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What is Formance?
Formance provides a comprehensive financial infrastructure platform designed to help businesses build and operate financial applications efficiently. The platform offers real-time tracking of omnibus accounts and user balances across all assets, eliminating data drifts between product data, payment rails, wallets, and bank accounts. It features an immutable ledger trusted by regulated institutions to track billions in volume, ensuring secure financial data with end-to-end transaction traceability.
The platform includes modules for ledger management, connectivity, flows, and reconciliation, along with connectors for services like Stripe, Adyen, Banking Circle, Atlar, and Modulr. Formance supports developers with documentation, SDKs, and tools like the Numscript Playground, while maintaining enterprise security standards with SOC 2 Type II and ISO 27001 certifications, DORA compliance, and regular penetration testing.
Features
- Ledger Module: Provides an immutable ledger for tracking financial transactions with end-to-end traceability
- Connectivity Module: Integrates with payment rails and services like Stripe, Adyen, and banking platforms
- Flows Module: Enables building and managing financial workflows and processes
- Reconciliation Module: Automates reconciliation across complex payment flows and high transaction volumes
- Real-Time Tracking: Monitors omnibus accounts and user balances across all assets in real-time
- Security Certifications: Includes SOC 2 Type II, ISO 27001, and DORA compliance for enterprise security
- Developer Tools: Offers Formance SDK, Numscript Playground, and comprehensive documentation
- Open Source: Provides source code access with community support and transparency
Use Cases
- Building lending products with reliable reconciliation across multiple countries
- Integrating patient payments into healthcare ERP systems for better money flow insight
- Managing money and budgets in fintech backend architectures
- Developing new financial products for practitioners using existing ERP systems
- Tracking financial transactions and balances in real-time for regulatory compliance
- Automating reconciliation processes for high-volume payment flows
FAQs
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What security certifications does Formance have?
Formance has SOC 2 Type II certification, ISO 27001 certification, and is DORA compliant, with regular penetration testing by third-party security firms. -
What payment connectors does Formance support?
Formance supports connectors for Stripe, Adyen, Banking Circle, Atlar, and Modulr, among others. -
How does Formance help with reconciliation?
Formance provides a reconciliation module that automates reconciliation across complex payment flows and high transaction volumes, eliminating data drifts. -
What developer tools are available with Formance?
Formance offers documentation, Formance SDK, and the Numscript Playground to support developers in building financial applications. -
Is Formance open source?
Yes, Formance provides open source code with lifetime access, offering transparency and community support.
