Leading Nordic financial software developer Inventi added SEPA Instant Credit Transfer (SCT Inst) support to its SEPA Connector suite. SEPA Connector by Inventi provides a plug-and-play integration to access the Single European Payments Area. Aimed at the providers of next-generation financial services, SEPA Connector simplifies fintech operations and reduces time-to-market for new entrants.
Inventi SEPA Connector provides access to Single European Payments Area (SEPA) via the CENTROlink platform, owned by the Bank of Lithuania. This platform can be utilized by any financial service provider, licensed in the European Economic Area (EEA).
SEPA Connector deploys via a platform-agnostic API to support any core banking platform used by the client. It also comes with a graphic user interface for manual operation handling.
“Lithuania is a major hub for European electronic money and payment institutions. In addition to clearcut regulation framework and low-cost SEPA access via CENTROLink, our connector products suite provides an effortless way to integrate with key regulatory systems and quickly launch operations for new market entrants”, says Head of Products at Inventi Jonas Nasliunas.
According to the Bank of Lithuania, Lithuania was the home country to 85 Electronic money institutions (EMIs) - more than a third of all EMIs registered in the EU. It was also home to 54 payment institution license holders, tallying the combined fintech entity count at 139. The Bank of Lithuania is currently examining around 30 additional applications for EMI and PI licenses. It is also a home base for such established fintechs as Revolut - which is also an Inventi client.
In addition to SEPA access, other Inventi connector products provide integrations with core platforms of Lithuania’s regulators.
STI Connector integrates with the system of the State Tax Inspectorate and provides automated reports including information on daily opened or closed accounts, annual turnovers and other data required by the regulator. The product was updated to support automated FATCA and CRS reporting. With the latest feature update, STI Connector now supports multipoint data ingestion, collecting reporting data from multiple client systems. This is especially relevant for larger financial institutions, where customer information can be stored on different platforms. The STI Connector also supports manual reporting data upload, where it validates the provided information and submits to the State Tax Inspectorate.
Inventi PLAIS Connector integrates customer core banking platform with State Enterprise Centre of Registers of the Republic of Lithuania. It automates the process of forced recovery handling placed on the credit institution.
“For many fintech entities, the first steps are the hardest to take. With more than 15 client deployments already, our connectors helped clients to avoid in-house development missteps and reduce time-to-market. By ensuring the integrity of core fintech operations, they also help clients to shift their attention on building their business and developing new competitive product features”, adds Jonas Nasliunas.
About Inventi | www.inventi.io
Inventi develops back-office software for leading finance, fintech and large enterprise customers. The company serves leading banks in the Nordic region, as well as the most promising providers of next generation financial services. With extensive industry expertise and superstar engineering, Inventi ensures that the software development process will be smooth from start to finish.