This week we are proud to announce something we’ve been working on at BudgetBakers for a really long time…
Please note the articles linked in this post are predominantly in the Czech language.
Payments Via BudgetBakers Apps
That’s right. Beginning with our first partner in our home country, the Czech Republic, BudgetBakers will now be able to offer our premium customers the ability to initiate payments directly from our apps, Wallet and Board.
We’re able to do this thanks to our partners at Zaplaceno.cz, backed up by the technology of Komercni Banka, part of Société Général. We will be testing and expanding on this ability so that our customers can finally fully manage their finances from one place, no matter what bank or credit institutions they use.
What’s the Big Deal?
With this step, BudgetBakers has become the first product company in the Czech Republic, and quite possibly in all of Europe, which will allow customers of different banks to send and receive payments via a 3rd party platform.
Read the Full Story on CzechCrunch: Revolution at BudgetBakers
Fulfilling the PSD2 Promise
When PSD2 (Payment Services Directive 2) became law in the European Union, BudgetBakers was among the first finance management software companies to integrate the new open services mandated by law.
Today we are the first to go one step further, and give our customers control over their own money, in the same place where they manage and monitor their finances.
What Makes this Different?
On the surface, this might look very similar to existing payment services like PayPal, N26, or Revolut. But these are only prepaid cards and digital wallets. In order to use them, customers need to have “real banks,” and pay the hidden transaction costs associated with these services.
BudgetBakers has no hidden costs. Our customers pay for a finance management suite of software, and that’s what we provide. Payments, from Bank to Bank, are private and our customer data is not for sale to anyone. We don’t touch your money, we simply allow you to control it.
That means that unlike any other 3rd party provider on the market, BudgetBakers allows our customers to access the full depth of their banking services, exactly the way they prefer, with total privacy.
Real Control over Your Money
In a world where it seems that every financial institution wants a piece of every transaction, we’re proud to be a product and customer experience focused company. That’s why we don’t offer our premium services for free, because we want our customers to know where that money goes: into making great products and nothing else.
How Does it Work?
Payments will bring a whole new maturity to BudgetBakers products. It will enable end-to-end automation and active monitoring of:
- Invoices and bills for monthly services
- Person to person payments
- Generating and monitoring payment requests and invoices right in the app
- Managing cash flow to make sure you always have a minimum balance in our accounts Automate payments to savings or investment accounts
- And more…
Most of what we do when it comes to money involves being paid, or paying someone. BudgetBakers has always been about managing your personal or business cash flow and making sure you’re always going in the right direction. Getting direct control of payments will allow our customers to take this a step further, and have a fully functioning personal accountant in their pockets at all times.
Where is it Available?
Over the coming months, we will be adding to a growing list of banking partners in the Czech Republic who are opening their services up for trusted partners like BudgetBakers to allow payment generation.
We plan to learn from our experience in the Czech Republic, and then work with similar partners in other countries. Our aim is to provide payment services everywhere that we are able. How long is that going to take? We aren’t sure.
A lot about the way personal finance and banking works is changing, and very quickly. The current economic situation and global crisis might have slowed down some things, but financial services will only have to become more competitive and better adapted to the demands of a more fractured global economy. BudgetBakers plans to be with our customers every step of the way as we help build a future where you are in control of your finances, your data, and your services, all the time, anywhere.
