Did you know about open banking and that all your bank data, stored by your bank, actually belong to you? This fact is the basic idea of open banking, which enables individuals and companies to easily access their own financial information without additional difficulties or costs. Learn more: Open banking – what are the advantages.
At FIRA, our mission is to empower entrepreneurs and small businesses with a tool that improves efficiency, saves time and provides insight into their finances. For this reason, we have integrated open banking in FIRA and enabled users to easily monitor all bank accounts from one place, eliminating the need to use multiple banking applications.
How is the account integrated into FIRA?
FIRA customers can integrate their bank accounts using the same authorization methods they normally use for online access through their bank’s app. It can be a digital certificate or, for example, a token. With the authorization, the user approves the regular transfer of information on the balance and turnover of bank accounts in FIRA for a period of 90 or 180 days, depending on the bank. After this authorization period expires, reauthorization is required, which means relinking the account with FIRA.
How exactly does FIRA improve your financial management experience?
- Consolidation of accounts: Whether you have one or more accounts in one bank or different banks, FIRA consolidates them all under one roof, simplifying your financial ecosystem.
- Invoice collection tracking: FIRA automates the reconciliation process, easily linking outgoing invoices and incoming payments in your bank accounts, providing real-time updates and notifications when an invoice has been paid.
- Collaboration and information sharing: With FIRA, you can grant secure access to trusted individuals, such as external accountants, allowing them to see your financial transactions and account balances without delay.
By using FIRA, your external accountant no longer has to wait for bank statements at the end of the month, but can easily access your bank account transactions at any time, ensuring easier collaboration and timely financial management.
Our integration initially included Croatian banks and Revolut, but now we are delighted to announce that FIRA will soon expand to the whole of Europe. With access to more than 30 countries and over 2,500 banks, FIRA customers will enjoy unparalleled connectivity and convenience, truly democratizing access to financial insights and empowerment.
