Leading global financial services provider focuses efforts on designing an innovative customer-centric solution that enables the rapid deployment of services in companies and sets it apart from traditional banks and their outdated systems
Paris, 13 November 2019. iBanFirst, global financial services provider delivering solutions across banking borders, unveils its technological solution to meet the challenges faced by companies’ financial departments, and the changes in the financial services and banking ecosystem. 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 fintechs 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.
To enhance its support and offer an even faster and more streamlined user experience, iBanFirst provides its customers with a range of innovative services:
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.”
iBanFirst is a global financial services provider delivering solutions across banking borders. iBanFirst provides a specialist online platform for multicurrency transactions. As an alternative to the traditional bank offer, iBanFirst enables a payment experience and package of financial services addressing the needs of SMEs in their daily operations.
Thanks to iBanFirst, financial teams can pay and receive payments in any currency, hedge foreign exchange risks, finance their international growth.
Founded in 2013 by former bank executives and entrepreneurs, iBanFirst is headquartered in Belgium, has operations in France and serves more than 2500 customers all over Europe. It is regulated by the National Bank of Belgium as a payment institution passported throughout the European Union. Member of the SWIFT network and SEPA homologated, iBanFirst holds AISP and PISP accreditations under PSD2. It has raised €25m from Xavier Niel and leading European VC funds Serena and Breega.
iBanFirst stands out by having its own infrastructure. This means it can offer a broad range of services to companies of all sizes. iBanFirst’s solution addresses two essential needs:
- helping CFOs manage their financial strategy by eliminating friction points thanks to a range of user-friendly tools,
- facilitating compliance with regulatory requirements thanks to EU PSD2 and open banking. Given this state of affairs and the absence of adequate architectures, banks are unable to meet these obligations, hence the delay in measures to help them comply. This can be explained by banks tardiness and has prompted financial regulators to change their roadmaps and allow web scraping in the framework of PSD2 requirements.