Our Core Banking enables us to protect our customers accounts while complying with the obligations stemming from our accreditation from the ACPR. We maintain an accounting ledger which is a database that tracks and lists the origin and destination of all fund movements. This database also scrutinizes accounts to ensure that everything is in order. In addition it also performs account reconciliation with our partners and makes transfers when necessary to protect our customers funds this is called ringfencing in bank speak or cantonnement in French. The
AFrench Prudential Supervision and Resolution Authority Autorit de Contrle Prudentiel et de Rsolution in French or APCR is an independent administrative authority in charge of supervising all photo retouching French banks and insurance. Qonto being a payment institution is monitored and subject to regular controls by the APCR. The Core Banking system also enables us to perform our customers and their partners transactions. We are connected to the major interbank networks such as the Single Euro Payments Area initiative SEPA for shortnetwork. Each network has its own set of rules.
Our servers respond to card payments process direct debits and transfers and ensure the proper transmission of the information users view when they log in to their Qonto accounts. A strong backend team Implementing the Core Banking Platform was a huge step for Qonto. Through this new banking platform we gained more independence allowing us to offer an experience closer to your entrepreneurial needs and to keep building the service your business deserves. To address this demanding task in addition to Thadde Qonto brought on more technical gems with varied and complementary profiles.
