Fast approval through open banking: Europace and FTS accelerate construction financing and installment loans

Munich/Berlin, 26 April 2022. Europace, Germany’s largest transaction platform for real estate financing, home savings products and installment loans, relies on the expertise of FinTecSystems (FTS) for construction financing and installment loans. With its Open Banking platform and digital account check, the leading infrastructure FinTech with BaFin approval provides Europace with the basis for fast approval of personal loans and construction financing.

While fast credit rating decisions for private installment loans have been established for some time, Europace is a pioneer in instant loan decisions in the construction financing sector. A few weeks ago, Europace launched its “OneClick” instant loan decision, which delivers a binding loan commitment within a few hours. A key component in the complete digital application process for intermediaries using the Europace platform is FinTecSystems’ digital account check, which consumers can complete in three steps, including consent. The digital check of the account data required for construction financing eliminates paperwork and drastically reduces the approval period, which originally took several days, to just a few hours.

“Anyone who currently wants to purchase a property is often confronted with the expectation of a quick financing commitment as early as the viewing appointment. With the OneClick instant loan we solve this dilemma in a way that is convenient and secure for consumers. For the fast financing commitment we set on the completely digital, reliable decision basis in real time by FinTecSystems, explains Miriam Blanarsch, Lead and Product Managerin, with Europace.

In addition to the fast construction financing decision, Europace also relies on FTS for its installment loan offer. With its “KreditSmart” product, Europace offers the first fully digital instant loan without the need to submit additional documents. There will also be an expansion this year for the installment loan as a service (RaaS), which is aimed at financial intermediaries. Using an API, the customer’s own or Europace installment loan application lines with access to the Europace marketplace can be used for the instant loan. An integral part of this is the digital account check via the FTS Open Banking platform. With just one API, FTS addresses around 6,000 banks with approximately 500 million bank accounts. The first integrations of a digital account check for installment loan approval have been successfully established in the market and the number of digital loan transactions is growing continuously. Europace will successfully grow within the segment.

“For digital credit decisions or instant credit checks, two things matter: Up-to-date, reliable and analyzable data, and secure and universal access to this data. FTS’s Open Banking Platform enables exactly that – with just one banking API. This also benefits the professional financial intermediaries who use the Europace platform,” explains Amadeus von Kummer, Vice President BU Banking & Finance at FTS.

 


About Europace

Europace, Germany’s largest transaction platform for real estate financing, home savings products and installment loans, networks around 800 partner companies from the banking, insurance and financial sales sectors. Every month, several thousand users process over 35,000 transactions with a volume of over 9 billion euros via the marketplace. At around 85 billion euros in 2021, over 20 percent of all real estate financing for private customers in Germany was transacted here in the largest product group. In close cooperation with sales organizations and product providers, Europace develops user-oriented financing solutions that are optimally tailored to the needs of consumers – for financing with ease.

Europace AG is a wholly owned subsidiary of Hypoport SE, which is listed in the Prime Standard segment of Deutsche Börse. Hypoport was admitted to the MDAX in September 2021. Europace is certified with the TÜV data protection certificate. Since 2018, Europace AG has been organized completely holacratically.