Finologee, the Luxembourg-based FinTech expert has developed a professional bank connectivity platform which aims to reduce inefficiencies and risk for Luxembourg’s financial industry and institutional players. The platform’s development was made possible by the Luxembourg Government and its first client is Crédit Agricole Life Insurance Europe (CALIE), one of Luxembourg’s biggest life insurance companies.
Photo: Finologee sees its ENPAY platform function as a Software-as-a-Service (SaaS) setup / Credits © Finologee
Although Luxembourg has been pushing for the digitalisation of the finance sector since the beginning, a key problem that had yet to be overcome was the absence of efficient bank connectivity. Indeed, many financial and institutional players have been slow to digitise their payment instructions and authorisations which has been slowing down their workflows and increasing their risk exposure.
An analysis of the market needs showed Finologee that most of today’s products failed to cover the full range of companies’ needs. Most products specialised in a narrow range of solutions and did not include the broad spectrum of features which include worldwide multi-bank account connectivity without boundaries, modern API endpoints for their in-house accounting or ERP system connection.
On top of a lack of integrated solutions, businesses also realised that their needs included solutions that could be adapted to the changing regulatory environment. To mee this need, Finologee started working on its Enterprise Payments (ENPAY) platform last year.
“We firmly believe that our Enterprise Payments platform can be the missing link many financial service professionals and institutional players are looking for to automate their payment processes and reduce risks,” says Raoul Mulheims, CEO of Finologee. He adds, “We are eager to quickly build up this new product and we are looking forward to establishing the foundations to a new ecosystem that has the potential to have a genuine positive impact for many businesses in Luxembourg.”
The government helps out
Digitalising large cross-sector workflows is impossible to do without the collaboration of large institutions. Fortunately, the largest institutional player – the government – saw the same need as Finologee and acted as a catalyst by offering its expertise and financial support.
“The Luxembourg Government’s unique set of research, development and innovation programmes and the encompassing ecosystem provide the right toolset to support digital innovation projects efficiently. Projects led by Fintech companies such as the Finologee ENPAY platform and boosting their relationship with established businesses effectively demonstrate how cooperation cannot only solve current business challenges but also reshape existing technical setups to be ready for tomorrow’s challenges,” says Franz Fayot, the Minister of Economy.
Luxinnovation, Luxembourg’s innovation support and promotion agency also provided their support which led to the Government and Finologee signing a joint funding agreement until 2023 which the State hopes will lead to an overall improvement in the country’s bank connectivity infrastructure.
Crédit Agricole Life Insurance Company Europe (CALIE), one of Luxembourg’s most well-established life insurance companies has already started using Finologee’s ENPAY platform. With such a big player already on board, it will only be a matter of time before other companies join the ride and continue pushing forward the digitalisation of Luxembourg’s finance ecosystem.
Long-term, Finologee sees its ENPAY platform function as a Software-as-a-Service (SaaS) setup. With direct access to SWIFT, the world’s leading provider of secure financial messaging service, the platform is set up for success.