Banca Transilvania launches the BT Open Banking platform (BT Api Store), which allows fintechs and other technology companies to test integration with BT, to present bank services such as viewing account balances online, transaction history, and initiating transactions from external platforms to Banca Transilvania.

PSD2 is a first step toward Open Banking and is a European directive that is mandatory for banks in Romania, aimed at significantly developing banking services. It involves creating a single market for payments across the European Union, facilitating access to the banking market for new players, including from other industries, establishing the framework for SEPA payments, and protecting consumers’ rights regarding payments.

“Open Banking is the new way of doing banking. From now on we have the opportunity to integrate other players, such as fintechs, into BT’s ecosystem, which will deliver a superior digital experience for customers, with new ideas implemented much faster than before. Fintechs help us keep pace with new challenges and requirements, new technologies, as well as competition coming from other sectors.” said Mariana Chindris, Coordinating Director, Digital Transformation, Banca Transilvania.

The testing phase runs until September this year, after which the final version of the platform will be launched. Over the coming months, the bank will add further services. The BT Open Banking project was delivered entirely by Banca Transilvania’s IT and Digital team, in collaboration with IBM, the solution provider, and IT Smart Systems.

BT encourages digitalization through collaboration with fintechs

Banca Transilvania has experience working with fintechs, bringing customers a range of financial solutions for better money management and for supporting entrepreneurs:

• BT is working with Personetics, a market leader in cognitive banking applications, to deliver a superior digital experience for BT customers by embedding artificial intelligence in its services. Personetics’ cognitive banking application will be integrated into the bank’s new Internet Banking and Mobile Banking versions, which will be launched in the first half of this year.
• BT has become a shareholder in Timesafe, the developer of Pago, the only app in Romania that enables payment of utility bills by card from a single account.
• Banca Transilvania’s partnership with Ebriza, with BT as the lead investor in a EUR 300,000 funding round launched by the company. Ebriza digitizes business administration and completely reimagines what the cash register, sales and inventory management software mean today: these will be accessed online, non-stop, from any device, tracking in real time the company’s operations, stock and sales.
• Collaboration with Blugento, a company specializing in eCommerce solutions, so that entrepreneurs can open their own online store in as little as 3 days, based on a monthly subscription.
• BT’s partnership with Smart Bill, the leader in online invoicing and management solutions, which offers a solution suitable for all businesses for issuing, delivering and collecting invoices, delivery notes, pro formas, receipts, stock management, etc.