Finqware, a European fintech company founded in Romania, announces the integration of Microsoft Azure Active Directory, the user authentication and authorization system in MS Windows, in the FinqTreasury platform. Through this integration, corporate customers will be able to connect in real time and instantly to their bank accounts in any European bank, directly with their company email address and Windows password.
“In a world full of bank authentication devices and passwords, the frequency of authentication to operate bank accounts and the fear of security breaches have become an anxiety for employees in the financial departments of large companies. With this integration, we are taking a step forward to provide a secure and much easier experience in accessing and operating on business bank accounts. Practically, in any company that uses Windows, the FinqTreasury automation platform user will be automatically logged in with MS Windows credentials to manage company accounts. Thus, not only is the daily use of bank passwords and tokens no longer necessary, but access to the already aggregated account statements no longer requires any password other than the MS Windows password.” Elena Cosma, Senior Product Manager FinqTreasury.
The award-winning startup awarded by the European Commission with the “Seal of Excellence” distinction for innovation is already working to integrate the artificial intelligence engine OpenAI to revolutionize the way companies use financial data in the decision-making process.
“Many of us have tested and marveled at AI solutions like ChatGPT. Given that Finqware already provides real-time logging access to a company’s account movements and, in addition, creates a ‘data lake’ with this long-term banking information, the OpenAI solution applied to this data, kept in a standardized format, can provide ways to query and report based on conversational commands. What may seem like science fiction to treasurers and CFOs, such as sophisticated reports and advanced queries based on current language questions, it’s perfectly possible. Coming soon to FinqTreasury,” says the company’s representative.
In addition to these implementations of complementary state-of-the-art technologies, Finqware also plans to launch a number of new facilities based on proprietary open banking technology in the area of payment automation and company receipts.
“We are already testing the payment and collection modules of the FinqTreasury platform. This fall, we will revolutionize the way bank payments can be made by medium and large companies in Romania,” says Elena Cosma.
From a financial perspective, the company is already experiencing explosive growth, managing to exceed in the first half of 2023 the double turnover of the previous year. Among the companies already using the technological solutions developed by Finqware are One United Properties, Fan Courier, SelfPay, Banca Transilvania, CEC Bank, Nepi Rockcastle. The company has strategic partnerships with Microsoft, Google and PwC. With an international presence in Luxembourg, the company aims to expand to two new countries by the end of the year (Greece and Bulgaria).