BKN301 Group taps Finastra for digital payments solution Essence
BKN301 Group has tapped Finastra for its digital payments solution Essence as it looks to bring digital and cross-border payments solutions to San Marino and emerging markets around the world.
BKN301 taps Finastra for BaaS solution
Essence, which is deployed on Microsoft Azure cloud and integrated with Salt Edge’s Open Banking Compliance, means BKN301 Group can manage payments accounts, international payment methods such as SEPA and Swift transfers, and all book-keeping data for its corporate customers.
Salt Edge’s Open Banking Compliance provides full coverage of regulated markets with cross-bank and pan-European API standards.
Once the digital banking platform is up and running, BKN301 Group’s longer-term strategy is to bring a Banking-as-a-Service (BaaS) payments solution to corporates in the Middle East and North Africa (MENA) region.
BKN301 CEO Stiven Muccioli says the firm chose Finastra as its offering allowed BKN301 to “dramatically reduce” time to market, incrementally develop services, adapt quickly to legislative changes and enter new markets.
“The MENA region is a major growth area for us as despite its young and digitally savvy population, it is still largely reliant on cash, presenting a big opportunity for payments innovation.”
