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SmartBill announces the integration of the Smart Accounts service, through a partnership with the Smart Fintech startup, which is the first local Open Banking service authorised by the National Bank of Romania.
According to a company press release, through this service bank accounts can be automatically queried, allowing users to be instantly connected with their bank details, and in the case of accounting firms, with those of their clients.
According to the same source, the Smart Accounts integration creates the context for automating the entire process of querying and aggregating data from multiple bank accounts, eliminating the need to manually and repetitively operate data in multiple applications. Thus, the accuracy of financial-accounting activity for SmartBill users can increase significantly.
"By using the SmartBill ecosystem, Romanian SMEs and accounting firms have been streamlining their activities for almost 16 years. By integrating with Smart Accounts they will save even more time and eliminate errors that can occur when manually operating bank data," said Radu Hasan, SmartBill CEO & Co-founder.
Transaction history, available funds, as well as any other data that goes into SmartBill, are protected by the enhanced security conditions, the information being transparent only to the bank and SmartBill.
At each query launched by Smart Accounts to the user's bank, the bank ensures the validity of the user's consent, after which it verifies the identity of Smart Fintech, validating that it is a third party provider authorised by the BNR. Following this process, the bank returns the data queried by Smart Accounts. The checks take place instantly and are mandatory to ensure user security.
Smart Accounts and Open Banking technology eliminates recurring activities that until recently could not be automated even by robotic process automation (RPA) solutions, because the interaction with bank applications and bank data is highly sensitive and should only take place under maximum security conditions and under BNR supervision.
The integration of SmartBill with Smart Accounts is a new step in Smart Fintech's future plans, and other automated solutions will be launched in the coming period to facilitate user processes. In terms of the evolution of the partnership, SmartBill also aims to integrate the payment initiation solution, SmartPay, which will serve SmartBill users and their customers.
Smart Fintech is the first start-up in Romania authorised by the BNR to offer innovative open banking solutions at the convergence of the two worlds: financial and technological.
