Luxembourg-based Fintech Finologee has reportedly created a hosted system that offers API end-points in order to automate payments and support secure web interfaces which improve workflows and data visualization while establishing a direct connection to the SWIFT network.
The product’s development has been supported by the Luxembourg government. Crédit Agricole Life Insurance Europe (CALIE) is notably the first client/end-user to adopt the new platform.
Finologee started the development of its Enterprise Payments (ENPAY) platform in 2020 with the goal to assist the financial services sector with addressing business process enhancement and various automation requirements (with its payment workflows and interactions).
Instead of managing multiple, host-to-host banking channels or adapting consumer-focusing PSD2 access-to-account channels to their specific needs, users may work with FinologeeENPAY, a platform hosted in a secure Software-as-a-Service (SaaS) setup in Luxembourg, using a bank-agnostic connection to manage any bank account.
To streamline and automate their payment processes, companies may connect through Finologee’s API end-points. The platform comes with a modern web interface that uses multi-factor authentication and allows customers to implement complex workflows and advanced transaction signature processes.
The ENPAY system is hosted on the company’s Trusted Fintech Platform, along with Finologee’s bank compliance, KYC and digital payments infrastructure. The SaaS setup meets outsourcing compliance requirements that apply to financial services providers, significantly lowering their implementation lead times.
For payment network and messaging connectivity with banking institutions, Finologee decided to implement direct access to SWIFT, the provider of secure financial messaging services, which connects over 11,000 banking and securities organizations, market infrastructures and corporate customers globally.
User authentication and manual transaction signature components are being offered with assistance from Luxtrust, a Luxembourg-based provider of digital identities and a trust service.
Crédit Agricole Life Insurance Europe (CALIE), one of Luxembourg’s largest life insurance providers, is the first client/end user to integrate FinologeeENPAY. Accounts with multiple banks have been connected, now covering Indosuez Wealth Management, CACEIS, ING, BGL BNP Paribas and Spuerkeess, and others will be added in the coming weeks.
Finologee also entered a joint financing agreement with the Luxembourg government that supports the process and organizational innovation objectives of the initiative.
Franz Fayot, the Luxembourg Minister of the Economy, stated:
“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 programs 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, remarked:
“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, added:
“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 developing the FinologeeENPAY product architecture and associated roadmap, the firm depended on its expertise and experience working with this type of project (stemming from various other digital platforms the firm and its founders have been working with for the past 15 years in Luxembourg).