The Open Banking opportunity
Businesses have been struggling with connecting to the finance ecosystem because there was no standard way to do it. A big retailer that works with ten banks at the same time, cannot have a unified realtime view of their money flows. Today this kind of reports are done manually on a weekly basis at best. The main problem is the lack of tools and connectors that can make the data flow between the business applications and the banking systems.
Finqware is a cloud-based middleware that builds a bridge between businesses and their financial service providers.
At one end we leverage Open Banking APIs and custom-built connectors to wrap various capabilities into the middleware: corporate & retail account information, payments, loans, insurance. We enhance this data in different ways and make it available at the other end to businesses that build the next generation consumer and enterprise experiences.
The skills concept
The Finqware skills are inputs into the middleware. An account information API from a bank is a skill. A product on-boarding flow would be another skill. This segmentation allows businesses to use only the features they're interested in.
A mobile wallet in Romania may sell an insurance product from Finland through their Finqware connection. A utilities company working with 10 banks will value a single data pipe within their business system to gain visibility on all the bank transactions by using smart queries. A credit scoring app will give a user meaningful results based on data models made available over the Finqware API.
Developer's corner: technology
At its simplest math form, a middleware is a function. We believe that the best way to build it is using functional programming. REST is a default but today businesses expect data in realtime or over a GraphQL connection. For these reasons we build on Elixir/Erlang, a bit of Node.js and deploy through CI/CD to a hosted Kubernetes cluster (Google Cloud). We write front-ends with React/ReasonReact and mobile demos with Flutter.