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Peak Financial Services 2019 Year in Review

373

(Press Release)

Budapest, 27th January 2020 – Many successful years stand behind the first Hungarian fintech company, Peak Financial Services and the year of 2019 brought new excitements.

In past years, the role of fintech companies has increased; however, so far, rivalry typically occurred between old and newcomers, but last year brought historic changes. More and more banks and regulators realized the usefulness of their support and the need for cooperation, and many see this as an opportunity for serious development.

Between the solutions brought by Peak, the outstanding one was the own developed non real-time KYC, which was a break-through on the Hungarian market. The new service took many years of complex development to be able to offer a complete user experience for their customers and to make the onboarding process easier for banks. In 2019 the PeakWallet 2.0 mobile application appeared, which has been developed by using the latest trends and technology, to create a modern and easy-to-use interface. Besides the mobile application, the PeakWallet Web received a new design too. Last but not least, the own developed open API portal has been created with 50 different APIs. Showing outstanding quality with easy usage, and constantly expanding functions.

Beside many developments, the Peak Bank as a Service and the Prometheus Platform has been launched, which provides digital banking structure for financial institutions with low investment cost and quick implementation. The Prometheus Platform is the flagship of the company because these product lines offer technological help for financial institutions that have been struggling for a long time with customer acquisition and IT developments.

Prometheus Platform includes two products that are unique not only in Hungary but also in the European market.  One of them is the Cash Card Business, which helps in the reduction of banking costs and administrative burden for SMEs. The other one is Pocket money, which helps in the involvement of the younger generation while paying attention to education and responsible decision-making in the financial world.

There is no better proof of Prometheus Platform’s marketability than partner clients like Budapest Bank, Magyar Postal Insurence, or TribeZ, which focuses on pocket money card solutions.

Beside many card programs in 2019, the company introduced the virtual card service, and during the last quarter of the year, Apple Pay has been tested.

While European regulators pushed back the introduction of strong customer identification to one and a half years from the original deadline, keeping in mind customer safety, Peak has made updates available in December 2019.

Among other things, Peak is planning to launch ApplePay and GooglePay in 2020, as well as working on the expansion of the CashCard Business functions and launching a mobile capable plastic and virtual gift card. An important objective is the dynamic growth of banking clients and the establishment of representative offices in the surrounding countries.


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