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E-invoice API integration for banking and financial platformsAugust 24, 2022
E-invoicing API integration can unlock additional revenue streams and help neobanks and financial platforms take another step towards becoming true Super Apps.
What is e-invoicing?
Electronic invoicing (also known as E-invoicing) is a form of invoicing, when the client is presented not with a paper or scanned invoice but with an E-invoice.
An e invoice follows a predefined, standardized format. All data (e.g. PO number, VAT number, and so on) is provided in a structured way, and the e invoice can be automatically imported and processed by the purchasing organization’s AP system. E-invoicing systems commonly use electronic data interchange (EDI) and XML formats to make data exchange easier.
While e invoicing itself has been on the market for at least 30 years, its adoption varies from market to market. For example, across the European Union, E-invoicing has been standardized since 2020.
What are the benefits of the E-invoice API?
The integration of API for e invoicing is a suitable solution for banks and other financial platforms that do not want to waste time on building their own E-invoicing system. By using a compliant e invoicing API solution, neobanks, banks and other financial services providers can allow their business clients to:
- Mitigate the risks associated with fraud and tax leakage
- Save money and resources that would be wasted on manual invoicing
- Reduce invoice mismatches
- Unlock additional benefits like easy tax claims
The benefits of Monite e invoicing API
With Monite e invoice API, it is easy to aggregate electronic invoices from multiple countries and ensure that all related flows (like reconciliation or accounting export) are in line with e invoicing requirements of any given market.
E-invoicing API is only one part of making finance and payments operations easier for clients. With Monite, in addition to helping clients automate Accounts Receivable functions (E-invoice API covers a part of it), financial platforms can also help clients automate Accounts Payable functions.
Monite offers not only fully compliant e invoicing API, but also a range of other functions that can help a bank, neobank or financial platform to become a true Super App for businesses. Additional benefits financial platforms can offer to their clients with Monite include:
- Setting up and receiving online payments
- Setting up automated and compliant reminders
- Auto-mapping invoices to payments & export for accounting purposes
Signing up in Monite means that you don’t have to spend engineering hours on building solutions in-house or waste your budget on multiple APIs from different providers.
Get in touch for a demo today.
Online Invoicing API meets Invoice Generator APIAugust 10, 2022
Invoice Generator API is the next big step for the simpler world of automated document processing.
What is an Online Invoicing API?
With the help of Online Invoicing API, companies can generate and manage invoices based on various input data. SMEs and large corporates can save time and resources by automating the generation and processing of invoices. Online Invoicing API is the first step in offering comprehensive Accounts Receivable automation. With a compliant Online Invoicing API, it is possible to send custom quotes & invoices, issue reminders, review unpaid invoices, and auto-reconcile invoices.
Unfortunately, only a handful of banks and Fintech companies provide their customers with this functionality. This leaves SMBs in a situation where they have to seek out standalone online invoicing solutions. In fact, an average SMB has to use 40+ apps to manage finances and operations, while much of that functionality could be provided by a single platform via API integrations.
Why should banks and fintechs integrate Invoice Generator API?
Banks and B2B-focused fintechs that do not provide their customers with advanced Accounts Receivable automation solutions (based on Online Invoicing API, Invoice Generator API, etc.), miss out on many opportunities. First, they become less competitive, as other companies add such functionality. Second, they lose additional income streams that come with AR automation.
How does Monite Invoice Generator API work?
Banks, neobanks and fintech providers can streamline and automate the invoice generation process for clients with the help of Monite. Invoice Generator API integrations can create counterparts that represent customers, add products that will be listed in the invoice, add additional invoice data, get the applicable VAT rate, and more.
In other words, Monite’s Invoice Generator API can integrate a comprehensive PDF conversion system with existing applications. Using the integration, users can configure delivery method, payment schedule and other settings before they generate the invoice.
Is Monite’s solution better than a free invoice API?
While a free invoice API can suit a smaller operation (a company or person seeking to automate their invoicing procedures), integrating a public API into a financial services platform would lead to security and non-compliance issues. Monite’s compliant Online Invoicing API is safe, secure, reliable and built with the highly regulated area of Finance in mind.
Multi-Rail Payment Solutions: Catalyzing Growth in B2B PlatformsAugust 10, 2022
Introduction: Unveiling the Power of Multi-Rail Payments
In the evolving landscape of digital transactions, B2B platforms, including neobanks, marketplaces, and specialized apps, are in a constant quest to enhance their financial offerings. A standout solution in this quest is the adoption of multi-rail payment solutions, a strategy pivotal for driving efficiency and growth in B2B commerce.
The Essence of Multi-Rail Payment Solutions
At the core, multi-rail payment solutions represent a holistic approach to digital transactions. Unlike single-provider models, multi-rail systems integrate various payment methods and channels, offering a versatile and robust solution for modern businesses.
Advantages of Multi-Rail Systems in B2B Transactions
- 1. Diverse Payment Options: They cater to global market demands by providing a wide range of payment methods, enhancing customer satisfaction and reach.
- 2. Streamlined Integration: With simplified API connectivity, these solutions offer ease of integration, crucial for small and medium-sized businesses.
- 3. Cost-Efficiency: By pooling multiple payment solutions, multi-rail systems reduce operational costs, providing an economical alternative for businesses.
- 4. Enhanced Reliability: The redundancy built into these systems ensures uninterrupted transaction processes, building trust and consistency.
- 5. Revenue Growth Opportunities: The comprehensive nature of these solutions opens new avenues for revenue, especially for platforms looking to expand their service offerings.
- 6. For an in-depth look at how multi-rail open banking enhances embedded finance offerings, check out our detailed blog post here
Real-World Application: Enhancing Merchant Services
Consider an accounting platform that integrates a multi-rail payment system to serve its SMB clients. This integration not only complements its core services but also opens new revenue streams and increases customer retention by offering a more complete financial solution.
Overcoming Traditional Payment Limitations
Traditional single-provider payment systems often fall short in meeting the diverse needs of modern businesses. Multi-rail solutions address these gaps by offering a more adaptable and comprehensive service, thereby enhancing the value proposition of B2B platforms to their clients.
Internal and External Integration: A Seamless Experience
The integration of multi-rail systems with existing financial tools and platforms is seamless, ensuring consistency in data management and user experience. This ease of integration is supported by Monite’s robust API, which connects multiple payment players efficiently.
The Future of B2B Payments: A Multi-Rail Approach
Looking ahead, the adoption of multi-rail payment solutions is set to reshape the B2B payment landscape. These solutions position B2B platforms to excel in an increasingly digital economy by offering flexibility, cost-effectiveness, and enhanced reliability. The potential in this market is substantial. In the U.S. alone, the total addressable market for B2B payments is estimated to be between 25 to 27 trillion dollars. Currently, embedded payments, a key component of multi-rail solutions, constitute about 5% of this market, approximately 2.6 trillion dollars. Over the next five to six years, this sector is expected to grow upwards of 7 trillion dollars, marking a 170% increase. This growth trajectory highlights the significant opportunity for B2B platforms integrating multi-rail payment solutions.
Conclusion: Embracing the Multi-Rail Revolution
In summary, multi-rail payment solutions are more than just a technological advancement; they represent a strategic shift towards future-ready payment ecosystems. For B2B platforms aiming to enhance their offerings and achieve sustainable growth, embracing multi-rail payments is a strategic imperative.
For a deeper exploration of multi-rail payment solutions and their impact on your business, visit Monite’s Payment Solutions. Stay informed about the latest trends and innovations in digital payments with resources like PYMNTS.com.
Join us in navigating the future of B2B transactions with solutions that promise efficiency, innovation, and growth.
Monite Invoice API versus PayPal’s Invoice API. Which is best for financial platforms?July 1, 2022
At first glance Monite Invoice API may look similar to the Invoice APIs PayPal and Stripe offer. However, there are not many similarities beyond being able to issue and send compliant invoices. Where PayPal Invoice API works best for small or new businesses that are just getting started, Monite Invoicing API is a solution geared primarily towards neobanks and fintech platforms. This is an important distinction to make, as, unlike Paypal Invoice API, Monite Invoice API can be monetized by platforms in a SaaS fashion.
A brief introduction to PayPal Invoice API
The PayPal Invoice API enables users to submit payment requests to clients using a customizable template, as well as track customer payment status and client interaction histories, and accept payments by credit and debit card, bank transfer, and mobile wallet.
Just like most of its competitors, PayPal Invoice API – which can be integrated across a variety of online applications – helps companies to automate their invoicing workflows by allowing them to take care of routine tasks like payment reconciliation and invoice collection.
Here is how it works. When a company or individual sends an invoice to a customer, it moves from draft to payable state. At that point, PayPal will email the customer a link to the invoice on the PayPal website. All the customer has to do is log in and pay the invoice with PayPal.
Who is PayPal Invoice API for?
As we’ve already mentioned, the PayPal Invoice API is best suited to small and new businesses, as well as freelancers and entrepreneurs. This is, in part, because it’s easy to set up and does not require users to sign any contracts or have much in the way of technical knowledge.
Similarly to Stripe and other direct competitors, PayPal is a popular choice among companies that only seek to issue compliant invoices or build a checkout process that’s convenient to their customers.
How is Monite’s Invoice API different from PayPal’s?
The key difference between the invoicing APIs of Monite and PayPal is that Monite is tailored specially to neobanks, fintechs, B2B SaaS companies, and other platforms. It also offers comprehensive, embedded Accounts Receivable automation, which allows platforms to provide their clients with extended AR functionality.
Furthermore, unlike PayPal, Monite has a team focused almost exclusively on the development of cutting-edge headless AR and AP automation solutions. This means that Monite can offer products of unmatched quality to platforms, enabling them to unlock additional revenue streams by providing their customers with exclusive functionalities.
What does Monite Invoice API offer?
Monite Invoice API covers a wider range of functionalities than PayPal’s. These include:
- Issuing and sending offers and quotes;
- Reconciling payments;
- Making custom-designed invoices with payments links;
- Sending compliant follow-ups;
- Exporting payments data to accounting systems;
- And more.
Monite Invoice API also offers multi-rail Open Banking solutions and supports foreign transfers.
How can platforms make money with Monite Invoice API?
Monite Invoice API brings convenience and hassle-free invoicing options to clients of neobanks that integrate it. They can issue and manage all invoices without leaving the platform to access a separate app that they would otherwise use for invoicing.
Now, how can platforms monetize this feature?
Here you have two complementary options: charging a monthly SaaS fee, or taking a commission on invoice payments. You can get a rough estimation oFor your convenience, you can get a rough estimation on how much you can potentially make in processing and subscription fees here.
If you have any other questions, please explore our blog or get in touch with us for a demo today!
Monite Invoice API versus Stripe Invoice API. What’s appropriate for your B2B platform?June 29, 2022
There are certain similarities in the way Monite Invoice API Stripe Invoice API operate. For one, both have been designed with the developer in mind and have extensive documentation. But there are more differences than similarities. While Stripe Invoicing API is meant to be used by businesses directly, Monite Invoice API is a solution for neobanks and fintech platforms. Let’s look into these differences more closely.
What is Stripe Invoicing API?
Stripe Invoicing API is a popular invoicing solution built on top of Stripe Payments that lets companies accept credit and debit cards, bank transfers, and mobile wallet payments. Like many other major API solutions for payments and finance, Stripe Invoice API can be easily integrated across many online applications.
With the help of Stripe Invoice API, businesses can automate their invoicing workflows and other Accounts Receivable processes. As such, it helps finance and operational teams save time on things like payment reconciliation and invoice collection.
Who is Stripe Invoicing API for?
Stripe Invoicing API is a good choice for online businesses that can integrate invoicing into their existing websites, apps, CRM systems, and so on. As such, Stripe Invoice API is a proper and viable solution for SMBs who want to, for example, streamline their online checkout process and issue compliant invoices.
How is Monite Invoicing API different from Stripe Invoicing API?
While Stripe Invoice API is meant for end users (for example, online merchants), Monite Invoicing API is designed with platforms (neobanks, fintechs, B2B SaaS players, etc.) in mind. Moreover, Monite offers a comprehensive Accounts Receivable automation solution that can be embedded in such a platform. By doing so, platforms can unlock invoicing and other AR functionality for thousands of clients.
Unlike Stripe (who has numerous products in the financial space), Monite is solely dedicated to building cutting-edge headless AR and AP automation solutions. By specializing in the field, the company’s team is putting all of its efforts into developing functionalities that neobanks and fintechs can offer to their clients and monetize.
What does Monite Invoicing API offer?
In addition to the issuance of compliant invoices, platforms that use Monite Invoicing API can cover a wider flow. Here are just some of the functions that can be offered to clients:
- Issuing and sending offers and quotes
- Creating custom-designed invoices with payment links
- Sending compliant automated follow-ups
- Reconciling payments
- Exporting payments data to accounting systems
In addition to that, Monite Invoice API fully supports open banking rails as well as foreign transfers.
How can platforms make money with Monite Invoice API?
With Monite Invoicing API, financial platforms can offer their clients the convenience of issuing and handling invoices without leaving the platform. This means that clients no longer need to maintain a separate app that can only do invoicing.
This functionality can be monetized via two different revenue streams that complement each other:
- SaaS fees. Platforms can charge their business customer a monthly fee for using invoicing
- Processing fees. Platforms can also earn a commission on invoice payments that are made through a link
How much could your platform make? Simply input the number of clients you service to get an estimate using our AR automation calculator.
Four reasons buying an embedded finance solution could be a huge win for your businessJune 22, 2022
If you are a B2B business such as a neobank or marketplace, or build vertical-focused software solutions, today you have a massive opportunity to add financial automations to your core offering. Automations such as invoicing, accounts payable, expense management, and more help drive faster growth, build stickier customer relationships, and generate more revenue.
However, a critical decision you will need to make is whether to buy an existing solution or build something in-house. On the one hand, eager and talented tech teams may enjoy the challenge of solving some of these problems for your customers. But reality can be more complex than it appears. In this post, we will discuss the advantages of partnering with a specialist embedded finance solution, and share some context on challenges that come from building financial automations in-house.
Buying helps you avoid the 20% of complexity that is visible, and 80% that’s hidden
To start with, let’s take a look at the example of an invoicing automation tool. As invoices are standardized documents similar across most countries, it may appear to make sense to build it in-house.
However, a point that is not alway well understood is that finance automations contain an incredible amount of edge cases and hidden complexity. For example, in the case of invoices each country has its own compulsory information, custom formats and industry and/or country-specific layout requirements. Likewise, country-specific tax and/or regulatory information needs to be added.
The implication for invoices is that different tax and/or regulatory information needs to be added for every country, often in a specific place or in a certain order on the invoice. Your solution needs to recognize payments, partial payments, payment amounts that vary due to exchange rates, payment methods including cash or check, and so on.
As you expand, your team will need to consider how to handle different currencies and currency exchange rates, new writing systems such as Cyrillic, Arabic, or Chinese, and different formats such as pdfs or printed forms. There are an enormous amount of edge cases which will need to be solved for your invoicing solution to work reliably all the time, and even in the markets for which you have already built your solution, any change in regulations means more work for your team. And finally, it will need to be able to run accounting for all of this complexity.
The key thing to remember is that a large number of edge cases means building any financial automation is going to be much more complex than it may initially seem. In fact, according to our research, 80% of the complexity of any finance automation is invisible, meaning teams regularly under-estimate the resources they need by several orders of magnitude. Due to this, there is a big advantage in outsourcing this complexity to an embedded finance specialist.
Buying enables you to focus on your core business
Financial automations involve other people’s money, and that means understanding and being compliant with regulations, and ensuring your automation is highly reliable.
To meet these requirements, you need a complete team – product, compliance, and security, as well as developers. And you need to test features thoroughly before deploying, build in-house expertise around regulatory compliance, and so on.
In a competitive hiring market, this is a daunting, expensive task and that will act as a drag and distraction from focusing on what your business really excels at. Would you really hire a whole 2-3 squads for this when you need to ramp up core products as well?
But on a more positive note, the flipside is also true. If you buy rather than build, you can devote your valuable talent and resources to your core business, and accelerate on building your own unique advantages. On a 3-5 year time horizon, this can snowball into an enormous competitive advantage for your business as you are able to innovate faster, with lower overheads.
Buying enables you to unlock multiple revenue opportunities
The purchase and implementation cycle of a good embedded finance solution is typically much shorter than what it would take to build and ship a comparable financial automation in house – depending on how organized you are, as fast as a few weeks. And because embedded finance solutions are built by entire teams to cover use and edge cases of many clients, the functionality of a bought solution is also much richer than a comparable in-house solution. This has a number of catalysts for revenue growth, and means you can:
- Start to sell these features almost immediately, meaning you add a new revenue stream more quickly.
- Convert more customers thanks to better functionality. In fact, where an in-house solution might get a 1-2% conversion, an embedded solution powered by a player like Monite can reach 20-30% conversion – a 10x plus rate.
- Generate more revenue per customer thanks to the richer functionality.
- Earn on upsell of financial services such as factoring, BNPL, and so on.
- Attract completely new customers due to the increased functionality you are offering.
- Reduce churn by a large margin while increasing LTV for existing clients.
To summarize, the revenue opportunities of buying a solution can be far greater than simply a recurring fee for a new feature, and should not be underestimated.
Buying means you benefit from network effects
To briefly recap what a network effect is, it refers to the concept that an increased number of customers improves the value of a service.
In the case of your embedded finance partner, this means that every customer they add translates into more capital for them to build out new features, products, and integrations that benefit their entire customer base, including your business.
If you buy a solution today, you will already benefit from network effects. The fact that they have a team of engineers focused on building out features, product, and integrations for all their customers means that functionality and edge cases will be far better covered than anything you build in house. But not only will you benefit from the network effect of today, you are also going to benefit from every new customer who comes after you, who will in turn enable long term, accelerated innovation by your embedded finance partner.
Embedded finance is at an inflection point
Finally, perhaps the most exciting part of this story is where embedded finance is in terms of the vendor landscape. For this, we can look at an analogy with payments innovation.
A decade ago many tech teams would have built their own payments connections rather than risk outsourcing this business-critical function to a third party. After all, why would you trust this incredibly important function to a company you have no control over?
But over the last decade there has been an explosion in both the number and quality of payments APIs on the market. Today, it would be crazy to think that your in-house team could build payments connections that could compete with the reliability and functionality built by thousands of engineers and product experts at companies like Stripe, Mollie, or Adyen.
Embedded finance is at a similar inflection point to payments a decade ago. Companies such as Monite are accelerating innovation and building scalable products that will help a wide range of B2B tech and financial businesses to unlock new revenue streams, deliver a better customer experience, and double down on their own innovations.
A decade ago small, relatively unknown companies such as Uber, Shopify, and Etsy, partnered with the first wave of payments APIs on their way to building groundbreaking companies. And today, innovative companies – both new and established – will do the same with embedded finance APIs. Will you be among them?
What Is Invoicing API? Guide To Invoicing API For AnyoneSeptember 23, 2021
Invoicing API is the ability to issue offers, invoices, and run the accounts receivables process based on API calls. It allows platforms like Neobanks, Fintech & Vertical SaaS companies, and marketplaces to add invoicing functionality into their interface, so their clients can use it right there instead of using a separate provider.
Some invoicing companies like Invoice2Go have open APIs allowing clients to connect to other systems. However, this approach means that clients need to use the provider in the first place.
On the contrary, Invoicing APIs like Monite allow platforms to embed invoicing functionality for their clients – without any external dependencies.
In the post-pandemic era, API e-invoicing has got mandated by governments around the globe. It has got initiated for small-scale companies with a whopping turnover. e-Invoicing API is the way to connect your invoicing system to the tax authorities and submit the required information on behalf of your clients.
A comprehensive e-invoicing API implementation ensures:
- Reduced fraud and tax leakage
- It saves money and time
- Reaps the benefits of e-invoicing API to taxpayers like precise and easy claims, and reduced invoice matches, to mention a few
- Enhanced transparency and reduced human error;
- And more
To connect to e-Invoicing APIs in some countries, platforms need to get licensed or they’d need to use a provider that already has a license – like Storecove or Monite.
Outlining the Importance of Accounting API
In the accounting domain, APIs enable clientele to treat accounting software as the prime hub. In addition, it allows using it to unleash the accounts data effectively and increase the efficacy of fundamental business processes. It integrates with accounts to improve credit control. What it does is, automate the procedure of chasing customers for displaying payments and credit risks.
By connecting to the account automatically, APIs understand which invoices have got paid and which are not. Considering API in accounting, it turns the accounting software into an equipped toolkit. So, this means that there’s always one application that may benefit each client. Kudos to the influence of cloud-accounting APIs! Now, you get reviewed as a trusted business advisor to small businesses.
How Does Bill Payment API Work
In general, there are two types of payment method identifiers for bill API online:
- URL-based payment methods: It represents one payment method tied with a single payment app
- Standardized payment processes: It’s the most used string for the payment method identifier
The payment method concept in the payment request API is simple. However, it’s imperative first to understand a larger architecture.
How Connectivity via Bookkeeping API Empowers Accounting?
API for e invoicing is crucial for 21st-century cloud accounting as the software used throughout the business requires accounting solutions. From managing projects to generating orders, each business area comprises a financial dimension. The tools also require transferring transaction data to the accounting system for effective financial management. So, this means decent accounting relies on consistent IT connections.
Without robust API, the connections get delayed or may break, resulting in data errors. It may require resorting to manually validating the accounting information. Using accounting tools with strong API allows for streamlining the life cycle from beginning till the end.
Why Should You Use Accounting Software API?
There’s a multitude of reasons why businesses must consider launching accounting software APIs. They offer the potential to:
- Generate revenue
- Extend the value and reach of customers
- Support marketing activities and sales
- Stimulate technical innovation and business
- Ease integration of applications and backend data
Understanding the Role of Invoice Generator API
The Invoice Generator API provides a PDF conversion system integrated with the existing applications. The Invoices API allows you to create invoice API and manage them for orders created by using the Orders API. Upon creating the invoice and configuring the delivery method, invoice settings, and payment schedule, you may publish that invoice.
What is API Banking? Guide to API Banking for anyoneSeptember 22, 2021
API banking is a unique, advanced, and innovative way to improve communication between the clientele server and the bank. It makes use of JSON/XML codes and makes data transfer seamless between the two systems. Here’s your guide to everything about API banking. But what is API Banking?
What is API Banking?
By API banking definition, Application Programming Interface uses XML/JSON codes for enhancing communication between client servers and the bank. By doing so, it makes data transfer between the systems smooth and ensures secured integration between the bank’s and customer’s systems. API Banking helps customers perform banking transactions easily without toggling the ERP or Enterprise Resource Planning platform and the bank.
Outlining the Benefits of Bank API
There are multiple benefits of API banking, and to mention some of them, you can follow the following pointers:
- Instant solution and direct integration – Real-time solution to process banking transaction
- Secured and seamless medium of integration – Exchange files or data in the encrypted environment
- Extremely efficient banking mode – Reduces the turn-around time concerning banking transaction as initiation and reverse status on the customer system based on real-time
- Easy reconciliation and Saves time – You no longer require visiting the bank or manually uploading the transaction files
Bank of Canada Exchange Rates API
To broaden the concept of exchange rates API; here’s highlighting the pointers:
- Daily Exchange Rates
- Monthly Exchange Rates
- Annual Exchange Rates
- Daily Exchange Rates Lookup
- Canadian Exchange Rates (the CEER index happens to be the weighted average of bilateral exchange rates for Canadian dollars against currencies of Canada’s trading partners)
- Foreign Exchange Intervention (updated when the bank intervenes in the foreign exchange market)
About exchange rates
To do so here’s highlighting two significant processes:
Understanding the exchange rates
Talking about the foreign exchange market, it determines how much the Canadian dollar is actually worth. If you consider the Canadian Bank, one must intervene to support the value accordingly.
Background information on exchange rates
As per the API banking firmenkunden, it is imperative to first consider learning about publication and calculation methodologies for the FX or foreign exchange rate data on the Canadian bank’s website.
Deconstructing API Bank Models
API banking models get classified broadly into three classes, including:
- Platform banking or API banking platform
- Banking as a service, and
- API Open banking
Types of Bank Login API
The banking industry is emerging to the open-source model through APIs. As per the report, there are three ways of logging in API through the following banking APIs:
The APIs get commonly used within a traditional banking institution for the purpose of augmenting the efficacy of operations. The set of APIs gets viewed as essential by the banks due to the fact that they significantly reduce development time for building new systems or customer-facing applications.
In return, what it does is, maximize productivity. Instead of creating apps from scratch, what developers can do is, draw from the common pool of private APIs.
The set of open APIs has become famous in the 21st-century banking hub. With the API in banking industry getting prominent, the APIs avail the data for the third parties that might not enhance the formal relationship with the banks. The open banking initiative ads improve the whole digital banking solutions.
According to API banking Deutsche bank, APIs get used as the interface between banks and their business partners. In return, it helps the banks to expand product lines and services, to mention a few. Does it sound confusing? Well, here’s to learning further on this front.
Any bank may work with a third-party company to create the loan documents automatically. This gets done for numerous loan app that banks receive. By working in this manner, banks will be able to work together with the partners to troubleshoot the common problem by sharing APIs accordingly. This may increase the efficiency of the bank and allow for the automation of loans.
Classification of Bank APIs by Functionalizes
These get divided into different categories such as:
Core API in banking: It encompasses APIs used for savings accounts for cash deposits. APIs help with cross-border payments.
Card Issuance APIs: With the most effective API banking strategy, they allow creating, managing, and distributing the physical and virtual cards. These get used for creating the cards for the businesses.
KYC APIs: As per API banking use cases, this set helps in identifying the retail customer or business. It helps in reducing onboarding time for customers, ensuring seamlessness.
Lending APIs: APIs help in offering credit to the customers. They offer information that loan officers need for making effective lending decisions.
Acquiring APIs: This particular set of APIs encompass payment gateway APIs as well as online card acquiring APIs! Online card acquiring APIs enable the companies to accept any kind of payment with the cards or even internet banking!
The emergence of API Banking
As per the API banking wiki, the historical roots of the evolution of API banking have its roots in 2016 when CMA or Competition and Markets Authority asked different top-notch banks to offer access to the data to the third-party apps. The decision came as a result of multiple small steps taken to open banking.
After some time, PSD2 emerged at the forefront and made a prominent contribution to the evolution of Open banking. With that, UPI or Unified Payments Interface played a prevalent role in the emergence of API banking. The procedure of sharing data through the bank APIs get demonstrated as API banking.
Adoption of API Banking Definition
With the adoption of API banking, it has fueled the development of newer entrants. Additionally, API banking also brought changes to the way fintech organizations and banks work.
So, this was your guide to everything about API banking. Now that you have learned the nitty-gritty of API banking, you can hire the most effective API banking services and proceed seamlessly.
Accounts Payable Automation in Small BusinessSeptember 12, 2021
Managing cash flow is critical to small business success. That includes monitoring accounts payable for the products and services your company needs to grow your operations.
Even with electronic accounting and financial software, small businesses spend a lot of time manually managing every invoice one by one. It’s a necessary task, but also one that’s susceptible to errors, missed details and lost time.
What is accounts payable, and how can your small business make it easier to track?
Accounts payable: What is it?
When a small business purchases equipment, services, or supplies from an outside vendor, they usually do so on credit. The total amount this business owes is called accounts payable. Bookkeeping records show accounts payable under “current liabilities.”
The accounts payable process
At most small businesses, the accounts payable process generally consists of three steps:
- The company issues a purchase order
- The vendor provides goods or services, generating a receiving receipt by the company
- The vendor issues an invoice outlining how much is owed and when payment is due
After invoice details have been reviewed and approved by the employee and the financial department, the amount is entered as accounts payable. Usually, the vendor gives the company a window of time — typically 30 or 60 days, or more — to remit payment.
Problems with handling accounts payable manually
The accounts payable process generates a lot of paperwork, whether it’s actual paper or digital. Even if purchase orders and invoicing are done electronically, handling them manually can result in a lot of gaps in the process.
Everyone in the business who buys an item or service must send their invoices to the officer in charge of accounts payable, meaning that the officer must sift through piles of emails to collect them all. The CFO then has to download each invoice manually, pay it before the due date, and prepare all the information for accounting.
The chances for error in this process are significant. Invoices can get lost in the email shuffle. Information can be recorded incorrectly or missed entirely. Paying invoices at several different times can make record-keeping hard to manage. The time spent in creating reports can add up to the point where the lengthy process becomes a liability in itself.
That’s why accounts payable automation is the 21st-century method of invoice management.
Monite: The Accounts Payable Process Made Simple
Monite is an end-to-end, automated answer for accounts payable processing. As part of its fully automated financial platform, Monite makes it easy to submit, review, approve and pay invoices in half the time.
Office team members send their invoices to the Monite platform. No matter what different formats they take — even if they’re scans of paper invoices — Monite accepts them all. Users can annotate their invoices with additional information.
Monite uses OCR technology to extract all the pertinent information on each invoice. It automatically organises all data and puts it in a clear, easy-to-understand report. And with just one click, you can issue payments on all invoices automatically through your bank. Confirmation of payment is immediately sent to the employee who submitted the invoice.
Send Regular Reports to Financial Officer
You or your company’s CFO receives a single report covering all the most recent reports, as little as once a week. They can review and approve all invoices in one sitting or return individual invoices for clarification.
Benefits of Accounts Payable Bookkeeping with Monite
Centralized Overview of All Activity
Monite gives you a complete look at your small business’s accounts payable activity in a clear, organised way.
No Lost Invoices
Monite’s automated system ensures that no invoice will slip through the cracks or get buried beneath a mountain of emails.
Your employees won’t have to bother you about payment because they’ll get a notification every time their open invoices are paid.
Most importantly, Monite automates all the organisational and clerical tasks that take up time that could be spent growing your business.