How Generali streamlined insurance operations with FinqTreasury

Generali Romania, a leading player in the Romanian insurance market, implemented FinqTreasury — Finqware’s treasury management automation platform — to address critical operational challenges inherent to the insurance industry and achieve significant backoffice optimisation as well as real-time financial visibility across its organization.

The insurance sector is defined by a high-volume, compliance-intensive environment, which is why insurers such as GRAWE Romania have also automated their treasury with FinqTreasury. Managing substantial collections from mandatory insurance products (PAD and RCA), recurring premium payments, and complex claims settlement workflows are among the most significant daily operational challenges. Generali Romania required a solution that could centralize banking data across multiple partner institutions, automate reconciliation processes, and provide real-time liquidity insights without requiring extensive technical infrastructure or individual bank integrations.

Before partnering with Finqware, Generali Romania’s operational flow was hindered by legacy banking interactions and manual processes. The BO team had to manually export bank statements from various banking applications and store them to a dedicated location from where an automatic job would perform actual import into the core system, representing a repetitive task.

Furthermore, the standard T+1 settlement time created an information gap. This delay meant other departments could face delays, leading to additional internal requests for various confirmations in order to complete the operational processes.

Generali Romania deployed FinqTreasury as a cloud-based treasury management system leveraging regulated Open Banking APIs to establish direct connectivity with all partner banks across Romania. The implementation followed Finqware’s standardized integration approach.

What was different from other TMS

For Generali Romania, FinqTreasury was up and running in just a few days, with all banks connected and setup done for various user roles and permissions across the organization. That was possible due to Finqware’s extensive bank connectivity coverage in terms of built-in API integrations with all relevant banks.

Data for balances and transactions was automatically refreshed several times a day, with on-demand synchronization available every 10 minutes, since day one.

Unlike a classical TMS, Generali Romania benefited from real-time cash visibility in a single dashboard from the first day after on-boarding.

To prepare the internal operational system integration, Generali’s users conducted a thorough data analysis and validation process, in order to ensure that data was 100% accurate and complete as compared to official bank statements. Indeed, a few areas of discrepancies were identified for some of the banks and Finqware acted as an end-to-end service provider, raising those issues with the respective banks and following through on their resolution.

For instance, one of the largest banks in Romania was not exposing some important collector accounts through the PSD2 API, but following our joint case submission, together with Finqware, Generali obtained a substantial upgrade made by that bank to its open banking API. Once a bank’s data had been successfully validated as accurate and complete, its integration into our operational system was easily fulfilled.

The FinqTreasury implementation positioned Generali Romania’s financial infrastructure for scalable growth while aligning with corporate governance standards and digitalization priorities. The platform’s Open Banking foundation ensures regulatory compliance with PSD2 and PSR requirements while providing flexibility for future expansion across additional European markets.

The successful implementation of Open Banking, in partnership with Finqware, has established a strong foundation for future automation and digital innovation at Generali Romania. Beyond the operational benefits already achieved, the initiative could open new opportunities in areas such as treasury and cash management, while providing a scalable model that can support similar transformations across the region.