Attila Balogh, CEOThe roots of this dynamic enterprise are deeply embedded in Hungary due to its founders and the initial investments from the region. Opting for Budapest as its operational hub, the company leverages this strategic location to expand its influence throughout the European Union and now aims to penetrate the U.S. market. Its presence in Budapest has helped the company navigate the complexities of international expansion, ensuring a stable yet flexible platform to project its innovative services globally.
Empowering Clients with Fintech Enablement Services
The company’s fintech enablement services empower customers to utilise, integrate and develop fintech solutions for existing and prospective clients. It offers various payment options, including monthly fees, one-time charges, or commission-based structures, which adds to the client’s financial flexibility.
“We built our system to be independent of third-party suppliers, using open-source databases and developing our own transactional and security systems. It allows us to offer a highly scalable, cloudbased platform that can integrate with any open system,” says Attila Balogh, CEO of FinTechPlatform Ltd. This extends to its deployment options, along with its ability to run on client-provided hardware or through major cloud providers like Microsoft, Google and Amazon.
In addition, the firm has established its transactional system, expanding its capabilities to accommodate various data types. As a central core ledger, it allows customers to process transactions in near realtime, oversee transaction management and perform accounting tasks. This versatility enables it to handle data types beyond financial transactions from other fields, including IoT, energy management and social media, while maintaining operational efficiency.
“Our platform’s features can be toggled on and off, with flexible pricing based on usage. We avoid rigid fee models, offering tailored prices for different functionalities," adds Balogh.
We built our system to be independent of third-party suppliers, using open-source databases and developing our own transactional and security systems. It allows us to offer a highly scalable, cloud-based platform that can integrate with any open system
Combatting Fraud: Secure Mobile Integration
FinTechPlatform Ltd has developed a sophisticated mobile platform that seamlessly integrates with its cloud infrastructure, mitigating fraud risks and misuse of mobile phones and webbased tools. The integration features a robust identification system that combines physical card identification with advanced chip ID technology that works with most smartphones. It allows users to authenticate seamlessly using their ID, similar to how contactless cards operate in stores.
For instance, users can scan their Hungarian government ID card to authenticate and gain access to the company’s or the client’s system. Subsequent transactions require NFC identification, which significantly streamlines the process. The system also supports virtual card integrations through QR codes and additional digital IDs, which enhances security and convenience.
FinTechPlatform Ltd's comprehensive suite of services allows clients to customise their experience by only choosing the required features, from identification and registration to comprehensive clearing systems. This SaaS model gives clients ownership over their data within an exclusive database, fostering independence and flexibility while enhancing security and user engagement. The approach ensures that clients receive a full-service package, reducing the need to seek out additional providers for identification services while improving customer satisfaction and loyalty.
FinTechPlatform Ltd provides webbased client architecture for handling invoices, payments and accounts, as well as a banking-style administrative tool for managing customers. It also offers a mobile application with its own social media platform and account management capabilities for transactions and customer engagement, including coupons and news. This comprehensive solution eliminates the need for clients to hire marketing agencies or develop their applications.
Through open APIs, FinTechPlatform Ltd supports multiple standard technologies and allows data sharing. It also caters to B2B and B2B2B businesses and provides bespoke SaaS solutions to meet clients’ objectives. In its pursuit of attracting new customers, the firm presents cutting-edge customizable application features. In addition, merchandising tools like company coupons and messaging services are used to nurture growth among existing clientele.
For clients transitioning from traditional sectors to digital frameworks, the FinTechPlatform Ltd provides customer registry applications based on its accounting system. It shifts customer databases to its platform for better management and offers additional mobile ID integration for websites.
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Our platform’s features can be toggled on and off, with flexible pricing based on usage. We avoid rigid fee models, offering tailored prices for different functionalities
Instead of pushing for large-scale digital transformations, the company provides solutions at competitive prices, initiating a pilot project to test them with a select group of customers. This approach ensures rapid scaling or termination of services without incurring significant additional development costs and provides valuable customer insights while avoiding the pitfalls of large, inflexible deployments.
Continuous Improvement and Future Initiatives
In one notable instance, a traditional financial institution needed to incorporate additional customer verification to comply with PSD2 and other financial regulations. Instead of a costly new system, FinTechPlatform Ltd used its system for ID checks and internal communication control without requiring a new database for existing clients. This solution began with a single project, saved significant money and is still operational today, demonstrating its efficiency and cost-effectiveness to 700,000 end-customers.
FinTechPlatform Ltd's model leverages existing systems with minimal customisation, offering flexibility and efficiency for project-based work. This approach typically avoids long-term commitments or significant initial investments, as it operates on a monthly fee basis. The company prioritises collaboration over a traditional supplier-client relationship, thereby positioning itself as a cooperative enabler and ensuring swift adaptation to changes and mutual satisfaction.
FinTechPlatform Ltd is continuously enhancing its offerings. For instance, it is working on a trackand- trace project to monitor the locations, sources, routes and destinations of certain goods and services. Its financial capabilities and analytical databases make it ideal for implementing such logistical systems. By treating each tracked item as an account within its transactional database, the company can easily monitor its status, highlighting its platform structure's adaptability.
The integrated platform also excels in managing energy consumption through IoT-based operational capabilities, making it an ideal choice for enhancing efficient facility management operations. By integrating advanced monitoring, control, and Big Data-driven prediction mechanisms, FinTechPlatform Ltd aims to optimize building management processes, thereby contributing to ESG compliance developments.
FinTechPlatform Ltd is not confined to large banking projects; it adapts solutions to various needs, whether involving people, goods, transactions, or sales sources. As a B2B enabler, it works closely with clients and establishes itself as a cooperative partner.
