Artificial Intelligence | News | Insights | AiThority
[bsfp-cryptocurrency style=”widget-18″ align=”marquee” columns=”6″ coins=”selected” coins-count=”6″ coins-selected=”BTC,ETH,XRP,LTC,EOS,ADA,XLM,NEO,LTC,EOS,XEM,DASH,USDT,BNB,QTUM,XVG,ONT,ZEC,STEEM” currency=”USD” title=”Cryptocurrency Widget” show_title=”0″ icon=”” scheme=”light” bs-show-desktop=”1″ bs-show-tablet=”1″ bs-show-phone=”1″ custom-css-class=”” custom-id=”” css=”.vc_custom_1523079266073{margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”]

Monite Partners With Codat to Enable Any App to Embed Invoicing and Bill Payment Features

Embedded finance startup Monite has partnered with the universal API for small business data, Codat, to make it faster and easier to integrate accounts payable and accounts receivable capabilities into existing apps.

On average, small businesses use more than 40 separate applications to manage their finances and operations, from accounting, expenses and sales, to forecasting and analytics and this number is growing around 30% year on year. The increase has been driven by the number of new software tools coming to market to help SMBs more effectively execute distinct tasks, in particular the explosion of industry specific software or ‘vertical SaaS’, which has grown 10x in market cap since 2010.

These apps have become popular because of their ability to cater well to particular industries, like restaurants, beauty salons or trades businesses. But, the lack of connectivity between them and the finance software being used, often leads to siloed systems, increasing the workload for small businesses. Software providers must either build or integrate with products for bookkeeping and making payments to avoid business owners needing to spend hours each week transferring data between systems.

Recommended AI News: Nephio Sees Rapid Growth as More Organizations Commit to Simplify Cloud Native Automation of Telecom Network Functions

Monite and Codat’s partnership enables SaaS platforms and financial institutions to easily and quickly integrate invoicing and billing functionality into their offering, creating a fully connected and unified, one-stop shop for businesses to manage their operations and their finances. The combination of Monite’s APIs for ready-to-run fintech apps and Codat’s API for seamless integration to third party SME apps, creates the potential for rapid launches of new apps that cater to a broad range of SMB needs in one place.

Ivan Maryasin, Monite’s Co-Founder and CEO says, “There is no shortage of great financial apps for SMEs. What’s still missing are the ‘super apps’ that bring everything together – a financial OS created by neobanks or vertical SaaS companies to dominate the SME finance stack.

“Until now, the cost of building that platform was too high, too risky and just diverted capital that could be used elsewhere, draining resources and detracting from opportunities to scale and develop core value propositions. With Codat’s powerful integrations now pre-built into Monite’s finance automation modules, customers of either company can get to market rapidly, saving time and money along the way, with great new apps or platforms that create a new level finance workflow automation.”

Related Posts
1 of 29,079

Recommended AI News: Vodafone Partners with Oracle to Accelerate Technology Modernization on Oracle Cloud Infrastructure

Pete Lord, CEO and co-founder at Codat says, “It’s incredible to see the quantity of platforms coming to market to help SMBs, but it can be time-consuming to manage and get the most out of them all.

“Integrations like the ones that we’re enabling with Monite ensure that key financial data isn’t siloed and flows freely and automatically between systems – which means businesses can be managed from a single source of truth. This is another important step towards helping systems speak to each other, removing hours of painful admin and ultimately unnecessary barriers to growth.”

Codat’s API enables providers to connect to major apps relevant to small businesses, such as Quickbooks, Oracle Netsuite, Xero, Square, Shopify, and Sage. The London-founded company has over 200 clients, including many of the world’s largest banks as well as rapidly growing fintechs from around the globe.

Monite is a finance automation provider targeting organizations considering offering fintech solutions but who do not want to incur the cost and risk of internal development. Its offerings enable B2B brands to embed new finance features such as invoicing, AP automation, expense management, and more, directly into their existing interface. Monite’s embeddable API platform allows brands to offer the functionality of specialized financial products within their own interface and serve all their customers’ business finance needs from a single platform.

Recommended AI News: CloudNC Raises $45 Million to Deliver Autonomous Manufacturing

[To share your insights with us, please write to sghosh@martechseries.com]

Comments are closed.