Smart Fintech launches payment solution SmartPay

Smart Fintech, an open banking third party provider from Romania, has officially launched SmartPay. This is said to be the first alternative payment solution that is authorized by the National Bank of Romania.

Smart Fintech wants to execute “several thousand” payments per month this year through the newly launched solution SmartPay. The company, founded in 2019, also thinks this will start the open banking competition in Romania. ‘Open banking’ is the term for the use of APIs to open up consumers’ financial data to third parties, so these companies can make and distribute their own financial products and services.

We hope that 2021 will bring the beginning of the open banking competition.

‘Open banking is gaining momentum in Europe’

“The new open banking system brings significant changes to the traditional financial market. At the European level, the demand for open banking services is gaining momentum, and the growth potential for the companies operating in this industry is considerable”, Smart Fintech, which claims to be the first and only authorized third-party supplier in Romania, explains.

With SmartPay, consumers can use the service as an alternative to online card payments. It can also be used as a payment accelerator, integrated into applications that manage financial resources, such as e-invoicing, account, ERP or payment platforms.

Consumers can use the service as an alternative to online card payments.

“SmartPay uses the IBAN-to-IBAN payment principle, offering the possibility for any user to initiate a payment from an electronically accessible bank account to another without associating a card, as in the case of traditional payments. This ensures greater security of online transactions”, co-founder Andrei Dumitru explains.

10 banks integrated by end of 2021

Banks integrated so far with SmartPay are BRD, BCR, Banca Transilvania, ING Bank, CEC, and Raiffeisen Bank. Smart Fintech wants to integrate 10 banks by the end of this year.