Main benefits of IBIS
Access to all company accounts (PSD2 support)
Financial situation analysis and cash flow forecast
Evaluation of financial health of projects
Revealing of insolvency risk of partners
Who is the product intended for?
• The Banks
• Small and middle-sized enterprises (clients of banks)
Problem: Insufficient overview of smaller businesses’ own finances.
During the start-up and development of a company, it is often the case that their business is so all consuming that the company’s management does not have time to track and analyse the flow of their finances. At the same time, small businesses cannot afford to buy a comprehensive business intelligence solution.
Solution: Using an automated long-term transaction history analysis, the entrepreneur will get an overview of the current financial situation and the future trends for his/her business.
IBIS allows banks to provide useful business support services to their SME clients. By means of analysis of all the company’s accounts, they can forecast the state of funds available to the company. Automatic categorisation of business partners provides a better insight and, together with the detection of insolvency, supports decision making in business activities.
• Access to all client accounts from multiple banks.
• Information on the state of finances, incomes, expenditures and margins for the selected period.
• Finance and cash flow forecast.
• Comparison of particular periods in terms of revenues and profits.
• Records of business partners.
• Simple and quick overview of the projects, invoices, customers and debtors.
Softec in the media
Silent revolution in the world of finance (Press release)
The entry of technology companies into the payment sector can in practice generate a large number of non-bank service providers who thanks to the directive will receive information on the balance on the bank account of the client and will be able to make a payment from this.
The PSD2 directive is complicated also for the second reading. Peter Polák, the director of the banking sector at Softec, has attempted a layman’s interpretation. “Basically, the directive orders banks to allow third parties to work with their accounts. Today, each of the banks has its internet banking, to which the clients working with their accounts log in. The new directive orders banks to allow outside companies, e.g. technology companies, to do their own internet banking and log to bank’s accounts at some interface level,” says P. Polák.
Revolutionary PSD2 is coming: How will the world of FinTech startups change?
On Saturday, the new European payment services directive came into effect. PSD2 has the potential to bring a revolution to the banking sector that will significantly affect also FinTech startups functioning. The Tyinternet web portal surveyed how their world will change.
The most significant change under the new legislation is the obligation for banks to provide data on client accounts (upon their consent) to third parties. “Only few people can imagine it, but it means banks are losing monopoly on the internet banking and for example Google can create their own one,” explains Peter Polák, the director of the banking sector at Softec.
Banking revolution kicked off. Internet banking will change
The banking market advanced into a new era over the weekend. The financial houses are required to make their customers’ accounts available to third parties since Saturday. The era of monopoly on the internet banking ends. The new European payment services directive, known as PSD2, will allow people to get a better overview of their finances. The surveys show that customers are interested in these services. Particularly, the number of people who have accounts in multiple banks is growing and they find it harder to be well versed in their finances. They can get help from new startups who will analyze their spendings to the smallest details. Therefore there is competition arising for banks.
According to Peter Polák, the director of the banking sector at Softec, the novelties will however not be fully effective immediately. “Market participants will still have a transitional period of eighteen months to prepare,” says Polák. It is estimated that about a tenth of retail bank customers will make full use of the benefits of PSD2 within two years and will greatly save on bank service charges.
HOSPODÁRSKE NOVINY, 15.01.2018
Peter Polák: Banks lose a monopoly in internet banking. Should they fear the new competition?
On Saturday, the new PSD2, payment services directive, enters into force to significantly change the functioning of the banking sector. The most significant change is that banks have the obligation to provide their data to third parties upon the consent of the client, thus losing monopoly on the internet banking. However, the revolution does not take place for now because the technical standards have not been approved yet. Banks have to make the data available, but they can actually make it difficult for third parties. “From Saturday, it will work at half throttle,” says Peter Polák, the director of the banking sector at Softec. In an interview for TREND.sk, he is also discussing when PSD2 will work to the fullest, what are the attitudes of Slovak banks to the changes, what is making the local banking sector exceptional, but also the new competition for the banks from the telecom sector or innovations that can be expected by ordinary bank clients and entrepreneurs.
Peter Polák: In Slovakia, we are not going to feel the new directive on payment services yet
The EU banking market is going to experience a major change from January. A directive is coming into force to abolish the lucrative bank monopoly on access to account data. Peter Polák from the company Softec spoke about the changes.
The most important change by the PSD2 directive, which enters into force on January 13, 2018, is the opening of bank accounts to third parties. “After authorization by the account holder, third parties can also view the account. The market for payment services opens and there will not be just banks, but also other, especially telecommunication or technology companies such as Google or Facebook,” Polák explained.
TV TERAZ, 21.12.2017