Consorsbank, part of BNP Paribas Germany, has implemented fintech incubator FinLeap’s digital account exchange service, FinReach.

Bank users who want to move accounts to Consorsbank can do so in “a matter of minutes” and it is all done completely online. Customers will be shown all the credit transferees – and can choose who is to be informed about the account change. The FinReach software then accepts the recipient’s notification. The old account can also be closed online via the service, without a visit to the old bank branch.

Sascha Dewald, MD of FinReach, says Consorsbank “wants to transfer the rules of digital life to the handling of money”.

FinReach acts as a Software-as-a-Service (SaaS) provider. Along with Dewald, its other MDs are Dr Matthias Eireiner and Csaba Tamas.

Leap into the known

In a case study, Stephan Spies, senior team head, web and apps team Turing, IT digital solutions at Consorsbank, discussed how it delivered an app that consumers wanted.

Meanwhile, Berlin-based FinLeap has also been busy.

With German insurance firm Talanx, it founded a joint venture to provide a digital platform for independent asset managers and private banks.

FinLeap also teamed up with fintech analyst Devie Mohan to launch Burnmark, an independent research company focusing on trends in the financial technology industry.