host banking channels or adapting consumer-focussing PSD2 access-to-account channels to their needs, professional users can now rely on FinologeeENPAY, a platform hosted in a secure Software-as-a-Service (SaaS) setup in Luxembourg, using a single bank-agnostic connection to reach and manage virtually any bank account in the world. In addition, to streamline and automate their payment processes, companies and institutions can connect through Finologee’s API end-points. The platform also encompasses a modern web interface using multi-factor authentication and enabling clients to implement complex workflows and advanced transaction signature procedures.
The new ENPAY system is hosted on the company’s Trusted FinTech Platform, alongside Finologee’s bank compliance, KYC and digital payments infrastructure components. The underlying SaaS setup fully meets outsourcing compliance requirements that apply to financial industry-regulated players, significantly lowering their implementation lead times and efforts required.
For payment network and messaging connectivity with banks, Finologee chose to implement a direct access to SWIFT, the world’s leading provider of secure financial messaging services, which connects more than 11,000 banking and securities organisations, market infrastructures and corporate customers worldwide. User authentication and manual transaction signature components are provided in partnership with Luxtrust, Luxembourg’s provider of digital identities and trust service.
Crédit Agricole Life Insurance Europe (CALIE), one of Luxembourg’s leading life insurance companies, is the first client/end user to integrate FinologeeENPAY. Accounts with several banks are already connected, currently covering Indosuez Wealth Management, CACEIS, ING, BGL BNP Paribas and Spuerkeess, and others will be implemented over the next weeks.
Finologee also signed a joint financing agreement with the Luxembourg Gouvernment that supports the process and organisational innovation goals of this project.
Franz Fayot, the Luxembourg Minister of the Economy, said: “Luxembourg is the perfect breeding ground for digital products addressing the needs of financial industry professionals. The country is well positioned to trigger projects that combine regulatory, communications, financial and technological aspects. The Luxembourg Government’s unique set of research, development and innovation programmes and the encompassing ecosystem provide the right toolset to support digital innovation projects efficiently. Projects led by Fintech companies such as the Finologee ENPAY platform and boosting their relationship with established businesses effectively demonstrate how cooperation cannot only solve current business challenges but also reshape existing technical setups to be ready for tomorrow’s challenges.”
Pierre Gramegna, the Luxembourg Minister of Finance, added: “I salute the Enterprise Payment initiative ENPAY, which is another successful illustration of the potential of cooperation between a traditional player like Credit Agricole Life Insurance Europe and a new FinTech like Finologee. By providing innovative financial solutions that benefit all actors, such collaborations strengthen our ecosystem and thus fully reflect the philosophy and vision that lies behind the LHoFT (Luxembourg House of Financial Technologies).”
Raoul Mulheims, CEO of Finologee concluded: “We firmly believe that our Enterprise Payments platform can be the missing link many financial service professionals and institutional players are looking for to automate their payment processes and reduce risks. From the start, the project received strong support from partners and stakeholders. We would like to thank them for their contributions and encouragements, as well as our team for its commitment and its expertise. We are eager to quickly build up this new product and we are looking forward to establishing the foundations to a new ecosystem that has the potential to have a genuine positive impact for many businesses in Luxembourg.”
When designing the FinologeeENPAY product architecture and roadmap, the company relied on its know-how with this type of project stemming from the other digital platforms the company and its founders have been involved in over the last 15 years in Luxembourg: Mpulse, the country’s central SMS payments and routing infrastructure and Digicash, the mobile payment product of the Grand-Duchy’s retail banks. Today, Finologee is a technical provider for operations of both platforms. Additionally, the company also addresses the needs of dozens of banks, insurance companies and other financial industry players as a central gateway for KYC, bank compliance products and digital payments, in Luxembourg.