What are FINTECH solutions and providers

Details
The world of banking and financial services is undergoing significant changes. Various financial technology companies are increasingly competing with traditional banks, shaking up markets with their technological advancements, modernity, and lean business models. Solutions typically come in the form of mobile applications or online access, enabling a range of activities – from payment transactions, card operations, lending, to virtual currency payments and more.

Entrepreneurs are also increasingly utilizing these services, as they offer simpler, faster, and more transparent operations in many aspects. Especially with the rise of online business and shopping, the use of these solutions has become almost essential. They provide customers with easy and secure payments, while allowing entrepreneurs to establish and generate revenue almost immediately.
Providers and solutions are practically growing from month to month, and even traditional banks are entering these markets – although many struggle to keep up with the super-fast technology companies when launching such products.

 

Entrepreneurs typically seek the following in these solutions:
- An easy system for online customer card payments,
- Modern, mobile, and online banking,
- Faster and cheaper payment transactions,
- Easier issuance of payment and credit cards for online purchases,
- Escape from expensive fixed monthly costs of traditional banks,
- And more reasons could be listed…

From an accounting perspective, conducting business for an entrepreneur through such financial services naturally involves certain business events that need to be properly recorded. However, a common issue arises because companies in this industry aren't very considerate of preparing files according to standards that accountants are accustomed to (meaning data can't be easily imported). This often leads to manual work, data entry, checking, etc. To avoid this, the right solution is DigiAs.

So, what exactly are "fintech" services or providers?

Some common examples include:
- Paypal,
- N26,
- Revolut,
- Stripe,
- Klarna,
- Payoneer
-…
There are indeed many, and as mentioned, there are more each month.

 

The fact is that technological progress is ongoing and irreversible, both fintech providers and traditional banks will continue to evolve and adapt their offerings and systems.

Remember - Let digital become efficient. Your Digi-As :)

The development of DigiAce is co-financed by the Republic of Slovenia and the European Union from the European Regional Development Fund.

The development of DigiAce is co-financed by the Republic of Slovenia and the European Union from the European Regional Development Fund, with a financial support of EUR 54,000 under the P2 2022 call.
The aim of DigiAce is to automate the import of statements and transactions when dealing with FinTech providers. This promotes the transition to digital and more efficient business operations and encourages the recruitment of high value-added staff.
Short description of the results of the operation:
The operation has developed, refined and commercialised a web application for the conversion of business data through FinTech providers and its direct import into accounting and ERP software. In addition, we have developed and integrated the Bankconnect module, which allows a significantly simplified direct retrieval of bank statements also from traditional banks. Within the project, we have prepared the basics for building an API interface for more modern integration with other applications. In addition, the project implemented a number of other solutions, such as integration with the CRM system, integration with the payment and subscription system (Stripe) and a multilingual website - including a back-end multilingual interface (application).