IT Glossary
What is Fintech?
Financial technology: the wave of companies rebuilding financial services — payments, lending, accounts — with software instead of branch counters.
Your bank has acquired competition from software. Fintech is the wave of companies rebuilding financial services with technology: instant payments from an app, processors that switch on card acceptance for any website within hours, lending decided algorithmically in minutes, cloud invoicing and accounting, buy-now-pay-later at any online checkout. Part of the engine is regulatory: Europe's PSD2 directive forced banks to open their data through APIs — open banking — letting third-party applications, with your consent, read accounts and initiate payments; e-money licences and instant-payment rails lowered the walls that protected the branch counter. For an ordinary company, fintech is less an exotic industry than a toolbox: online collections with negotiable fees, bank reconciliation flowing automatically into the books through open banking, supplier payments scheduled from the ERP, and alternative financing — online factoring, fast credit decisions — when the bank takes weeks. Two habits keep the toolbox safe. Verify licences: access through regulated open banking is authorised, time-limited and revocable, and legitimate providers appear in central-bank or EU registers — polished design is not authorisation. And when choosing a payments partner, compare on your own numbers: total real commission, settlement speed, integration quality and dispute handling, not the logo on the contract.
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Message us on WhatsApp or send an email — you talk directly to a developer.
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Why it matters for your business
Faster collections, lower fees
Competition among processors and instant payments shorten the money's road to the company account — and strengthen your hand on commissions.
Accounting connected to the bank
Open banking feeds reconciliation automatically: statements enter the books alone, overdue items show daily.
Financing with real alternatives
Online factoring, fast-decision credit, buy-now-pay-later for your customers — new options where once stood a single counter.
Frequently asked questions
Is it safe to connect my bank account to fintech applications?
Through regulated open banking, yes: access runs through the bank's APIs with your explicit authorisation, time-limited and revocable — a licensed provider never sees your banking password. What remains to verify is the licence itself, in central-bank or EU registers: not every app with handsome graphics is an authorised institution.
What does open banking mean for my company, concretely?
Two capabilities: authorised applications can read your transactions (self-reconciling accounting, a cash-flow dashboard across all banks) and can initiate payments from the account (collections by instant transfer, cheaper than card). Practically: less manual work with statements and additional payment options.
We want to take payments online — a fintech processor or our bank?
Compare on your own figures: fintech processors activate quickly and integrate well; banks sometimes negotiate commissions at volume. The criteria that matter: total real cost, settlement speed, integration quality with your platform, and dispute handling — not the logo on the agreement.
Let’s talk about your project
Message us on WhatsApp or send an email — you talk directly to a developer.
office@northdan.com · +40 752 070 247