bonify strengthens its cooperation with finleap connect by enhancing their existing integration with a fully-compliant Customizable Widget
- Berlin-based fintech bonify upgrades their existing integration with finleap connect with its fully-compliant, Customizable Widget, allowing bonify to focus on its core business model and letting finleap connect handle regular user interface changes in the Account Information access process.
- The Customizable Widget is integrated as an easy to use frontend widget, which marks a further step in bonify and finleap connect’s partnership in the Open Banking industry.
Berlin / Hamburg, April 15th, 2021 - Berlin-based fintech bonify has furthered its standing partnership with finleap connect, the full-stack Open Banking platform in Europe’s leading fintech ecosystem finleap, by integrating finleap connect’s Customizable Widget. The integration, in the form of a customizable frontend widget, allows bonify to focus on its core business model, whereas finleap connect handles regular user interface changes in the Account Information access process, such as tackling the hurdles in handling account access consent management, in full compliance with the PSD2.
bonify and finleap connect have been partners since 2015, with bonify first using finleap connect’s API platform to retrieve account data to offer tools to improve its customers’ financial situations and credit worthiness and to identify credit opportunities. The new integration of finleap connect’s Customizable Widget effectively manages different consent types and makes it possible to access account information in a compliant manner. This takes the complexity out of the regular user interface changes in the Account Information access process. The product includes the customizable widget, and most importantly, handles bank cataloging, bank name and logo updates and Strong Customer Authentication (SCA) methods.
In addition to the widget, bonify is also making use of finleap connect’s transaction enrichment capabilities. With a powerful Machine Learning-fueled categorization engine at its heart, transaction data is not only reliably categorized according to market standards. Specifically trained risk indicators detect transactions and user behavior relevant for determining the creditworthiness of a user. In the case of bonify, the product is now not only fully integrated into its offering, it also allows for a higher conversion rate and in-depth insights into open banking data to provide further services, such as its financial fitness indicator “FinFitness”, tailored to each customers’ needs.
“finleap connect’s capabilities to provide such a compliant and secure solution and a 24/7 best-in-class system availability make them an ideal partner for us,” says Dr. Andreas Bermig, Co-Founder and Managing Director of bonify. “These aspects made us choose and continue working with finleap connect. Having the right categorization of transactions accessible, and being able to provide open banking services uninterrupted by regulatory or technical changes, makes it possible for us to provide the leading lending data platform for our 1.3 million customers”, Bermig continues.
“We are incredibly proud that finleap connect is able to further develop its cooperation with an incredibly valued partner like bonify,” says finleap connect Managing Director and CEO, Frank Kebsch. “This further step in our partnership marks both an evolution in bonify’s business model and risk management capabilities, as well as proof of finleap connect’s ability to handle different types of consent required when accessing financial accounts. We look forward to bonify’s further growth and playing an important role in it”, Kebsch continues.
Including a recent successful funding round, with prominent investors such as Mouro Capital (formerly Santander InnoVentures) & Experian on board, bonify continues to grow, with the platform passing the 1 million users mark back in March of 2020. “By strengthening our partnership with and integrating more services of finleap connect, we are able to allow open banking help customers access financial products in a fair, simple and personal way”, says Raj Cheemakurti, CPTO of bonify.
finleap connect addresses the fragmented open banking landscape with a “full-stack” platform. It enables partners to access financial transactions, enrich the transactions with data & analytics tools, and ultimately deliver seamless digitized financial services to customers. finleap connect has the unique ability to tap into category leaders founded in the finleap ecosystem, including Solarisbank, ELEMENT and Elinvar, driving additional value to partners.
The company is a regulated payment institution under the Payment Services Supervision Act (Zahlungsdiensteaufsichtsgesetz – ZAG) with offices in Berlin, Frankfurt, Hamburg, Milan, Madrid and Paris. finleap connect is part of the leading European fintech ecosystem, a group with 1,300 employees from more than 80 countries.
Fintech startup bonify enables transparency for consumers by providing insight into their creditworthiness and financial data. Users can check their creditworthiness online at any time free of charge with bonify. In addition, bonify offers various financial management tools for analyzing and optimizing one's own financial situation. Users receive product offers tailored to their own creditworthiness - these include loans and consumer tariffs for gas, electricity or internet. Other free products include "Mieterauskunft" for apartment hunting, "FinFitness" for assessing and actively improving one's financial health, and "Sparradar" with individual savings offers. bonify was founded in Berlin in 2015 and is led by Dr. Andreas Bermig (founder) and Raj Cheemakurti (CPTO). Currently, the startup employs over 30 people from more than 15 nations. Renowned investors, e.g. Experian, Santander InnoVentures, Mosaic Ventures, Ribbit Capital, Index Ventures and DN Capital as well as the founders of Zalando and Raisin have invested in bonify so far. bonify is an account information service authorized and supervised by the German Federal Financial Supervisory Authority (BaFin). Learn more at www.bonify.de.
About finleap connect
finleap connect is the leading independent Open Banking platform provider in Europe. It enables companies across a multitude of industries to provide the next generation of financial services by understanding how customers transact and interact.