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“solarisBank knows how startups work—they had no problem keeping up with us.”

Malte Klussmann, COO Cringle

Cringle

P2P Payments

50,000+

downloads

€1.5 Mio+

sent with Cringle

2014

founded

Forget about ordinary SEPA transfers

Cringle is all about helping people work together: they want to make P2P payments accessible to everyone. With Cringle, people can send money to one another in real-time and across borders, and to date, users have used Cringle to send more than €1.5 million.
As the fintech and P2P space expands, regulations have become stricter. Today, European companies in the P2P space are required to comply with a growing raft of regulations, most notably the EU-wide Payment Services Directive (PSD), which requires them to partner with a licensed financial institution.
After launching in Germany, Cringle will expand through Europe in partnership with solarisBank.

Company overview

Cringle makes sending money to your friends as easy as sending a text message

Our Challenge

Help Cringle ensure regulatory compliance while expanding to other countries, modernizing their processes and increasing efficiency

The challenge

E-money is subject to strict regulation, and Cringle has to clear several legal, technical, and procedural hurdles.

Legal

P2P operators must partner with a licensed financial institution in order to be compliant with regulations like the EU Payment Services Directive.

Technical

To serve thousands of payments per day, Cringle needs a technically robust and legally compliant peer-to-peer solution.

Procedural

Cringle needs to demonstrate compliance with regulations like PSD, equivalent to those of an E-money license.

The challenge

To be more effective and attractive than ordinary transfers, P2P payments need to happen quickly and painlessly. The Cringle app allows users to send small amounts of money as easily as sending a text message.
Cringle has developed a smartphone app to do exactly that. Behind the scenes, their systems hook into our API to swiftly and reliably dispatch your funds.

POST /v1/escrow/items/7d35cb20123482bbe1068482b2a637988eitm/transactions
{
"reference": “3157019",
"type": "payin",
"amount": {
"value": 10000,
"currency": "EUR",
unit": "cents
},
"charges": [
{
"reference": “3010348",
"type": "payout",
"amount": {
"value": 200,
"currency": "EUR",
unit": "cents
}
}
],
entity_id": “a12b338b1b2a5fc27b0459224ef8dffdevnd
}
POST /entities

{
"reference": "",
"name": "Steffen Dietz",
iban": "DE84110101001000001130
}

Introducing P2P for all

Cringle’s users

Send and receive up to €100 per month using the Cringle App

Cringle

Seamlessly integrates solarisBank Escrow and E-money

solarisBank Escrow and E-money

Performs compliant banking procedures and services behind the scenes in real-time

P2P Payments: 100% compliant and easy to implement

solarisBank Escrow and E-money made it easy for Cringle to integrate their systems and quickly enable P2P payments for their customers.

Accounts

Accounts integrated via RESTful API to settle and clear transactions in near real-time.

E-money license

Issuers of E-money must be covered by the appropriate license and comply with PSD II.

Transactions

Perform compliant transactions in near real-time.

  • Accounts

    Accounts integrated via RESTful API to settle and clear transactions in near real-time.

  • E-money license

    Issuers of E-money must be covered by the appropriate license and comply with PSD II.

  • Transactions

    Perform compliant transactions in near real-time.

“Building with solarisBank’s modern API made it easy to connect our two infrastructures together. It made integration painless and straightforward.”

Alexander Nehls, Cringle Head of Product

Results and next steps

solarisBank aims to help Cringle spread throughout Europe. solarisBank’s umbrella banking license can be passported to other countries within the EU, allowing seamless operation across borders. By the end of 2016, Cringle will expand its operations to Austria, and aims to continue its expansion to other EU countries in 2017.

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