Accounting software provider FinMaster, based in North Holland, has obtained a PSD2 license for providing account information services. The process was guided by ProjectiveGroup.
With the ‘service 8’ license from De Nederlandsche Bank, FinMaster offers the capability to access and retrieve payment transactions from customers, both consumers and businesses. This enables the company to optimise its services and save customers a significant amount of time.
Krista de Rooi, one of the board members at FinMaster, explains the reason behind the company’s PSD2 license application. “As an innovative accounting application, we are always looking for ways to simplify and expedite the administrative process for our customers. With this license, we can assist our customers by directly administering transactions from their own business bank accounts into our application. Naturally, this is done with the customer’s consent.”
With this license, we can assist our customers by directly administering transactions from their own business bank accounts into our application. Krista de Rooi, FinMaster
To navigate the complex and extensive process of obtaining a PSD2 license, FinMaster enlisted the expertise of ProjectiveGroup. Paul Jans, NL Managing Partner, commented on the license achievement: “FinMaster demonstrates that not only major players in accounting software are embracing the merits of a PSD2 license. FinMaster has taken on the challenge and has done so with great distinction, as evidenced by the granting of the license.”
Jans also noted that FinMaster stands among the pioneers in the accounting software sector for making automatic accounting connections available to all types of customers, including businesses.
With this license, FinMaster has enabled small and medium-sized enterprises with multiple administrations to benefit from automatic bank connections. Paul Jans, Projective Group
“We observe that only a select group of accounting software packages with a PSD2 license dares to offer account information services to larger clients, primarily due to stricter KYC requirements,” he explained. “FinMaster has established appropriate processes for this, enabling small and medium-sized enterprises with multiple administrations to benefit from automatic bank connections.”
Open Payment Market
The PSD2 regulations introduced by the European Commission aim to foster innovation and competition in the European payment market while enhancing the security of payment transactions.
Projective Group specialises in this domain, having previously guided the PSD2 applications for companies like MoneyMonk, Wolters Kluwer Tax & Accounting, and Flow Your Money. We also provide advisory services to financial institutions regarding their PSD2 and open banking strategies.
This article has also been published on Consultancy.nl.
About Projective Group
Established in 2006, Projective Group is a leading Financial Services change specialist. With deep expertise across practices in Data, Payments, Transformation and Risk & Compliance.
We are recognised within the industry as a complete solutions provider, partnering with clients in Financial Services to provide resolutions that are both holistic and pragmatic. We have evolved to become a trusted partner for companies that want to thrive and prosper in an ever-changing Financial Services landscape.