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Instant payments are one of several options in the mix, and they are especially popular among our sports clubs.

Claes Ramel, CEO at FINQR

What problems did FINQR want to solve?

FINQR’s platform sure is multi-faceted, but one of the key components is sending invoices and receiving payments. Businesses can choose to send their invoices digitally (e-invoice), with a text message, e-mail, or by paper mail, but all invoices are also stored and accessible through the platform as well.

For a forward-leaning company like FINQR, open banking did not solve a problem per se, it was more of a prevention rather than a cure.

Choosing to implement account-to-account payments was based on end-consumers’ needs, especially in the B2C verticals. Users receiving an invoice by text message or e-mail get directed to the FINQR platform, where they are presented with Finshark’s payment option. It’s not, however, the only option. Studies show that presenting a wide range of payment options increases conversion rates. This is something FINQR also acknowledges.

Integration through partnerships.

FINQR is part of the B2B Fintech group Blingdale, and one of its subsidiaries is the software development company Quiddly. FINQR leverages part of Quiddly’s platform for invoicing and mix it with custom-made components.

The instant payment part of FINQR’s platform is developed by Quiddly based on Finshark’s open banking technology.

Using a partner like Quiddly doesn’t mean FINQR doesn’t have dreams. Discussions are ongoing about adding payment links with QR codes to paper invoices, but the demand for printed invoices is going down. Instead, there’s another type of payment that tickles their interest.

Claes elaborates; “In the future, we’d like to offer true recurring payments for users who prefer to pay that way. With Finshark collaborating with Quiddly, it can happen without our involvement. So, we can focus on our core business.”