Powens Newsletter - December 2024
As 2024 wraps up, we’re looking back at a year of major milestones and innovations. From new leadership to enhanced products and industry certifications, we’ve worked hard to empower our customers and lead the Open Finance market.
Here’s a recap of what we achieved this year and what’s shaping the future of fintech.
2024 Recap: Key Milestones
Jean Guillaume Named Powens Group CEO
This year, we welcomed Jean Guillaume as the new CEO of Powens Group. With over 15 years of experience in the financial sector, Jean brings strategic vision and leadership to guide Powens into its next chapter of growth and innovation.
ISO 27001 Certification Across All Offices
Powens achieved ISO 27001 certification under the 2022 standard across our offices in France, Spain, and Mexico. This milestone underscores our commitment to safeguarding customer data, managing risks, and ensuring business continuity—all while maintaining the highest standards of information security.
Product Updates
This year, we delivered a range of powerful updates designed to simplify financial processes and improve efficiency. Highlights include:
Virtual IBANs
We’re expanding our IBAN capabilities with Virtual IBANs, now available on Spanish IBANs. Virtual IBANs are digital account numbers linked to a single pooled account, enabling simplified reconciliation, enhanced tracking, and greater control. Now you can:
Enhanced Account Check
Our Account Check solution allows clients to seamlessly and automatically identify bank account ownership. Now, we've introduced new Account Check capabilities for both France and Spain:
France: Be the first to verify joint account owners with Powens’ exclusive Open Banking capability, perfect for managing shared accounts.
Spain: Leverage bulk ownership verification with our direct connection to the Spanish Clearing House Iberpay to authenticate multiple accounts in real-time without user interaction.
Updates to Bank Advanced: Introducing LCR Connectivity Launched last winter, Powens’ Bank Advanced module helps SMEs enrich financial data in business management software. Users can retrieve transaction attachments and invoices from neobanks like Qonto, Shine, and manager.one or Payment Service Providers (PSPs) like Stripe, PayPal, and SumUp—streamlining bank reconciliation.
In 2024, LCR documents were added to the platform. LCRs (exchange statements) are key financial documents for processing exchange orders, allowing drawees to pay invoice amounts on scheduled dates to creditors.
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These updates reflect our ongoing commitment to delivering innovative solutions that support business growth and operational efficiency.
Key Trends Shaping the Future of Fintech
McKinsey & Company ’s latest report highlights the shifting dynamics of Europe’s fintech landscape. Here are the top takeaways for 2025 and beyond:
1️⃣ Explosive Growth in Fintech Revenue: Revenue from fintech in Europe is projected to double to €150B by 2030, driven by increased adoption of digital financial services.
2️⃣ Convergence of Banking and Fintech: Traditional banks are increasingly collaborating with fintechs, leveraging Open Banking to integrate innovative solutions into their offerings.
3️⃣ Embedded Finance on the Rise: The embedded finance market is expanding rapidly, with an expected annual growth rate of 25-30%, reflecting its growing importance in everyday financial interactions.
Top content of the year
Powens x Algoan: Navigating DCC2 with Ease
The European DCC2 Directive is reshaping creditworthiness assessments. Learn how Open Banking can help providers streamline compliance and enhance customer experiences. 👉 Download the eBook (available in French).
Buy Now, Pay Later: New Regulatory Oversight in Europe
BNPL adoption is booming, but regulatory changes like CCD2 are on the horizon. Discover how to remain compliant while navigating this growing market. 👉 Read the Article
Let's connect
As we look to 2025, Powens remains dedicated to driving innovation in Open Finance and Embedded Banking. Let’s work together to achieve your business goals with tailored solutions for payments, financial data, and compliance.
Get in touch with our experts today and let’s discuss how our solutions can be tailored to meet your unique needs.
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