Flow Your Money, the fintech startup based out of the Netherlands has been granted the license by the Dutch Central Bank to be an Account Information and Payment Initiation Service Provider.
The fintech news arena further states that the grant of PSD2 license to Flow makes it one of the first financial technology firms in the Netherlands that can view the bank transactions as well as make payments on behalf of the customers.
The fintech firm manages the money flows of the users through a method of pre-accounting that not only recognizes invoices but also saves or deposits funds into the correct accounts automatically while setting aside VAT.
Companies as well as consumers will soon be given the ability to use this application for managing their cash flows.
Flow Your Money’s application divides the funds of the users between budgets and savings goals automatically. The fintech app is of the expectation that this is the next significant step for freelancers as well as consumers in terms of managing their money. For example, the app can be instructed to automatically set aside the income tax set, after every invoice that is paid. The solution will calculate how high this amount should be by itself.
As of now, this fintech firm works with bunq, a European bank while there are other banks that are being added. The app is set to be made available to all of Europe soon.
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Tanvi Tirthani is a content writer and strategist with a special foray into technology. She has been a keen researcher in the tech domain and is responsible for strategizing the social media scripts to optimise the collateral creation process.