Romania’s open banking journey reached new heights in 2024, and Finqware was at the forefront of this transformation. Thanks to improved API reliability, progressive regulations, and Finqware’s innovative solutions, the country solidified its position as a key player in the European open banking landscape. With exponential growth in account-to-account payments and the successful implementation of bulk payment APIs, open banking in Romania has moved beyond theory and into real-world impact.
Here’s a closer look at how 2024 unfolded for open banking in Romania, supported by Finqware’s contributions and the milestones that highlight its success.
Regulatory Progress Paves the Way
A game-changing moment came when the National Bank of Romania enforced the implementation of bulk payment APIs for all banks. This regulation, and Finqware’s role as a leading aggregator, enabled seamless corporate transactions and addressed the growing demand for reliable payment solutions.
What this means for Romania:
- A standardized and scalable infrastructure for corporate payments.
- Increased confidence in open banking as a mainstream financial tool, with Finqware’s solutions playing a critical role in adoption.
2024 in Numbers: Payments and Performance
Finqware’s platform supported unprecedented growth in account-to-account payments, driving adoption across corporate and individual users:
- Payment Growth: From 200 payments/month in January to 9,000/month in December.
- Corporate Dominance: Bulk payments accounted for 77% of the total payment value, emphasizing the strong uptake by businesses using Finqware’s technology to streamline high-value transactions
- API performance: PSD2 API error rates dropped to 0.8%, compared to 15% in 2022, making APIs a dependable channel for transactions and data retrieval.
December: A Record Month for Growth
December 2024 marked a high point for both open banking adoption and Finqware’s performance:
vs the previous month, fueled by Finqware’s integration into Salt Bank’s mobile app for top-ups. This seamless user experience highlighted Finqware’s ability to drive growth through innovative partnerships.
Nearly €70 million processed through open banking-enabled transactions, 28% more than the previous month, with 77% accounting for corporate bulk payments
Corporate bulk payments continued their steady rise, enabled by the reliability and scalability of Finqware’s solutions.
Reliability also reached new levels, thanks to improvements in PSD2 APIs, which Finqware utilizes to deliver consistent results:
granting access to account, balance, and transaction data.
Wider Adoption Across Europe
Finqware’s influence extended beyond Romania, driving open banking adoption across 12 countries. By managing over 8 million monthly API calls, Finqware enabled businesses to access seamless financial data and transactions, supporting about 2,000 companies.
Major Romanian banks like BT, CEC, and Salt Bank relied on Finqware’s solutions to deliver value to their customers, further solidifying its position as a leader in the ecosystem.
What’s Next for Open Banking in Romania?
2024 proved that open banking is no longer just a regulatory requirement—it’s a vital tool for businesses and individuals alike. Finqware’s contributions, from enabling seamless bulk payments to driving adoption across industries, have been instrumental in shaping this transformation.
As adoption grows and infrastructure matures, Romania is poised to lead the way in open banking innovation, with Finqware at the heart of its success.
Key takeaway: Romania’s open banking evolution, powered by players like Finqware, is a success story of collaboration, regulation, and technological progress. It’s a model for other countries to follow as they embark on their own open banking journeys.
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