Enfuce approved as an authorized payment institution
June 4, 2020 2 minutes read
Finland’s biggest fintech start-up Enfuce has been accredited as an authorised payment institution by the Finnish Financial Supervisory Authority (FIN-FSA)*. Customers pursuing new opportunities introduced through the second Payment Services Directive (PSD2), can now perform account information and payment initiation services together with Enfuce.
With the Payment Institution license, Enfuce can now unlock a variety of opportunities for its customers. A multitude of companies such as insurance companies, accounting bureaus and mobile network operators can now benefit from the PSD2 regulation through Enfuce offering.
Enfuce’s Open Banking Hub enables customers to retrieve account information and initiate payments from end users’ bank accounts. The account information service provides access to a new set of data which has not been available before, and the payment initiation service can be integrated into existing payment processes in mobile apps and e-commerce sites.
“Becoming an authorized payment institution is a major milestone for us. We can now serve an even wider group of customers and drive our vision of open banking for everyone,” said Denise Johansson, CEO and Co-Founder at Enfuce.
“In addition to delivering effective connectivity to our existing licensed customers with our Open Banking Hub, we can now introduce the same service to other customers. We manage the regulatory compliance and technical connectivity, letting our customers focus on designing the service experience and branding”, Johansson added.
Enfuce is currently onboarding customers to the service in the Nordics and expanding it to all countries within the European Union.
Enfuce offers payment, open banking and sustainability services to banks, fintechs, financial operators, and merchants. By combining industry expertise, compliance and innovative technology, they are delivering long term and scalable solutions fast and securely. Established in 2016, Enfuce employs over 50 driven professionals in the Nordics and has close to 10 million end-users on their platform. www.enfuce.com
*Enfuce License Services Ltd, which is part of Enfuce Financial Group, has been granted the Payment Institution license and is under the supervision of Finnish Financial Supervisory Authority.