DIGITAL SOLUTIONS
Unleashing automation & process optimisation
The ENPAY Bank Partnership Programme: Unleashing automation & process optimisation
May 31, 2023
FinologeeENPAY is a professional payments and multi-bank account access management platform. It was designed to enable financial industry professionals and companies seeking flow automation to streamline and monitor their payment initiation, validation and reporting workflows. In addition to its benefits for corporate clients, ENPAY also offers some notable advantages for connected banks.
Mallorie Ribet, Head of Bank Relations at Finologee, shares her thoughts on how banks can benefit from the recently launched bank partnership program:
1) In what ways do you believe ENPAY can help banks to better serve their corporate clients?
To answer this question, it’s important to understand the origin of Finologee’s ENPAY product. ENPAY was primarily developed to provide a cutting-edge payments and banking interconnection platform for professionals in the Luxembourg financial industry professionals and their clients. The platform serves the needs of financial services professionals, such as asset managers and life insurance companies interacting with their custodian banks, but also, on the other side, any other company in Luxembourg that wants to automate and enhance their access to banks and payment networks.
One of the key benefits of ENPAY is that it allows banks to save time and resources by enabling their clients to streamline their payment processes through a single platform. This is achieved by eliminating manual input methods like fax or email, which can be time-consuming and error-prone. By saving time on payment processing, banks can focus on their core business and provide even more valuable services to their clients. Additionally, ENPAY can streamline reporting for funds players by directly receiving output from banks.
Another benefit for banks is the option to distribute ENPAY in a white-label mode to their clients. This helps clients harmonise their payment processing and ensures a seamless user experience, without them having to make investments in a separate channel.
2) What unique features does ENPAY offer?
Today, some alternatives and tools already are available on the Luxembourg market that allow aggregation of corporate accounts and simplification of banking relationships. Yet, the scope of connected banks and available features are rather limited. FinologeeENPAY, on the other hand, is a highly flexible platform that can integrate any bank using various connectivity options, including SWIFT, API, and EBICS.
Our Product and Delivery teams assist clients in using ENPAY to suit their internal needs and processes. It’s worth noting that Finologee is a fully licensed “PSF de support” entity under a licence issued by the Ministry of Finance and under the supervision of the Luxembourg financial industry regulator CSSF. The implementation of the ISO/IEC 27001:2013 standard further assures our clients that we have established risk management methodologies and a framework of business and IT processes to help identify, manage and reduce risks. Payment processing and reporting are vital, so we guarantee a first and second level support service to ensure a smooth experience for our clients.
3) How does ENPAY make it easy for banks to integrate with the platform?
ENPAY is, as we like to say, a “bank-friendly” product. We take a collaborative approach with the bank when it comes to setting up connectivity to ENPAY. In fact, we have defined an onboarding path that allows us to jointly define the most suitable set-up. In terms of connectivity, ENPAY can support SWIFT, EBICS or even SFTP. The process is streamlined and takes the bank through the following steps: first, the technical assessment, including the choice of channel and specification of file formats, then the contractual setup, including the signing of a Power of Attorney by our mutual client, a bilateral agreement between the bank and Finologee, if needed, and finally the technical and testing validation, where Finologee is answering to the bank requirements in that context.
Once connectivity is established, we have also built a dedicated bank support platform that the bank can access for any connectivity or contract queries, which is managed by our Customer/Partner success team. Finologee then continuously monitors proper execution and availability, as well as the specificities (cut-off times, error handling …) of each connected bank.
4) How do banks benefit from the ENPAY partnership programme?
Here I would like to draw attention to three points in particular:
Firstly, the platform provides valuable support to banks by offering their corporate clients a digital channel that is customised to their specific business processes. This allows for streamlined and automated processes, which is something that every company is looking for in today’s fast-paced business environment.
Secondly, depending on the needs of the bank, ENPAY can be provided in co-branding or white-labelling mode for end-customers, which allows for brand consistency and the maintenance of existing customer relationships.
Finally, the connectivity set-up with ENPAY is seamless, as it supports multiple channels and formats for processing payments, reporting and securities. Moreover, as a Luxembourg Support PFS and ISO/IEC 27001:2013 certified, outsourcing to Finologee is straightforward and comes with additional guarantees for risk management, professional secrecy, IT security requirements, audit, and compliance.