Innovations and commitment : unveiling Finologee's distinctiveness in FinTech

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Published on
March 6, 2024

Launched in 2017, Finologee is a fast-growing digital platform operator of robust, ready-made and compliant systems and APIs for open finance, digital onboarding, KYC lifecycle management, professional payments as well as telecom routing and micropayments. hubfinance caught up with Finologee to know more about being Tech and Financial.

How does Finologee differentiate itself within the FinTech industry?

Finologee sets itself apart through a combination of experience, dedication and a unique entrepreneurial spirit. It all began with Mpulse in 2006, followed by the launch of Digicash in 2012. These initial endeavors weren't solely driven by the desire for corporate success, but by a profound commitment to delivering genuine enhancements for our clients. This founding philosophy remains deeply embedded within Finologee, influencing every aspect of our product development and client services, transcending purely technical solutions.

By prioritising quality, compliance and customer satisfaction, Finologee emerged as a trusted ally in the dynamic Luxembourg FinTech landscape. Our proficiency at the nexus of compliance, user-friendliness and technology enables us to steer digitalisation and boost operational efficiency for our clients, while also adhering to regulatory imperatives. We ensure that our platforms and services meet rigorous regulatory standards, as evidenced by our "Support PFS" license and ISO/IEC 27001 certification. Through seamless integration of compliance and technology, we empower specifically regulated entities in Luxembourg to navigate intricate regulatory terrains by leveraging state-of-the-art solutions to foster efficiency and growth.

Can you describe product development at Finologee and perhaps share recent developments in this area?

Product development at Finologee is a meticulous process driven by our dedication to delivering solutions that truly meet our customers' needs. We prioritise listening to our clients and deeply understanding their requirements before proceeding with development and defining features.

That is why, for instance, we have recently rebranded our multi-bank and accounts management bank platform, previously known as ENPAY to LYNKS. This switch represents a milestone that expands the platform’s capabilities by integrating additional services through strategic partnerships and addressing connectivity challenges in the financial sector – an evolution that stands as a testament to our commitment to customer feedback and our pursuit of enhancing platform capabilities.

In addition, we are committed to staying ahead of changes in the industry by closely monitoring new regulations and requirements. These efforts ensure that we proactively inform our customers about the evolving financial landscape and position ourselves as a trusted ally as new standards are developed and implemented. For this reason, we have established FinologeeLABS as a dedicated area to prepare for innovations such as IBANTrust, FIDA and PSD3.

Regarding LYNKS, how can it assist asset managers and family offices?

The transition from ENPAY to LYNKS marked a strategic development that goes beyond the traditional boundaries of payment transactions and enables seamless routing of all types of bank and account data. As a comprehensive single-bank gateway, LYNKS simplifies complex financial messaging processes and is therefore also the ideal choice for asset managers and family offices.

Integrated functions such as multi-tenancy capability, management of payment flows according to legal form and workflow management with multiple signatures improve operational efficiency and compliance. LYNKS also comes with a mobile e-signature tool – FinologeeSIGN – for approving transactions on the go and an audit log for transparent tracking of activities. The platform operates as a user-friendly software-as-a-service, enabling quick setup and customisation while ensuring compliance with Luxembourg outsourcing and confidentiality regulations. The automation capabilities and seamless integration with accounting or ERP systems via APIs further increase operational efficiency.

How does LYNKS respond to risk management and fraud prevention ?

LYNKS provides robust counterparty management and advanced risk management solutions that are compliant with regulatory obligations such as fraud prevention and AML/CFT requirements. With a focus on integrity and compliance, LYNKS enables users to implement sophisticated order validation workflows, including cross-departmental approvals, to effectively minimise fraud risks.

For instance, LYNKS facilitates AML/CFT compliance by allowing payments only to pre-approved recipients, implementing automated transaction controls and providing two-dimensional visibility of relationships with business partners. Future integrations with our KYC Manager platform, which is currently on our agenda, will further enhance compliance management reliability and efficiency, ensuring that regulatory changes are promptly reflected in risk management protocols.

More infos :

From left to right :

Raoul Mulheims, Co-founder & CEO

Georges Berscheid, Co-founder & CTO

Jonathan PRINCE, Co-Founder & CSO