Finastra’s Essence, BaaS and BKN301 Development Plans

BKN301 adopted Finastra’s Essence solution to enhance its payment capabilities. The project was managed by Corvallis, a part of the Tinexta Group, an IT provider in Italy’s financial services sector. This partnership enabled the quick and localized implementation of the solution.

Enhancing Payment Management with Finastra’s Essence

Finastra’s Essence, deployed on Microsoft Azure and integrated with Salt Edge’s Open Banking Compliance Solution, assists BKN301 in managing payment accounts, international transfer methods such as SEPA and SWIFT, and all bookkeeping data for its corporate clients. The platform also facilitates the swift account opening and card issuance processes for customers.

BKN301 aims to leverage this digital banking solution to advance its broader strategy of introducing BaaS payments services in the Middle East, North Africa (MENA) region. Stiven Muccioli, Founder and CEO at BKN301, asserts that the company’s goal is to dismantle financial barriers in rapidly developing markets, promoting economic growth by connecting local markets with Western opportunities and vice versa.

BKN301 chose Finastra due to its comprehensive and integrated approach, which allowed the company to accelerate time-to-market, adapt to new regulations and customer demands, and explore new markets aligned with its strategic roadmap. The MENA region is seen as a growth area despite its young, tech-savvy population because it still predominantly uses cash, offering opportunities for payment innovation.

Essence offers advanced functionality and cutting-edge technology to boost enterprise agility, reduce costs, and improve operational efficiency. Its open architecture supports the addition of value-added services and enables rapid revenue growth. Salt Edge’s Open Banking Compliance solution provides full coverage across regulated markets with cross-bank and pan-European API standards.