Smart Fintech is officially listed in the Payment Institutions Register held by the NBR and in the Register of payment and electronic money institutions under PSD2 of the European Banking Authority as a Payment Initiation Service Provider (PISP).
The start-up went through a complex authorization process carried out in the last nine months, which required several stages, with rigorous analysis and extensive documentation of internal operations, to meet the rules set by the regulatory authority.
„I realized this is, actually, an essential exercise for any company with a new product or service, especially in the financial area. At the same time, I honestly say that I don't know if we – or anybody else, had done that at the very beginning, by themselves, if not explicitly required in the authorization process. Thus, there might be a general opinion that the regulatory authority has set a high barrier for the players who want to benefit from PSD2. At the same time, I must say that - going through with the authorization process, we've come to understand the reason for all those "many" requirements and that was really eye-opening”, states Mihaela Georgescu, Co-founder of Smart Fintech.
SmartPay is the fintech’s first Romanian authorized payment initiation service. It can be used either as an alternative to any online payment method (eCommerce payments, online bill payments etc.) or as a payment accelerator - integrated into any app managing financial resources (such as electronic invoicing, ERP, payroll, or personal finance management). Smart Fintech created SmartPay based on the Revised Payment Services Directive (known as PSD2).
The technology solution promises more transparency and speed in the online payments process. Beyond ease of integration and use, security is another fundamental principle that has underpinned its development. The security policy implemented ensures that partners and their customers are protected against payment risks, in particular against the risk of fraud and the illegal use of sensitive online payment data.
The ambition and commitment of Smart Fintech are to grow SmartPay to become an awesome online payment alternative and to create a frictionless and secure alternative to traditional payments.
„The first local TPP license is a remarkable achievement, not only for Smart Fintech but for an entire fintech ecosystem having as mission the delivery of a new generation of financial products, services and experiences. It’s officially, Romania is on the open banking map now”, states Ana Maria Georgescu, Sales & Marketing Manager Smart Fintech.