Companies expend huge amounts of effort and money building payment operations. Today, treasury and finance teams have to become quite large to manage their payments.
This is not just a problem for traditional organisations; we’ve heard this is happening everywhere from listed companies to start-ups. They are using a tangled web of spreadsheets to track and make payments. That’s insane.
Look, there are 8k+ Payment Operations Jobs just in the UK, and 80 added every week.
Trillions of dollars travel through our economy each day, yet companies are making sense of it with outdated products.
That’s why we started Payable.
Finance teams and operations are often neglected when needing engineering time to create tooling and automate their reporting and payments infrastructure. Product teams can't build fintech products to enable new experiences because they need the finance team .
Software for Payment Reconciliation and Moving Money
Instead, complex spreadsheets are spun up and finance operations teams are expanded. Daily downloads of bank transactions are matched with payment providers’ records, or companies just hope for the best when completing their month-end reporting.
The cost and effort of integrating with a TMS or ERP is unnecessarily high for the majority of businesses, but the current solution of completing business-critical transaction reconciliation and cash balancing by long, manual matching processes and a dash of good faith is not okay for modern tech companies today.
No solutions out there cover all the banks, wallets and payment service providers companies are using to run their business. We are here to change that.
We are building a solution that hits the sweet spot. No onerous integrations, real-time data from the providers that matter to you, and it’s easily accessible by anyone in your organisation.
Get in touch to see what we’re building!
Managing client money? Here’s how PSD3 will change your financial operations
30 Nov 2023
The payment industry is changing quickly in light of PSD3. And while a definite timeline for PSD3 is yet to be announced, one thigh is clear - it will shake things up once again. Read on to learn more what PSD3 means for you and what operational challenges it brings along.
Journal Entry I: What is bank reconciliation?
28 Nov 2023
The term bank reconciliation is the process of comparing and verifying bank records with a company’s record of transactions (also called a journal entry). Some refer to this as the financial close process.