SmartBill collaborates with Smart Fintech
Invoicing and inventory management software provider SmartBill has partnered with Romania-based Smart Fintech to integrate a Smart Accounts service.
As the first local Open Banking service authorized by the National Bank of Romania, Smart Accounts supports automatic querying of bank accounts, allowing users or accounting firms to instantly connect to the bank data of their clients.
The main advantage of Smart Accounts is that it supports automation of the entire process of questioning and aggregating data from several bank accounts. In this way, it eliminates the need to operate data manually and repeatedly across different applications. Ultimately, this improves the accuracy of financial accounting activities for SmartBill users.
SmartBill officials cited by business-review.eu highlighted that Romanian SMEs and accounting firms have increased the efficiency of their activity for over 16 years through the SmartBill ecosystem. The Smart Accounts integration serves to minimize errors that can occur during manual bank data operations and save valuable time. They also talked about Smart Accounts’ ability to streamline processes for accounting firms to allow them to better utilize the time invested in the operational process and develop their client portfolio.
The SmartBill platform incorporates security methods designed to protect details such as available funds and transaction history, with relevant information only available to the bank and SmartBill. Smart Accounts users can only interrogate their account’s data with their explicit consent as account owners. However, this access is only used to read bank data to ensure the security of the accounts.
How does the Smart Accounts system work?
Every time an account inquiry request is sent from Smart Accounts to a user’s bank, the latter ensures the validity of the user’s consent. Afterwards, the system verifies the identity of the sender (Smart Fintech), and validation is ensured by a third-party provider authorized by the NBR. By only following this process, banks return the data requested by Smart Accounts. These verifications are immediate and mandatory to ensure the security of users’ data.
The result is that Smart Accounts leveraging Open Banking technology are able to eliminate recurring activities that could not be automated otherwise, even with RPA solutions. This is because the interaction with bank applications and bank data is sensitive and must take place under maximum security conditions and with supervision from the NBR.
