Two years ago Finqware went live with open banking account information in Romania, as a technical service provider for Banca Transilvania. What happened since then and how does the current Romanian banking APIs landscape look like? Are the APIs working for Romanian companies that want to access their bank statements?
Theory says that for some new technology to become mainstream, it needs to provide a whole and relevant product to a large mass of pragmatic people. We believe that in open banking case, the pragmatic people we should embark on are those that would have the chance to take some professional benefits out of it. Who are they? They are the finance experts in large companies, Treasurers and Accountants, who struggle day by day in their professional lives with banking data. If a CFO would care about how much manual and redundant work is done in her team, she should definitely consider bank APIs as the most simple, affordable and secure way of automating a lot of their finance operations and increasing control and visibility.
So, in the professional use case of open banking, the benefits are clear. A new category is emerging, based on real time data: Corporate Treasury Automation. What about the other aspect which has the power to drive or stop adoption, the user experience?
With the help of our banking and corporate partners, and with valuable support from the National Bank of Romania, we’ve been testing most of the bank APIs, over a period of more than one year now, within a specific use case of Corporate Treasury Automation based on real time aggregation of cash positions and bank transactions across multiple banks, entities and currencies. We detail each bank’s API performance in this report on Romanian open banking APIs for corporate treasuries, as well as the progress achieved throughout 2022.
BANK | CONNECTED | FUNCTIONAL | DATA USEFULNESS. Data refresh response rate = real time data capacity |
---|---|---|---|
![]() | ✅ | ✅ | 95% |
![]() | ✅ | ✅ | 99% |
![]() | ✅ | ⛔ | 49% |
![]() | ✅ | ✅ | 98% |
![]() | ✅ | ✅ | 99.5% |
![]() | ✅ | ✅ | 90% |
![]() | ✅ | ✅ | 97% |
![]() | ✅ | ✅ | 90% |
![]() | ✅ | ✅ | 99% |
![]() | ✅ | ✅ | 97% |
![]() | ✅ | ⛔ | poor sandbox functionality, unclear API documentation and lenghty response time in developer support |
![]() | ✅ | ✅ | 98% |
![]() | ⛔ | ⛔ | poor sandbox functionality and almost inexistent developer support |
![]() | ✅ | ✅ | 98% |
![]() | ✅ | ✅ | 96% |
![]() | ✅ | ✅ | 75% |
The good news is that, yes, Romanian APIs work! Check out the full analysis and in-depth comparison among banks in Finqware’s latest report on Romanian open banking APIs for corporate treasuries.
About Finqware
Finqware is a pan-European payment institution solving the complexities of businesses working with multiple banks through its Open Banking infrastructure.
Backed by institutional investors such as Elevator Ventures, Raiffeisen International venture capital arm, and Gapminder, Finqware works for the largest banks in Central and Eastern Europe such as Banca Transilvania, Alpha Bank, CEC Bank and OTP, has a Seal of Excellence from the European Commission and is supported by Microsoft for Startups. It is renowned for being the first technology company to enable Open Banking in real-life production in Croatia and Romania and has already been recognized for its potential to become the CEE open banking leader.