FAQs

An IBAN (International Bank Account Number) identifies your bank account to someone who wants to send money to your bank account across borders, either from a country that is not where your bank account is located or in a different currency that the one your home country uses as its domestic currency.

BBAN is short for Basic Bank Account Number. It represents a country-specific bank account number. The BBAN is the last part of the IBAN when used for international funds transfers. Every country has it’s specific BBAN format and length depending on its own standards.

Any business (especially those looking to add a financial service to their offering) that has to build and maintain multiple integrations can use Integrated Finance.

Open Banking works by mandating banks to share you financial information like spending habits & income, if you request it to be shared. Previously that data was the exclusive property of your bank, which they used to sell you things like credit cards, mortgages etc. The unbundling of banking services now means you can get products from many firms, but they do not have same information about you as your bank. Open banking gives them access to that information.

Embedded Finance is a term used for the increasingly popular merging of a non-financial service provider, such as a retailer or ride-sharing company, with a financial service, such as payment processing, lending, or insurance.

Open Banking is set of standards that financial service providers need to adhere to to allow third parties access to your financial information, should you allow them access.

EBICS is a transmission protocol for sending payment information between banks over the Internet. Originally based on German banking standards, the standard was implemented in France and Switzerland also. In 2020, Austria also began the implementation of the standard across its network.

A payment scheme is a defined protocol of transferring messages of value between two parties. It could be a card payment scheme such as VISA, MasterCard or AMEX, bank payment scheme like Faster payments, ACH or SWIFT or a modern crypto payment system like block chain.

The IF API is an interface layer whereby your system(s) interacts with the platform. By using the IF API you will be able to:

• Integrate your existing system(s) to IF Platform
• Build great experiences for your clients
• Leverage the workflows of your choice (e.g. Issuing Accounts, Transfers, Onboarding, Pricing etc.)
• Control how workflows work for your best interest
• Connect to the financial infrastructures of your choice

Our platform has been built with security as the highest priority. All required data is encrypted and our platform is hosted within the Google cloud, Integrated Finance benefits from the comprehensive security controls in place to secure our servers physically and virtually.

The IF platform is an orchestration layer built on top of many financial infrastructure providers and products (banks, fintechs, regtechs etc.) that provides automated, customisable, regulatory compliant financial workflows.

These workflows are simply connected to your banks, financial institutions and the supporting products by the IF API. You can then add more features as you need.

The IF Platform is structured in layers & modules. Each message processed by the IF Platform moves through layers: they go in through the IF API, get processed in IF Core and then get sent to service providers by IF Connect where applicable. Layers are built to let you have control over how messages are processed by the platform.

IF Core is the workflow layer whereby standard customisable workflows live in the platform. IF CORE provides multiple automated flows for the most crucial financial functionality.

Yes, IF offers a package that provides all the major customers portal functionality. It can be white-labelled and help you get your product in the hands of customers faster.

IF's systems and platform are hosted on multiple instances of Google Cloud.

A virtual bank account is different from a ‘real’ bank account because virtual accounts are used only as references and funds received. Any credits into a virtual account are automatically transferred to another account, usually called the ‘house’ account which maintains all balances. Real bank accounts maintain balances as well as being able to receive and send funds from third parties.

IF Connect is the integration layer whereby the IF platform connects with the products/platforms of your choice. In order to provide financial functions, integration with banks, financial institutions etc., and also to be automated and compliant with regulations, integrating with more products (CRMs, Screening Products, Monitoring Products etc.) is required.

We offer various financial and auxiliary service integrations such as core banking, regulatory, KYC/KYB/ accounting, onboarding and productivity. Visit our connections hub to find out more.

IF Connect, our marketplace of pre-built integrations, offers a range of connections designed to get you up and running in no time. However, if we are not already connected to your provider of choice, we can look into building this specific integration on your behalf.

SWIFT (Society for Worldwide Interbank Financial Telecommunications) is a vast messaging network banks and other financial institutions use to quickly, accurately, and securely send and receive information, such as money transfer instructions. SWIFT payment network allows individuals and businesses to take electronic or card payments even if the customer or vendor uses a different bank than the payee. SWIFT works by assigning each member institution a unique ID code that identifies not only the bank name but the country, city, and branch.

A SEPA (Single European Payments Area) credit is a payment method of transferring value from one bank account located within the SEPA region to another bank account located in the SPEA region, denominated in Euros.

A UK Faster Payment is as the name suggests, a payment scheme used by the United Kingdom. It is typically a payment that is processed, sent and received in real-time in a matter of seconds. Faster payments is the alternative to other UK payment schemes CHAPS and BACS and is in most circumstances, significantly quicker. The scheme imposes a maximum of £250,000 per payment although each bank that participates on the network may have their own specified limits at or below that value.

A beneficiary in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. In payments, it specifically relates to the entity or person/s who will be receiving the funds at completion of the payment.

Yes, Integrated Finance enables you to create beneficiaries across multiple vendors with a single workflow.

Yes, IF offers a wide range of automated workflows for fintechs and banks, from account generation, to FX conversion, to client fee deduction and many more. Contact us to find out more about our customisable and regulatory compliant financial workflows.

Yes, Integrated Finance enables you to edit beneficiaries across multiple vendors with a single workflow.

Yes, Integrated Finance enables you to store beneficiaries across multiple vendors with a single workflow.

Integrated Finance is a financial Infrastructure-as-a-Service solution. It does not handle client money nor does it offer regulated activities. It therefore does not require regulatory approval from any governing body.

Anti-money laundering is a set of laws, procedures and polices regulated financial firms need to adhere to and implement to stop criminals from disguising funds obtained from criminal activities into legitimate income.

KYB stands for Know Your Business. It is a regulatory and legal requirement for banks and other related institutions to identify and verify the identity of their clients. More than that it is a requirement to understand how your business clients work, why they need you and for what purposes they intend to use you.

Yes. As per the existing regulation requirements, we rolled out mandatory 2FA for all users.

2FA is an extra layer of security used to make sure that people trying to gain access to an online account are who they say they are. Relying on passwords alone presents heightened risk of compromised security. A rise in cyber security crime combined with weak passwords, or using similar passwords across multiple online accounts, makes it easier for hackers to gain access to a user’s accounts. The introduction of a second factor provides an additional way for us to verify users' identities.

KYC stands for Know Your Customer. It is a regulatory and legal requirement for banks and other related institutions to identify and verify the identity of their clients. More than that it is a requirement to understand why they need you and for what purposes they intend to use you.

Client money segregation is the act of separating a firm’s own funds (including profits derived from goods/services sold) from funds being held on behalf of a customer.

We do not hold clients' money and therefore cannot safeguard customers' money. We can however implement workflows to ensure daily reconciliation and movement of client money to safeguard accounts. In fact, we offer a comprehensive dashboard to enable you to get a full visibility of such funds and reconciliations.