The COVID-19 pandemic, coupled with the rise of e-commerce, high inflation, and the global marketplace, created an urgent need for businesses, including small enterprises, to embrace digitalization in their finance management processes and decision-making. Recognizing this market demand, Ponto’s 200 software partners equip businesses of all sizes with accounting, invoicing, cash management, and ERP solutions. However, effective digitalization requires reliable, secure, and easily accessible financial data. In addition, it requires automation of financial tasks and transactions.
Since its release, PSD2 has played a significant role in addressing this challenge by mandating banks to provide secure and standardized Application Programming Interfaces (APIs). This improved businesses’ ability to access banking data and initiate payments through their software seamlessly and efficiently. Now, the real challenge lies in the inconsistent implementation of standardized APIs across different banks and financial institutions.
Automated API aggregation
For the past four years, Ponto has successfully addressed standardization gaps by offering a comprehensive and unified interface for software partners and their clients. Ponto’s interface allows partners to access financial data from various institutions through API Aggregation. Today, we are proud to facilitate connections between our 200 software partners across Europe to over 30,000 businesses, and 175,000 accounts.
Ponto, the central hub for Open Finance
While Open Banking continues to revolutionize finance management, the next challenge lies in expanding its scope beyond current accounts and payment initiation. Businesses now require access to a broader range of financial data and financial service activities. These include transaction data, account balances, purchase and sales invoices, expense receipts, contract loans, insurance, claims data, investment data, etc. This comprehensive approach is often called “Open Finance.”
Currently, access to this wide range of financial data and services remains fragmented, and relying solely on regulation is not sufficient. Ponto believes that the PSD2 aggregation approach can solve this challenge.
Ponto’s ambition is to enable Open Finance applications throughout Europe by simplifying and automating the connection to monetary data and access to finance services. Acting as a central hub, Ponto consolidates data and services from multiple financial institutions, providing a unified interface for our software partners and their clients. This approach benefits our software partners and their clients but also enhances the customer experience. It increases customer retention and engagement, supports API investments, and reaches new customer segments. With a new image and enhanced tools to simplify bank account linking, Ponto is steadily growing its footprint in Western Europe.
As we embrace the era of Open Finance, the fusion of financial data, technology, and collaboration will unlock new levels of innovation and customer-centric finance services. Ponto is excited to be at the forefront of this transformative journey.
We invite our software partners, their clients, and financial institutions to join us in shaping Open Finance’s future. Together, we will redefine what is possible, creating a more efficient, secure, inclusive, and empowering finance ecosystem.