Oct 04, 2022 
Launch of Check, a new Pay dashboard and internationalization of our products
The start of autumn is marked by the launch of our new automated bank identity control product, Check. At the same time, we are enriching our Pay and Wealth products, as well as the Webview and the Console. Connectivity with the main British and German banks for Bank (AIS) and Pay (PIS) will be available from October.
Check: automate the control of users’ bank identity using Open Banking.
As the number of bank identity fraud attempts explodes*, merchants, large companies, and credit and investment platforms face a dilemma: how to strengthen KYC procedures while keeping the customer onboarding experience as smooth as possible?
Based on our Open Banking technologies, Check automatically retrieves the identity of the holder of one or more current accounts, whether an individual or a company. As a regulated player, we collect information directly from the holder’s bank, which guarantees the absence of false bank account details. The risk of fraud is thus greatly reduced. In addition, being a 100% API-based solution, Check eliminates a significant share of the manual processing involved.
The journey is simple:
- On the customer interface, users click on a “Check my IBAN” type button
- They are redirected to the Powens Webview and select their bank
- They then choose the bank account(s) concerned
- The bank identity is retrieved via a JSON and forwarded instantly to the customer
Check thus makes it possible to gain greater operational efficiency and more secure transactions without compromising the user experience.
This new product mainly concerns three use cases:
- Check the identity of merchants. Most marketplaces collect the turnover generated by merchants and pay them afterward. To make these payments, a bank identity check is often necessary. With Check, marketplaces can easily ensure that the merchant’s bank account details are reliable, improving KYB.
- Add a new supplier. Medium-sized and large companies regularly need to verify the bank identity of new suppliers. This process also applies when existing suppliers change bank identity to eliminate the risk of fraud. Check can be easily integrated into purchasing and management software, strengthening and streamlining this procedure considerably.
- Check the identity of individuals. For online banks, investment and gaming platforms, or credit institutions, Check makes account opening reliable by authenticating the bank account details from new customers’ main banks while being fully integrated into an online journey.
The Check product can be subscribed to on a stand-alone basis. Contact our sales teams to learn more.
Available for the French market, Check will be available across Europe in the coming months.
Pay: a new statistics dashboard in the Console.
You can now directly benefit from a complete view of payment statistics in the Console. Pay, our payment initiation product has a dashboard that enables you to obtain advanced analytics, such as the number of payments initiated, the number of payments validated, or the number of payments pending.
The analysis period is configurable, and we have also integrated a CSV statistics export feature.
Wealth: enriched borrower insurance data.
Wealth, the Open Finance product for aggregating financial and investment data, is improving. We can now provide more details on borrower insurance for real estate loans. Through more comprehensive information, you get an even more accurate view of the financial situation of users.
At present, you can be provided with data from Boursorama, BNP, CIC, Crédit Mutuel, Société Générale, and La Banque Postale.
The Webview now manages multiple-country situations.
You now have the option to customize the Webview to suit the countries in which you operate. From the Console, you can choose to make the Webview available in 6 languages: French, English, Italian, Spanish, German and Dutch. You can also filter connectors by country according to several options.
The Webview adapts according to the language defined in the user’s browser. By clicking on the flag icon, users can access connectors from other countries if they want to add an account held in a foreign bank.
European coverage: focus on Germany and the United Kingdom.
Coverage of Bank (AIS) and Pay (PIS) products continues to expand in Europe. After Spain and Italy, we focus on Germany and the United Kingdom, major markets where we are starting to support companies in their internationalization drive.
In October, Bank (AIS) and Pay (PIS) will offer a minimum of 70% coverage in these two countries. Don’t miss the official announcement!
From Bertrand Tillay-Doledec, Chief Product Officer: “We are very proud to continue helping to drive our customers’ international growth and their new payment and credit practices. These latest updates result from the ongoing dialog we have with our users. Strengthen KYC, better manage conversion rates, offer a seamless experience for brokers, and ensure that everyone can easily connect their bank account wherever they are in Europe: our teams are committed daily to making Open Banking and Open Finance success for all.”
Let’s liberate finance!
Learn how Powens can help you create better banking services and experiences.
Talk to one of our experts.
* https://www.allianz-trade.fr/blog/infographie-fraude-entreprise-2022.html
