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BKN301 Group partners with Finastra to roll out Banking as a Service solution

By Gloria Methri

May 16, 2023

  • BaaS. banking as a service
  • BKN301 Group
  • Cross Border Payments

Finastra, BKN301 Group, Essence, BaaS, UK, Europe, FinTech, Digital Banking, Finastra, a global provider of financial software applications and marketplaces, announced that BKN301 Group has gone live with Finastra’s Fusion Essence to bring digital and cross-border payments solutions to San Marino and subsequently emerging markets around the world.

Finastra’s partner Corvallis, Tinexta Group, an IT provider in the Italian financial services sector, managed the project, last mile payments integration, and the fast implementation of the solution in line with local requirements.

With Essence deployed on Microsoft Azure cloud and integrated with Salt Edge’s Open Banking Compliance, BKN301 Group can effectively manage payments accounts, international payment methods such as SEPA and SWIFT transfers, and all book-keeping data for its corporate customers.

It will also launch a feature that enables customers to open accounts and issue cards quickly and seamlessly. With the digital banking platform in place, BKN301 Group will accelerate its longer-term strategy to bring a Banking as a Service (BaaS) payments solution to corporates in the Middle East and North Africa (MENA) region.

Stiven Muccioli, Founder and CEO at BKN301 said, “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. Going live with Essence represents another milestone in our strategy towards becoming a trusted partner for corporates and financial players in both San Marino and the MENA countries.”

Siobhan Byron, EVP, Universal Banking at Finastra said, “BKN301 Group needed a robust and flexible digital banking platform integrated with value-added services, to enhance its offering today and support its future growth plans, such as for the MENA market. Our open API-based, scalable SaaS solution, which enables seamless integrations with services such as Salt Edge’s Open Banking compliance, gives FinTech the flexibility to adapt and grow quickly. Through our solution and Corvallis’ implementation support, we have enabled BKN301 Group to facilitate seamless cross-border payments and digital payment wallets for its customers, and eventually deliver a new BaaS payments offering.”

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