Isabel strengthens its focus on secure payments & verified corporate data for Belgian corporates

PRESS RELEASE

Brussels, 29th July 2024 - Isabel was founded in 1995 by four major banks (BNP Paribas Fortis, Belfius, ING Bank and KBC). After the successful creation of a corporate multi-bank payment platform the company grew into Isabel Group, one of Belgium’s largest fintechs, supporting businesses in optimizing and digitalizing their financial processes

Anno 2023, more than 50,000 companies use Isabel to access a network of more than 2,000 banks. Last year the company securely processed more than 2,300 billion euros which amounts to more than four times Belgium’s Gross Domestic Product!

Europe is leading the way in further regulating the financial and digital landscape with the aim of evolving towards an environment with secure, robust and highly integrated financial processes (‘embedded finance’) and easy access for companies to reliable data (‘open data’).

Given the importance of these evolutions for the further digitalization of our businesses and society, Isabel Group has reoriented its product portfolio.

Focus on secure payment transactions and verified corporate data

Isabel is strengthening its focus on payment transactions and their secure integration into business software through its products Isabel6 (multi-bank payment platform), Ponto (open banking) and IntelliSuite (fraud monitoring). These solutions allow companies to handle payment transactions or exchange financial data (account information, bank statements, etc.) with the highest security in a multi-bank setup. 

In addition to this core business, Isabel recently launched the new data platform Kube for the exchange of verified corporate data. Banks and companies are increasingly confronted with the need for verified data. Just think of the accurate identification of companies and shareholder structures necessary for opening bank accounts (‘Know Your Customer’). Or the need for company data in the context of European sustainability legislation (Environmental Social Governance). Compared to the multitude of data players in the market, Isabel differentiates itself in terms of reliability. Kube is a secure exchange platform for AML-regulated companies such as banks and insurers who provide and verify corporate data.

All the above services are provided by Isabel which is a regulated institution under the supervision of the National Bank of Belgium.

Sale of accountancy portfolio of solutions to Wolters Kluwer Tax & Accounting (TAA)

Over the past five years, Isabel Group has very successfully built a business activity focused on digitalizing the accountancy sector with the products Codabox (Bank account statements, credit card statements, payroll data and e-invoices), ClearFacts (digitalization of the document flow between accountants and entrepreneurs), Clearnox (accounts receivable management) and Flowin (e-invoicing API). This sector has experienced exponential growth in recent years in a market that is still in full consolidation.

To shape the further development of this powerful product range and to fulfil its European ambitions, Isabel has signed an agreement with Wolters Kluwer Tax & Accounting (TAA), an extremely solid player in the field of accountancy software, to acquire its accountancy portfolio of solutions. The two parties stress that continuity of all solutions will not be compromised; customers, regardless of the products and services they use, will not be affected.

‘This realignment of our product portfolio allows us to provide solutions to our customers’ digital challenges in the areas of payment transactions, integrated financial management and provision of verified business data with a greater focus. Isabel is extremely well positioned to help build the future for Belgian banks, business and society in co-creative mode.’ Kris De Ryck, CEO, Isabel

‘Isabel plays, and will continue to play, a fundamental role in the Belgian economy. Our renewed focus on payment services and offering verified data to companies and institutions in Belgium confirms our commitment to further strengthen the multi-bank financial infrastructure and services and drive innovation, at the service of our customers.’ Bram Somers, Chairman of the Board of Directors, Isabel