Case StudyFinancial Services

How Selfpay unlocks efficiency with FinqTreasury

1. About Selfpay

SelfPay, an established Romanian company, significantly enhances its treasury operations through FinqTreasury, a Finqware solution that provides automation of treasury functions. Given their expansive banking relationships across 7-8 different banks, SelfPay sought to streamline the time-consuming and complex nature of their cash management.

2. The Challenge

SelfPay’s Struggle with Fragmented Financial Data

SelfPay encountered a series of challenges in managing their treasury operations:

Multifaceted Bank Data: The finance team at SelfPay dealt with data from a multitude of banks, resulting in a cumbersome and inefficient data management process.

Laborious Data Extraction: The previous process required the team to log into each bank's platform individually, using unique login methods and tokens to extract data. This method was not only time-consuming, but also posed the risk of data access expiration before the data extraction could be completed.

Slow Reporting: The finance team had to rely on various internal teams to provide them with Excel reports or other data solutions, which were used to compile all the necessary financial data, resulting in delays in the data aggregation process.

Fragmented Overview: The lack of a unified platform to monitor and manage funds across various banks and accounts resulted in delayed decision-making processes.

3. The Solution: FinqTreasury

A Treasury Management System built for speed and automation

FinqTreasury was introduced as the key solution to address Selfpay’s issues, automating and streamlining treasury operations. The platform enabled:

Unified Financial Information: FinqTreasury enables SelfPay to consolidate data from all their bank accounts onto a single platform, streamlining data extraction and eliminating the need for individual logins to each bank's platform.

Real-Time Visibility: The FinqTreasury dashboard offers SelfPay real-time visibility of all their funds across all banks and accounts, leading to improved operational efficiency and decision-making capabilities.

Automated Reporting: FinqTreasury empowers SelfPay to generate comprehensive reports, encompassing transactions from all their banks, freeing up the finance team to focus on other crucial tasks.

Automated Reconciliation: SelfPay is looking forward to implementing FinqTreasury's API into their back-office solution to further optimize processes and improve efficiency.

Interested in how Finqware can help your business automate your treasury and finance operations?

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5. Results

FinqTreasury has made a significant impact on SelfPay’s operational efficiency and treasury processes.

The enhanced data visibility enables SelfPay to make informed decisions faster. They are anticipating the API integration for further efficiency gains. SelfPay has expressed immense satisfaction with FinqTreasury, applauding the transformation it brought to their treasury operations.

7-8 Banks Managed: The solution is used to manage accounts across 7-8 different banks.

Data Access Time: Reduced the time to access and aggregate financial data by 80%.

Improved Reporting Process: Reduced the time required to generate comprehensive financial reports by 70%.

Enhanced Decision Making: Enabled faster decision making, reducing the time taken to make financial decisions by 55%.

6. Why Selfpay loves FinqTreasury

“With FinqTreasury, I can quickly check transactions across all our banks—and filter by specific banks, currencies, or accounts—without logging into 10 different banking platforms. If I need to see our position at any given moment, I simply log in here (FinqTreasury Dashboard). I no longer have to ask a colleague for an Excel report or wait for someone to send me the data. Everyone can focus on their own work.”

Octavian Avram, CFO Selfpay

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CLIENT

Selfpay

SERVICES

Nationwide self-service payment stations and digital payment solutions

OFFERING

Over 12,000 payment stations across Romania, providing access to 300+ services including bill payments, taxes, loan installments, mobile top-ups, and more

FINQWARE SERVICES

API-First Treasury Integration

Real-Time Bank Data Aggregation

Multi-Bank Connectivity

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