International accounts: Local bank accounts

  • September 7, 2020
  • Spain
deadline:​
00
Days
00
Hours
00
Minutes

Problem statement & Solution needed

Offer solutions to Spanish companies that carry out both collections and payments outside the European Union, allowing them to carry out this type of transaction in local currency.

The functionality must cover both receipts and payments as follows
1. Collections abroad: allow Spanish exporting companies and / or subsidiaries abroad to receive collections in local currency by opening an account online within 24 to 72 hrs. It is possible to open these accounts in more than 40 currencies (link with countries to which Spain exports outside the EU). It allows companies to use the money to make payments to local suppliers or other expenses in destination currency, as well as being more efficient in terms of time and costs.
2. Payments abroad: Allow importers of goods and services to make payments in local currency to their suppliers, without the need for the figure of the correspondent bank in the operation. It is possible to make payments in more than 140 currencies (many of them generally not available. for SMEs), covering more than 95 of the countries to which Spain purchases goods and services abroad. The operation is carried out on the value date of the day the payment is generated, the collection time being a determining factor in the relationship with foreign suppliers (especially in bureaucratic countries for the entry of foreign currency).
3. Cross-sale of products: It allows to increase the market share of other products already offered in addition to consolidating existing ones, such as: Exchange insurance (coverage of exposure to other currencies), FX Operations (at the time of transferring remittances) , Financing of foreign trade operations.
Technical requirements:
– Connection via open API.
– Support of an authentication method among the following:
• Oauth2 (Authcode or PKCE)
• API Key
• Basic auth
– Preferably support mutual TLS connection
– Omni channel in case of using widgets, responsive to adapt to any channel

Who can apply?

Solution of interest:

FinTech

Business model:

B2B | B2B2C

Technologies:

APIs

Maturity - employees:

All

Maturity - Stage:

€ All

Geographical activity:

Partnership model:

PoC / Pilot, Software provider contract, White-label

What are we offering

Challenge deadline

00
Days
00
Hours
00
Minutes
02/08/2020
Launch
Launch
02/08/2020
07/09/2020
Aplication deadline
07/09/2020
Evaluate
Winner

Organizer

Headquarters

Spain

Founded

2020

Employees

All

Sector activity

Banking

Countries

About the company

Challenge Rules

The functionality must cover both receipts and payments as follows
1. Collections abroad: allow Spanish exporting companies and / or subsidiaries abroad to receive collections in local currency by opening an account online within 24 to 72 hrs. It is possible to open these accounts in more than 40 currencies (link with countries to which Spain exports outside the EU). It allows companies to use the money to make payments to local suppliers or other expenses in destination currency, as well as being more efficient in terms of time and costs.
2. Payments abroad: Allow importers of goods and services to make payments in local currency to their suppliers, without the need for the figure of the correspondent bank in the operation. It is possible to make payments in more than 140 currencies (many of them generally not available. for SMEs), covering more than 95 of the countries to which Spain purchases goods and services abroad. The operation is carried out on the value date of the day the payment is generated, the collection time being a determining factor in the relationship with foreign suppliers (especially in bureaucratic countries for the entry of foreign currency).
3. Cross-sale of products: It allows to increase the market share of other products already offered in addition to consolidating existing ones, such as: Exchange insurance (coverage of exposure to other currencies), FX Operations (at the time of transferring remittances) , Financing of foreign trade operations.
Technical requirements:
– Connection via open API.
– Support of an authentication method among the following:
• Oauth2 (Authcode or PKCE)
• API Key
• Basic auth
– Preferably support mutual TLS connection
– Omni channel in case of using widgets, responsive to adapt to any channel

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