The Hamburg-based fintech company, figo GmbH, announced Tuesday (August 1, 2017) a collaboration with Consorsbank, which is a brand of BNP Paribas, in Germany. figo is Europe’s first banking service provider and offers third parties innovative banking services. By integrating the figo banking API, they can quickly link their applications, products and services to over 3,100 financial sources. The interface is the key to a multi-banking financial platform, which guarantees users comfortable and secure handling of banking data.
No need for diverse applications
Clemens Eckstein, Head of Digital R&D at Consorsbank, explained: “We have implemented a feature with figo that offers our clients convenient and real added value. They can overview their financial situation quickly and no longer have to log into different systems or download diverse applications. And the figures speak for themselves. More than 10,000 account holders with 23,000 lodged accounts used our bank’s free multi-banking app in just a month.”
API’s banking products
The collaboration between Consorsbank and figo allegedly resulted from “BNP Paribas – International Hackathon 2016” in Berlin partnered by API and “Bankathon” in Hamburg sponsored by Consorsbank. André M. Bajorat, CEO of figo, said: “We had repeated points of contact, got to know each other and more or less put each other to the acid test. During the BNP Paribas Hackathon, we were able to show that developers can implement innovative banking products with our API in just a few hours. Two winning ideas – a chatbot solution and a PFM solution are based on our technology.”