It’s a sunny Wednesday on early March in the south coast of Finland and we are enjoying a half meter of snow all over. We had a break off in Google Meets and had a chat with our friends, Fedor Tyurin, CTO, and Joonas Tomperi, CEO both Founders of EnableBanking, an ISO/IEC 27001certified house of open banking APIs. Combining bank transaction data to riskrate’s machine learning models, our customers get an effortless 30 - 90 days cash forecast, and automatic risk scenarios about their futures cash. In addition to bank data, riskrate is using other data sources, like invoicing data, in cash prediction. We started to work together with EnableBanking around year end 2020 when we did the first onboardings, being the first movers in the market.
EnableBanking provides riskrate users APIs to 220 banks across Nordics and Baltics without using in-house resources for banking API code with high data privacy which means that EnableBanking is not storing or using the banking data. Their business is based on the PSD2 regulation and supervised by Financial Supervisory Authority which means that all banks can now enable their customers easily and free use their bank transaction data.
How did you meet each other and how was EnableBanking founded?
Fedor: We were close colleagues in Acando Finland (acquired by CGI). In 2019, when the first PSD2 sandboxes in Finland were launched, I was playing with PSD2 APIs and asked if Joonas could see business opportunities about it. Joonas took some time to think about the idea and came back to me with his cool vision. Shortly after that, in March 2019, EnableBanking was founded.
Joonas: Fedor is a person who is really eating code for breakfast, lunch, dinner, and late snacks. I can’t imagine the problem that he would not be able to resolve. We have been working together already before Enable Banking and when I was telling my friends that I’m founding a business with Fedor I think they were quite jealous. I have a background in corporate sales and ERP ecosystems and I’m enjoying business cases and doing things together.
We had awesome and busy days together around year-end 2020/21. Tell Cash people what we were working on together?
Fedor: Absolutely, we successfully onboarded the businesses to use PSD2 banking APIs. As we are the first market movers, there were a lot of things to be solved quickly to enable businesses successfully to use PSD2.
Joonas: Using PSD2, businesses can get more out of their banking transaction data. Combining banking data to riskrate’s machine learning models, businesses get an effortless 30 - 90 days cash forecast and risk scenarios about their futures cash. Under the bonnet, EnableBanking is enabling that the data from different banks are safe and easy to use so that riskrate can do superior predictions based on this data.
What are the things you are the proudest about us working together?
Fedor: First, it took a very short time for riskrate to get up and running with our APIs and riskrate very quickly onboard the first business customers to use PSD2. As we are the first movers together, surprises come and so it’s important that we all love challenges and solving problems quickly.
Joonas: riskrate is helping businesses surviving and growing during these difficult times using modern technologies, which has an impact on society.
What is fascinating about you in fintech?
Fedor: The market is huge, and so are the tech challenges.
Joonas: There is a great change in the PSD2 and financial sector ongoing right now and It is truly my pleasure to try to understand all the changes and build with our partners and customers new business cases. Thank you, guys. Wish all the best for Enable Banking Journey ⭐️
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