Bolagspartner: Getting the upper-hand over competition with open banking.
Bolagspartner is like the Terminator for Swedish businesses. They liquidate companies and liberate assets for the owners (in Swedish snabbavveckling). They handle all paperwork and make the entire process as easy and smooth as possible for the client. The termination process can take up to a year, but the client gets rid of the company and gets their money within days.
Bolagspartner usesPremium insights
Early-adopter of open banking features gives industry advantages.
API is easy as 1-2-3.
Integration is straightforward and setting up is a matter of hours.
Sustainable and future-proof.
Built on a technology that enables future development like automation.
No competitors are utilizing open banking yet. So, it’s a major advantage for us!
What Bolagspartner built is something completely new for their industry. When a company is sold to be liquidated, there’s a lot of documentation that needs to be provided by the owners. Taxes, declarations, bank accounts, and more. This used to be a manual process with pdf files scanned, downloaded, and emailed. With modern API solutions, that’s no longer the case.
“Instead of e-mailing documents to us, we can guide the users through a dynamic, digital checklist. It was a huge improvement.”, claims Karl-Johan Tångby, the CEO of Bolagspartner.
By combining a range of APIs, most documentation needed can be provided easily and fast, by authorizing with BankID and giving Bolagspartner access to the data they need. Finshark’s open banking API is in good company together with the Swedish Tax Agency and others.
The advantages are, however, currently only for the customers. Bolagspartner still manually validates the bank information against the accounting. That’s a thing that might change in the future, thanks to structured account data from Finshark’s APIs.
“Our systems are, not yet, smart enough to match the digital accounting files with the bank account data, but there are plans to automize these checks
as well!”, Karl-Johan says.
Why did you select Premium insights?
The product Bolagspartner is using is made possible thanks to Finshark’s AIS (Account Information Service) license and proprietary API. The license gives businesses the possibility to see the contents and get information about bank accounts.
Bolagspartner is using this for two different things. They are getting full insights into the customers’ bank accounts, thus eliminating the need of exporting and emailing pdf-files. They are also using Account Checks to validate the ownership of the bank accounts that are receiving the money, thus eliminating the risk of errors, potential fraud, or money laundering.
What was the tech like?
Getting started was painless and swift. The tech team at Bolagspartner is accustomed to APIs but setting up the very first connection and getting it running took just a few hours.
The developers on both sides worked closely, communicating over Slack. That made it possible to collaborate and make improvements and fixes on both ends.
“When Finshark added new features, like the scope of access, they did it fast, and bug fixes have often been fixed the same day. That has been a very positive experience.” says Karl-Johan.
Working with Bolagspartner has been a pleasure since day one. From our side, we quickly felt that they understood the advantages of open banking and the uniqueness of our proprietary API. They were willing to bet on us in more than one way, and in the end, we’re both happy that they did. Not only have we produced a great result and success for Bolagspartner, but they have also contributed with great input and discussions with our developers. It’s been a true win-win project.