Whizzapi enables quick integration with banking APIs and access to accounts of many banks in one service. The company addresses its offer to entrepreneurs
The Polish IT company Savangard is launching a banking API aggregator. Whizzapi, as the solution is called, allows for quick integration with all banks using one interface. Thanks to this, companies from various industries can more easily use the benefits of open banking.
In September, Savangard received a license from the Bank of Lithuania to provide AIS (i.e. account access) and PIS (i.e. payment initiation) services. Now, acting as an external financial services provider, the so-called a third party provider (TPP), the company will provide access to open banking to its clients. Whizzapi can be implemented locally or in the cloud. The solution is targeted at both small and larger companies.
Fintech is convinced that Whizzapi will be used in many industries, ranging from insurance (where data on individual categories of expenses can be used to assess the risk of a given client), through energy (e.g. by enabling payment for bills directly in the supplier's application, without the need to redirect to bank), to loan companies, debt collection companies or companies providing accounting services.
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“In fact, the potential of the API aggregator can be used in any enterprise that wants to facilitate customers' access to its services in this way. Franchisers can thus verify the financial liquidity of potential partners, debt collectors will assess the financial capacity of the debtor and propose an optimal repayment schedule, and accountants can easily download bank statements. It is an additional comfort for the end customer who provides the account data in an authenticated and secure way, and for the company it is an opportunity to build an additional competitive advantage and optimize service costs, ”points out Janusz Konik, President of Savangard.
It is worth adding that services similar to Whizappi are already available on the Polish market. BanqUp, which was nominated for the Fintech of the Year 2020 award this year and was included in the latest edition of the Polish Fintech Map, specializes in the use of open banking to service entrepreneurs of all sizes.