The B2B financial service Finom joined hands with Salt Edge, a leader in offering open banking solutions, to innovate business management processes for SMEs and professionals all over Europe.

Today open banking technology helps entrepreneurs manage their money more efficiently with their smartphones only. Finom is a B2B financial service developed to save time for SMEs, freelancers, and the self-employed in Europe via a seamless finance management experience.

Salt Edge Partner Program allows Finom to get access to PSD2 APIs of European banks in a compliant way, without lengthy integrations with thousands of banks across the continent. The collaboration with Salt Edge eliminates the need for Finom’s customers to enter data manually, fixing the pain point of tedious financial paperwork, well-known to many entrepreneurs and freelancers. Data aggregation fuels Finom’s platform features like dashboards with categorised expenses, multi banking environment, the e-invoicing, and e-reconciliation system. After the launch in Italy, Germany, and France (where the product is finalising its beta testing phase), other EU countries are on the horizon in 2021, so the access to more than 5000 financial institutions worldwide makes its expansion much quicker.

Alena Valovaya, Co-founder at Finom, said: "We are always researching the market and trying to find new ways to help customers manage their businesses, so we were looking for a solution that would enable us to provide multi banking functions on our platform. Our data aggregation system powered by Salt Edge is really something new. The way towards disruptive innovation is never easy, but we are sure that this is the right way to go. Entrepreneurs and professionals will love it because our product has been designed by the very same people who are supposed to use it."

Now Finom can be a main character in the open banking transformation, in turn accelerating and simplifying many processes for European businesses, while Salt Edge takes care of bank integrations, monitoring of APIs’ availability, normalisation of aggregated data, and other technical, security and compliance matters.

Andrei Scutari, Country Manager Italy at Salt Edge, comments: "At Salt Edge we work to make open banking a new reality for everyone and change the traditional banking experience for end users. This is why we are proud to help innovative companies like Finom blur the line between accounting, finance management and banking, showing that finance management can be easy with modern technologies. Online banking and secure data aggregation leave administrative paperwork behind, allowing SMEs to focus on their products and customers."