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The smart way to do modern banking with Finductive

Thursday, 13 April 2023

Co-Founder Carsten Schaefer explains how Finductive provides businesses with a superior payment solution in an ever-changing business world. 


As Malta’s economy continues to grow and attracts more sectors to the island, it is only logical that more companies identify opportunities to service the needs of these industries, from their simplest whims to the most complex, regulated requirements.


One such company is Finductive, the brainchild of Co-founder and Director Carsten Schaefer, who came up with an innovative solution to merge online banking and payment services in a streamlined way.


“Finductive is dedicated to providing its customers with a seamless experience, which in turn results in the best value for their investment. This way, they can truly focus on what matters most to them - which is running their business,” explains Mr Schaefer.


The recipient of several accolades including Malta’s Best Innovation Entrepreneur of the Year, Mr Schaefer in fact created Finductive, as he identified a gap in the market for a modern reliable payments solution.


“We reflect the continually changing world of banking and payments. Hence, we provide the peace of mind to our customers that their payment requirements are well served, in consonance with regulations and the best practices of the industry,” Mr Schaefer notes.


In fact, Finductive works just like a bank. While it does not offer deposits and savings options, Finductive provides businesses in any sector with a payments solution which is superior and far more flexible than that on offer by the more traditional providers.


“Today, people want things done instantly, which is a far cry from the traditional banking methods we were used to up till not so long ago. This is something that Finductive is mindful of, making it a forward-thinking company which provides its customers with the competitive edge when compared to their competition,” Mr Schaefer claims.


In fact, Finductive offers a range of payment services, which guarantee safety and reliability. Finductive’s payment accounts provide full control over funds, as each account is issued with a unique IBAN, identifying it worldwide. Customers administer their account directly through a special e-banking software which provides a full set of options including national and international SEPA and Swift payments, powered by a safe and convenient payment authorisation system.


Finductive also offers a currency exchange facility, enabling payments in different currencies in real time. Choosing different currencies through Finductive in fact offers competitive exchange rates to customers, providing an instant currency exchange on confirmation of the transaction.


“Moreover, two Finductive clients don’t pay charges when transferring funds from one to the other, making the platform all the more convenient,” Mr Schaefer says.


“We are aware how difficult it is, especially locally for new businesses to open new bank accounts. This often is seen as a serious hurdle for new companies to even become operational. Finductive solves this matter easily and quickly, as our client base can attest.”


Mr Schaefer’s extensive experience in the gambling and gaming industries makes Finductive an ideal partner for companies operating in these sectors particularly. “The secret to servicing an industry effectively is to really understand their workings,” Mr Schaefer notes. “In the case of the gambling industry there are several subsets, which are all licensed differently, in different territories. The detail makes all the difference.”


“While onboarding new customers, we make sure to analyse and understand their business model, including money movements and other important factors. This due diligence process however does not stop with onboarding, as we run a constant process of monitoring, to make sure of the highest standards of good governance, transparency and over all reliability,” Mr Schaefer continues.


Servicing around 900 corporate clients coming from some 40 different economic sectors, Finductive facilitates and oversees a staggering 10,000 transactions a month. That is why the company developed its own sophisticated transaction monitoring tool, that looks out for any anomalies in transaction patterns which in turn are flagged for further investigation.


Finductive is completely based in Malta and counts 30 employees, with a view for growth. Asked about the challenges faced by the company, Mr Schaefer mentions identifying talent as the biggest concern. “The industry is growing, as we can see great opportunity for expansion. However, the skill sets required to run the show efficiently and effectively are becoming increasingly specialised and complex.”


This, however, does not hinder Mr Schaefer’s drive to provide Finductive clients with the best payment solutions.


“The constant progression of the payments industry keeps us motivated to strive forward, as we seek new and innovative ways of helping our customers grow in their respective fields,” Mr Schaefer concludes.

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