Success Stories

Rapidly onboarding new payment providers

Lithuania

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At a Glance

•  Go-live in four months

•  Can onboard new payment providers in weeks

•  Can process thousands of payment requests per second

•  Processes over €1.2 billion in payments annually

•  Realizing a 50% growth in card transactions year-on-year

•  Achieving 100% growth in payments volumes year-on-year

Lithuanian fintech company FINCI was founded in 2019 with the mission of offering better payment solutions to SMEs, commercial organizations, and large corporates that have long been underserved by traditional banks. The company prides itself on its ability to deliver high levels of personalized service that goes beyond chatbots and automated help centers – for example, every client gets a dedicated account manager and ongoing support.

Today, FINCI serves customers in over 30 countries with a range of products, including business accounts that allow its clients to transact in multiple currencies from a single dashboard to avoid conversion fees, improve cash flow, and make global trade more efficient. It also offers a suite of fast and flexible payment services that are perfectly suited to complex and unconventional businesses. Innovation is a priority for the company: it was awarded the Fintech Innovator of the Year at the 2023 Lithuanian Fintech Awards for accelerating the use of blockchain technology to make cross-border payments faster. It has also developed an open API ecosystem where it joins with fintechs to develop exciting new products. Sustainability is also important to FINCI, which is why it has moved away from plastic cards and has joined Mastercard’s Priceless Planet Coalition.

Better by design

According to FINCI’s CEO Mihails Kuznecovs, traditional banks are failing tens of thousands of businesses. That’s because complex international organizations such as construction companies, flight operators, logistics firms, and software houses need more support than banks are prepared to give.

“Traditional banking relationships are mostly transactional – banks prioritize interest rates and revenue,” Mihails says. “Fintechs tend to be more focused on building products from the ground up to meet exact customer needs. However, many of today’s fintechs rely on technology alone. This also fails complex businesses. That’s why our approach is different. We want to deliver exceptional experiences for our clients, and that requires a human touch.”

This doesn’t mean FINCI shies away from technology. In fact, the opposite is true. Since day one, the company has leveraged best-of-breed solutions from Temenos that have enabled it to realize new efficiencies, lower its operating costs and thereby focus its efforts on delivering a high level of service to its clients.

Big picture thinking

Despite being a startup, FINCI was keen to build its business on a solution that could scale as it grew and support it in the long term. “You have to think big right from the start, otherwise you end up facing problems later on,” Mihails says. “For us, this meant choosing an industry-leading platform.”

Temenos was the obvious choice.“Several of us already had experience with Temenos solutions,” Mihails explains. “I started my career in banking 25 years ago with the DOS version of Temenos. I’ve seen its reputation grow as a reliable, sustainable, and scalable solution. So, the choice was inevitable; we couldn’t have chosen anything else to build our business on.”

Fast time to value

FINCI chose to adopt three key Temenos solutions: core, Temenos Payments Hub (TPH), and Financial Crime Mitigation (FCM). It worked with several implementation partners to ensure it could go to market quickly.

“Temenos has many partners situated across the world – and that’s a huge benefit,” Mihails says. “It means that there’s support capacity wherever and whenever we need it.” This approach has paid off.

Today, the cloud-based Temenos core `allows FINCI to easily integrate with new payment networks such as Ripple Payments. In fact, the company can onboard new payment providers in a matter of weeks, without a huge investment in internal IT staff.

“We can take new products and services to market faster,” Mihails says. “This gives us an edge over the competition.”

Security made simple

At the same time, the advanced security protocols delivered by Temenos FCM have enabled FINCI to identify potential sanctions and anti-money laundering breaches before a payment completes.

With payments screening completed in just seconds, FINCI can offer the instant payment processing its clients are looking for. “We can process thousands of requests per second without any lag,” Mihails explains. “It’s completely reliable – I don’t recall a time when the system has been down.”

All this can be done while staying compliant. “Temenos Payments Hub supports new global and regional payment rails, including SEPA, SWIFT, and the TARGET2 ISO20022 standard, right out of the box,” Mihails explains.

A foundation for growth

FINCI’s rapid growth speaks for itself. The company started with zero customers in 2020 and now has thousands – many of which are large enterprises. “We’ve gone from processing hundreds of payments every day to hundreds of thousands,” Mihails says. “Today, we are processing over €1.2 billion annually. We have realized a 50% growth in card transactions every year and 100% growth in the volume of payments we are processing.”

Mihails says he owes this success to Temenos.

Reflecting on its success to date, Mihails offers advice to other fintechs looking to hit the ground running in such a competitive industry: “Our success is a result of having a scalable solution that removes a lot of headaches for us,” he says. “With that in mind, I’d encourage any like-minded startup to think big instead of thinking local like so many do. As a first step, engage with the Temenos team. Once you start having the discussion, you’ll see the solution come to life and realize just how easily your problems can be solved.”

Embracing the future

This is just the start of FINCI’s journey with Temenos. Having recently extended its contract from three years to eight, the company is keen to embrace new functionalities and services.

“We’re excited to see what we can achieve with Temenos’ new AI capabilities,” Mihails says. “We’re also looking at integrating with crypto, blockchain, and investment product providers as we look to expand into new markets.”