Banqsoft’s new partnership with Neonomics will expand payments and data enhancement offerings through the power of open banking. The two companies are jointly promoting the offering to both existing and new customers, to showcase how account-to-account payments can further validate the efficiencies gained through open banking. In addition to this, we will work closer with Banqsoft on developing a suite of data solutions that will further strengthen Banqsoft’s existing portfolio of products targeting financial service providers.
1.Hi Steinar! Glad to have you here! Could you give a brief introduction on Banqsoft?
Absolutely! So, Banqsoft is a Nordic-based market leader offering financial software solutions for Asset Finance, Digital Banking and Credit Management. We provide cutting-edge technology solutions and industry expertise to enable service providers to stay competitive in an increasingly digital financial landscape.
2. Interesting! So, what difficulties do consumers usually face when paying invoices?
With all the development we’ve seen in this area in the last years, invoices have come a long way. That being said, I think the biggest challenge is connected to one-off invoices, meaning invoices from payee’s that you receive once or at least very seldom. It’s not a secret that the most effective payment methods are the ones that are developed for continuous payments, but this is also the area where we’ve seen most developments lately, and where Neonomics’ open banking payment product can remove the difficulty for the payer.
3. What issues do your customers face when trying to receive these payments and where are the opportunities?
I don’t see any huge issues when it comes to the recipient part of invoice payments. By using secure payment schemes, you know that the payment will be received, and with ISO20022 formats being introduced nowadays, we will have even better knowledge about the payer, which is essential when we’re talking about money laundering. There is also a strong opportunity connected to costs. Since our products are used in different markets, there will always be a push for lowering the costs, and especially in the areas where invoices with small amounts are issued. This is an area where the margin is low and the demand for lower cost is crucial.
4. Why did you choose to collaborate with Neonomics and enter the open banking space?
We have been following Neonomics and your development for many years, and we really believe in your open banking platform. We also see now that your latest development is highly usable for our customers, and it fits well into our own product offering – easy choice!
5. That’s great to hear! So, how do you see your customers benefiting from Neonomics’ open banking platform?
There are so many opportunities inside the Open Banking sphere, and we have only scratched the surface. It is crucial for Banqsoft and our customers to be able to have access to new solutions and be able to connect in an efficient and standardized way. With this partnership with Neonomics, we will be able to influence and get access to great knowledge and experience.
6. How do you see the partnership with Neonomics going in the future?
The partnership between Banqsoft and Neonomics will give our customers easier access to value added services and products based on open banking technology. We really believe in cooperating with other vendors that can help our customers to increase efficiency and offer their customers even better financial solutions and experiences.
Read the press release here.
Learn more about Banqsoft here.