Acceleration of the PSD2 API’s European coverage and strengthening of Open Finance offers

After raising $35M in April, we’re focusing on the internationalization of our PSD2 activities. Our payment API (PIS) and account aggregation API (AIS) are now available in Italy, Spain, Germany and the UK. We’re also strengthening our “non-PSD2” offering with the integration of leading crypto and trading platforms, as well as document recovery for credit granting.

Europe in focus

The Open Finance movement is gaining momentum in the European market. More and more financial institutions and fintechs are using Open Banking or Open Finance technology, with the objective of simplifying the user experience in a number of areas: financial management, accounting and credit. The constant and sustained growth of transactions generated by fintechs in Europe affirms this trend.

To enable you to deploy on the European market, we’re accelerating our roadmap:

  • In Spain, our API (AIS) coverage is currently at 93%.
    With Bank, you can aggregate the data of bank accounts, both personal and professional, held in the main national banks: Banco Sabadell, BBVA, Bankinter, Caixa, Santander and ING. Eventually, 50 banks will be included.
  • In Italy, the coverage (AIS and PIS) is at 90%.
    Pay also lets you initiate transfer payments thanks to connectors available from 10 banks, including Banco BPM, BNL and Poste Italiane. As for the Wealth product (not included in the PSD2), it aggregates the savings and securities accounts of users from 9 major banks, including Banca Sella, Credem and Widiba. This has never been offered before in the country.
  • The UK and Germany will be covered at 30% (AIS and PIS) during the summer, with the aim of reaching 70% to 80% coverage by the end of Q3.

The main crypto and trading platforms now available

Crypto is becoming an increasingly important part of many investors’ asset portfolios, and neo-brokers have entered the stock brokerage market. To reflect this strong trend and allow you to expand the scope of investment accounts, we’ve been offering the aggregation of crypto and trading related data as part of our Wealth service since April 2022. 

The following platforms are available: Coinbase, Binance, Bitpanda, eToro, Trade Republic, Mon Petit Placement and Kraken, to which other specialized connectors will gradually be added.

Automation of KYC and KYB processes

To help you meet the regulatory requirements for verifying the identity of individual and business customers, we’ve added a number of features to Bill and Pay.

Bill, the document aggregator, has a new connector: Pappers. With this connector, the KYB (Know Your Business) procedure is facilitated thanks to the automatic collection of legal and financial information on companies available on Pappers and coming from the INSEE, the INPI and the BODACC.

KYC is not left out. With Pay, the payer and payee identities can now be filled in directly via the API when known. Additional fields have also been added in the Webview to allow the payer’s identity to be filled in when it’s not known. 

Recovery of pay slips

With Bill, new connectors allow the automatic aggregation of payslips from the MyPeopleDoc, Pagga (Lucca), Primobox and ENSAP electronic safes. These connectors facilitate and accelerate the credit scoring process, as payslips are documents of primary importance for the granting of a loan. They also guarantee the authenticity of these documents by eliminating the risk of falsification, while providing a better experience.

The optimized experience

The Webview, the end-user login and checkout interface we designed, has undergone a makeover. In an effort to continuously improve the UX and boost conversions, the latest version can be activated on production environments.

On the Pay side, the experience is also optimized. New filters on the GET/payments allow you to retrieve information from the payment history by date, issuing bank and status. In addition to saving time, this new feature facilitates integration into a back office.

From Bertrand Tillay-Doledec, Chief Product Officer:

“Our entire product innovation process is based on listening carefully and continuously to our users. Their feedback is clear: to offer truly exceptional experiences, the PSD2 scope, which is limited to current accounts, is insufficient.”

“Based on this observation, we are accelerating. Budget Insight is on track to become the leading European player in open finance by the end of the year. In addition to a PSD2 coverage that already offers more than 900 institutions in the main European markets (France, Germany, UK, Italy and Spain), we will be the only one to offer extended connectivity on securities accounts and crypto & trading platforms.”

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