finshark products

Being able to access account and transaction data from consumers and enterprises, unlocks many opportunities for businesses to both improve their processes as well as to generate new propositions, products and applications designed around their end users. To us, customers’ success is the ultimate priority, the landmark which guides us when designing our growing suite of products.

financial products open banking products

There are two main groups of propositions we offer to you (a non-necessarily financial business): the ones that include a layer of Payment Initiation (Payments) and the ones that are developed around the Account Information (Data).

Cheat sheet!
PIS and AIS

Payment Initiation Service

It enables us to securely initiate a bank transfer from one account to another on your behalf. That means that your customers will be able to pay for your products or services directly from their bank account without leaving your interface.

Account Information Service

It allows us to help you streamline your processes by accessing your customers’ real-time financial information – such as identities, balances, transactions, behaviours, spending patterns – gathered from banks across Europe.

Payments: account-to-account and data-powered.

We currently offer three products under our Payments category:

Direct payments

Allow your customers (businesses or individuals) to pay you safely and in real time through direct bank transfers. Remove the traditional payment fees (such as card networks), get paid faster, and forget about fraud and chargebacks.

What is this for?
Online checkouts
Invoice payments

Who is this for?
Ecommerce
Financial services

Who is already using it?
GF Money

Recurring payments

Give customers a much faster, safer, and more convenient alternative to settle repeated payments. Easy to set up, even easier for customers to authorise and confirm all the transfers at once. Forget about card-on-file declined transactions!

What is this for?
Subscriptions
Memberships
Bills
Recurring fees

Who is this for?
Subscription model businesses

Instant payouts

Send instant and secure single or bulk bank transfers to your users, customers, or employees. Payments are processed in real time, so the recipients have immediate access to funds. Transfers work with consumer and corporate accounts.

What is this for?
Ecommerce refunds
Instant payouts to consumers
Marketplaces

Who is this for?
Financial services
iGaming/eGaming
Insurances
Loans

Who is already using it?
Sportadmin

Our payments are not “just” payments. To see what we mean by that, let’s break down the main process and see how that works behind the curtains:

  1. Data is collected from the business.

We retrieve all the transaction details – such as user ID, the value of the transfer and the currency. We also gather the business payment details like bank name, IBAN code and currency for the receiving account.

  1. Data is collected from the end user.

We retrieve the relevant account information such as name, bank, IBAN code, currency, and current balance. We also identify the Strong Customer Authentication method used by the customer (BankID, for instance).

  1. Data is sent to the customer’s bank.

We notify the customer’s bank identifying ourselves as a licensed Financial Institution. Then we send the data collected from the business and the customer through a secure connection. Lastly, we ask the customer to confirm the payment.

Access to account upgrades traditional payments.

As you can see, a big part of the payment process, both for single direct payments and scheduled payments, revolves around accessing and retrieving information both from the business and the customer. The data collected creates many advantages resulting in a very streamlined process and a better experience for the end user. Some examples?

  • Having access to account, we can deliver convenient and seamless payment journeys with very few steps to go through, as customers will be directly linked to their online banking account for automated authentications, authorizations, and checkouts without relying on external actors.
  • The added layer of financial intelligence enables any company to deliver one-click checkouts to their returning customers.
  • Customers get full visibility on the amount of available funds in their bank account(s) as they pay, so they can act accordingly.
  • During the payment flow, a TRA (Transaction Risk Analysis) is performed automatically to detect in real time any money laundering or any other suspicious activity.

Financial insights: knowledge is power.

Attaining information to check financial situations or behaviours is vital to certain businesses, but it is a very laborious task, especially when customers hold accounts at various institutions. Also, relying on stale offline data is a dangerous practice as it creates room for outdated or wrong records, costing time and money to fix. Lastly, modern consumers expect every experience to be fast and smooth throughout, so burdening them with manual tasks to carry out, such as providing financial statements and additional information, tends to negatively affect conversions and can deeply damage the relationships with them.

We help companies by gathering, standardising, and analysing customer raw data from European bank accounts (both consumers and enterprises) and we provide enriched and categorized financial information ready to be used and benefit from. To make things even easier, we pack all this useful data into ready-made and bespoke products aimed at tackling different challenges:

Income verification

Automate and optimise your affordability checks by identifying all the income information available on your customers (companies or individual), efficiently and instantly – without depending on obsolete methods or limited and unreliable records.

What is this for?
Loans
Property rentals

Who is already using it?
Svea

Account checks

Stop relying on your customers to manually provide proof of addresses or identities. Make their experience instant and pleasant by verifying them automatically and in real-time against the bank data from each account they hold in Europe.

Who is this for?
Account verifications ­­­
KYC and AML checks 

Who is already using it?
GF Money

Loan insights

All your customers’ financial obligations – such as mortgages, overdrafts, credit cards, student loans, and bills – gathered from every European account (business and consumer) they hold.  Speed up your processes and upgrade the experiences you offer!

Who is this for?
Loans industry

Who is already using it?
Zmarta

Beside our main products available today on our portfolio, we also provide raw data (for those businesses which do not need any kind of categorization) and settlement accounts (to speed up the settlements for merchants and remove any friction from split payments).

By the way, we will release more juicy news as soon as the summer is over. Stay tuned as we have been working relentlessly behind the curtains to create even more opportunities to turn open banking into business successes!

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The current state of recurring payments

Learn everything there is to know about Recurring payments from Finshark. We explain why Recurring payments from Finshark is the best payment solution on the market.

Everything you need to know!

Nicola S.