Fairo chooses Salt Edge to offer Romanian freelancers open banking connectivity
Fairo, an innovative financial app for freelancers, joined hands with Salt Edge, a leader in providing open banking solutions, to enable Fairo customers to keep track of their business banking transactions in the app and to automate the management of administrative tasks.
Since the start of the pandemic, the freelance economy has grown while the widespread adoption of remote work has fueled the shift in the job landscape. Millions of independent freelance professionals boosted the demand for a cost-effective and comprehensive tool to save time by effectively managing business finances and administration including invoicing, accounting and tax reporting. Fairo app was created to answer such growing demand. Built by the Austrian startup Creative Dock, with the support of Raiffeisen Bank International, Fairo app was launched on the Romanian market in August 2021.
Leveraging Salt Edge Account Information solution, the Fairo team launched the FairoSync feature. With it, Fairo enables customers to get split-second access to a full overview of their banking transactions in the app compliantly, without needing its own PSD2 licence. Fairo customers simply connect their bank account to the app and can securely track their business income and expenses directly in Fairo. Much more, combining Salt Edge Account Information solution with Fairo’s invoice-payment pairing technology, Fairo customers can forget about tracking the status of their invoices manually in Excel sheets. Fairo now automatically tracks if client invoices are paid, overdue or outstanding.
FairoSync was built to drive automation while at the same time ensuring the highest level of financial data security for its users. Fairo partnered up with Salt Edge, a global bank data integration specialist, to offer best-in-class security solutions to protect user data. FairoSync’s security aspects ensure that the API service used has no capability to move money or make withdrawals from connected user accounts.
Our mission is to help freelancers regain freedom to follow their passions as we simplify the management of their business finances and administrative tasks. To build FairoSync, we’ve been looking for a bank data integration specialist that can deliver reliable services and provide the highest levels of financial data security possible for our customers in Romania. Salt Edge understands and meets all our needs, and helps to obtain a successful collaboration from technical and business perspectives.
Our companies’ joint efforts will help push the automatisation of major invoicing and accounting processes fuelled by PSD2 even further and will pave the way for open banking possibilities in Romania. Both Salt Edge and Fairo solutions enable SMEs and freelancers to save time and resources, as we are sure there are plenty of tasks that can run perfectly well without human intervention.
Fairo is an innovative service developed by the Austrian startup Creative Dock, with the support of Raiffeisen Bank International. The app was launched for the first time in Ukraine in July 2020, with great success, enjoying popularity among over 30,000 registered users. Romania is the first country in the European Union where the app is launched, with a view to future expansion in other EU countries. Fairo provides freelancers with essential business management features such as invoice creation, revenue tracking, automatic invoice status notifications, tax reporting, and bank account integration as part of its feature list. Fairo can be downloaded for free in the App Store and Google Play Store and it now even welcomes new users by rewarding them with a 50 lei bonus for creating their first invoice with the app.
More information: www.fairo.ro
About Salt Edge
Salt Edge – a financial API platform with PSD2 and open banking solutions. The company has two main vectors of activity: enabling third parties to get access to bank channels via a unified gateway, and developing the technology necessary for banks to become compliant with the directive’s requirements. ISO 27001 certified and AISP licensed under PSD2, the company employs the highest international security measures to ensure stable and reliable connections between financial institutions and their customers. The company is integrated with 5000+ financial institutions in 50+ countries.