Balkan Business Brief
No card, no cash? No problem, Flash!
After a long career in the banking sector and an awareness of the digitization process taking place in the industry, Milica Gazivoda Milena Plamenac , Natasa Popivoda , from Montenegro concluded that the market was ready for a banking revolution and the transformation of traditional payment, which led to the creation of Flash - Banking reinvented .
Flash is an innovative ecosystem that connects users, banks, and merchants in a single network, enabling fast, simple, and cheap payment transactions. The mobile application, on which the solution is based, allows users to manage all their bank accounts in one place, pay at any merchant, online or offline, transfer money, request money, or share an account with anyone using only their phone number. The solution also allows banks to offer new services to clients with significantly lower costs compared to previous solutions. It also brings benefits to traders, such as real-time balancing of transactions with the bank and an integral loyalty program tailored to their needs. During the creation of Flash, special emphasis was placed on security and defining the system architecture according to the guidelines of the European Commission, the so-called Regulatory Technical Standards. Flash is fully adapted to the current legal norms in Montenegro, and further implementation in other markets aligns with the regulations of the European Union and the guidelines given in the PSD2 directive.
According to the enthusiastic team, the process of developing a business idea was challenging, requiring hard work and sacrifices, but at the same time, interesting and inspiring. By participating in competitions for startups, Flash achieved more than commendable results, such as interest, mentoring, and financial support. The most significant results from the competition include the first places won on Sparks.me and BoostMeUp. The goal of the Flash team is for the application to be present on the Montenegrin market in the second quarter of this year, while full use of the application is expected in the third quarter. In addition to full implementation on the Montenegrin market, the team will continue to work in parallel on entering foreign markets and establishing cooperation with potential partners. Milica Gazivoda , Milena Plamenac , and Natasa Popivoda are convinced that with the gradual expansion of the application, it will come to life on a global level, and this will be one of a series of startup stories that Montenegro can be proud of.
Check out their LinkedIn account – Flash - Banking reinvented – Banking reinvented or their website https://payflash.me/ and find more about the benefits of this solution!
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