Currently, foreign entrepreneurs that incorporated EU companies remotely experience issues while opening traditional bank accounts in a country of incorporation. While alternative FinTech solutions that offer money transfers (in numerous currencies) have their own complex requirements as well. While all terms of service and prices might be unclear.
As some services don't open accounts for clients from certain jurisdictions, some have unclear fees and those details become clear to clients only after completing long questionnaires and completing time-wasting KYC/AML procedures.
In order to solve this problem, Enty launched a free solution that helps companies choose FinTech service in a matter of 1–2 minutes by completing one questionnaire. After completing the questionnaire, customers receive 2 best-matched options that suit their needs.
While choosing the service, the solution uses the Criteria below:
- Founder's residency;
- Country of incorporation;
- Whether the company is operated remotely;
- The required currency of the business account;
- Whether the company required operations with cryptocurrency.
In the future, Enty plans to include more appropriate mechanics that will take into account transaction types that are used by clients, will increase the number of solutions available for customers, will include traditional banks.