Finastra, an international supplier of financial software applications and marketplaces, has partnered with BKN301 Group, a FinTech firm dedicated to dismantling financial barriers.
BKN301 Group, with the aid of Finastra’s product, Essence, is set to provide novel digital payment solutions to San Marino and rapidly deploy a Banking as a Service (BaaS) solution for the Middle East and North Africa (MENA) region.
This partnership came into being with the objective of smashing financial barriers in swiftly growing markets. The intent is to usher in innovative solutions that will stimulate economic growth and open up their markets to opportunities in the west and vice versa.
Finastra, with an influential presence in the global market, offers financial software applications and marketplaces, empowering institutions of all sizes. It provides award-winning software solutions and services across various sectors, including Lending, Payments, Treasury & Capital Markets, and Universal Banking.
On the other hand, BKN301 Group, through a “Banking-as-a-Service” platform and digital e-money model, enables third parties to offer financial, payment, and token issuing services. Its mission is to become the leading open-market and cross-border operator in the Open Banking and digital payments sector.
With the help of Essence, a next-generation digital banking platform from Finastra, BKN301 Group is now equipped to manage payments accounts, international payment methods, and all book-keeping data for its corporate customers. This partnership also marks a significant milestone in BKN301 Group’s long-term strategy to provide a BaaS payments solution to corporates in the MENA region.
In addition to facilitating a robust and flexible digital banking platform, the partnership also involves Corvallis, Tinexta Group, a top IT provider in the Italian financial services sector. Corvallis played a vital role in managing the project, last mile payments integration, and the rapid implementation of the solution in accordance with local requirements.
BKN301 Group’s CEO, Stiven Muccioli, expressed his optimism about the partnership, stating, “We selected Finastra due to its holistic and integrated offering, enabling us to dramatically reduce time to market while incrementally developing our services, adapt quickly to new legislative and customer demands and pursue new markets in line with our roadmap. The MENA region is a major growth area for us as despite its young and digitally savvy population, it is still largely reliant on cash, presenting a big opportunity for payments innovation.”
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