Payoro launches a new open banking platform
Estonia-based fintech startup Payoro, has announced the launch of its own open banking platform, called Pyoro Connect.
The Tallinn-based operation was founded in 2020 and has a strong presence in Estonia and Gibraltar.
So far, fintech has made impressive inroads into the open banking space, and reports suggest that Payoro aims to develop open banking technology products by innovating new B2B and B2C banking technology solutions. Payoro Connect is the first step in this strategic development journey.
Pyoro banking services
Basically, the Payoro Connect platform is a bank account management tool, connecting consumers to European financial institutions. Payoro Connect enables dynamic bank account service and money transfer through partnership relationships and innovative financial technologies.
In accordance with PSD2, all user information is verified based on Strong Customer Authentication (SCA).
Payoro CEO Martin Osterloh, is also a banking heavyweight with 13 years of experience in the fintech and traditional banking sectors. Wirecard Bank’s former vice president of digital sales sees the launch of Payoro Connect as a vital step in the start-up’s journey.
Commenting on this decision, he said: “With the launch of Payoro Connect, we want to position Payoro as an innovative player in the field of banking technology and integrated finance.
“Our solution enables large companies to scale quickly and adapt to an ever-changing financial landscape. What used to take days, if not weeks, now only takes a few minutes, while still following strict SCA rules. ”
Osterloh continued, “Payoro Connect is the first product we are launching, but certainly not the last. It makes perfect sense for Payoro to continue its innovation-fueled exploration of the exciting intersection of banking, technology and user experience. The integrated finance market alone is estimated to reach a market value of $ 3 billion by 2030.
He added: “This is really where we see the opportunity – to fit between traditional banks and future savvy consumers and businesses.”