Integrating personal accounts: A key strategy for innovative companies

Personal accounts: definition, regulatory framework and challenges for businesses

A personal account, or personal payment account, is much more than just a financial management tool. It allows end users to make and receive everyday transactions instantly and easily:

• Receiving and sending of SEPA and instant transfers
• Domiciliation of income and subscription payments
• Access to payment methods (cards, mobile payments, etc.)
• Withdrawals
• Checking of balances and transaction history

For a brand, offering this type of account means providing its consumer customers with a fully integrated payment experience, thereby strengthening its position in a highly competitive market.

The challenges of offering personal accounts for a company

1. Regulatory framework 

The payment services sector is highly regulated. Requirements relating to anti-money laundering and combating the financing of terrorism (AML/CFT), data protection (GDPR) and transaction security (PSD2, PCI DSS) are strict and constantly evolving. Obtaining approval and maintaining compliance represents a huge investment in terms of time and resources.

This regulatory framework aims to ensure the security of customer funds, the transparency of operations and the fight against illegal activities.

Among the main applicable regulations are:

• Anti-money laundering and combating the financing of terrorism (AML/CFT): Companies must implement customer due diligence measures, including identifying and verifying customer identities and monitoring unusual transactions.
• Protection of customer funds: Funds deposited in private accounts must be protected against fraudulent or abusive use. Institutions must implement mechanisms to segregate deposits.
• Securing transactions: Companies must ensure the security of electronic transactions and protect sensitive customer data.
• Compliance with transparency and information rules: Companies must provide customers with clear and comprehensive information on pricing conditions, fees and the characteristics of the products and services offered.

2. Technological infrastructure: robustness and scalability

Developing your own core banking system requires cutting-edge technical skills, massive investments and the ability to guarantee high availability, scalability to manage large volumes of accounts and transactions, and stringent security.

3. Customer experience at the heart of differentiation

In a saturated market, a smooth user experience is essential. Service integration must be transparent and intuitive, offering simple customer journeys, user-friendly interfaces (web, mobile) and innovative features (notifications, virtual cards, expense categorization).

4. Operational and financial risk management

Beyond compliance, it is a matter of managing fraud risks, processing errors, protecting customer funds and ensuring operational resilience in the face of incidents. This requires rigorous internal control systems and dedicated teams.

Treezor: your BaaS partner for integrating personal accounts

Faced with these complexities, Treezor’s Banking-as-a-Service (BaaS) model is an ideal solution. By partnering with an authorized electronic money institution such as Treezor, companies can outsource the most complex tasks.

1. A customizable and scalable service

Our modular platform adapts to the specific needs of your business strategy. Whether you want only account management, personalized payment card issuance, transfer management or a combination of services, Treezor offers technological building blocks via API to build a tailor-made solution.

2. Customization and adaptation to specific needs

The Treezor platform offers great flexibility in terms of customization. Companies can create unique customer journeys, integrate specific features and even customize the appearance of interfaces to reflect their brand. This customization capability allows companies to precisely meet the expectations of individual customers by offering them financial tools tailored to their lifestyles and goals.

3. Accelerated time to market and reduced costs

Treezor’s documented APIs significantly reduce development times. This allows companies to launch their personal account offerings on the market more quickly and reduce their investments.

4. Enhanced compliance and security 

Compliance is at the heart of Treezor’s offering. The platform is designed to comply with all regulatory requirements: AML-CFT, GDPR, PSD2, PCI DSS, etc. Treezor provides its customers with a highly secure infrastructure and ensures constant monitoring. Our partners therefore benefit from the continuous compliance of their service without having to manage the associated technical and legal complexities.

5. A strategic partnership and tailored support

Beyond its technological and regulatory expertise, Treezor offers tailor-made support. Our teams guide you in defining your product and technical integration and help you navigate the regulatory landscape, ensuring the success of your personal account offering.