Aug 07, 2024 
In today’s business world, speed, accuracy, and automation in financial management are crucial. The financial management software market is evolving to optimize specific tasks, such as automated bank reconciliation, invoice payments, or real-time cash visibility.
Open Finance and Embedded Payment technologies, powered by platforms like Powens, fuels this evolution by allowing the integration of these diverse financial services directly into financial management software. This seamless integration helps businesses streamline operations, increase productivity, and improve financial visibility.
Let’s dive in.
Automated Bank Reconciliation
Automated bank reconciliation is a game-changer for businesses. Traditionally, reconciling bank transactions with accounting records is a tedious and time-consuming process, prone to human error.
With Powens Open Finance platform, financial software platforms can automatically retrieve transactions from their customer bank accounts. This automation ensures that all financial records are up-to-date and accurate, reducing the risk of discrepancies and freeing up valuable time for finance teams to focus on more strategic tasks.
Designed with small business needs in mind, our Bank Advanced solution provides a seamless and centralized way to access vital transaction-related files and data in very little time.
With Bank Advanced, you now have the added advantage of retrieving invoice attachments of neobank transactions, such as Qonto, Shine, or manager.one, and Payment Service Providers (PSP) such as Stripe, Paypal or Sum Up, bringing bank reconciliation to the next level.
Real-Time Cash Flow Monitoring
Understanding and managing cash flow is vital for any business. Powens’ Bank Solution enables companies to connect all their bank accounts, providing a 360° consolidated view of their cash flow.
This real-time visibility is essential for making informed financial decisions and ensuring the company maintains a healthy liquidity position. Advanced analytical tools further enhance this capability, offering detailed insights into the financial situation, helping financial software users to identify trends, forecast future cash flows, and plan accordingly.
Streamlined Invoice Payments
Managing supplier payment can be cumbersome.
Embedded payment solutions help to simplify this process significantly. With Powens technology, users can manage supplier payments directly from their financial management software.
They can select the invoices they wish to pay, confirm the batch of SEPA credit transfers, and execute them without needing to log into their bank’s portal. This seamless integration not only saves time but also reduces the risk of errors.
Customer Collections Management
Collecting payments from customers is another area where embedded payments offer substantial benefits for financial management software platforms.
Users can manage customer payments, select the invoices for payment collection, and execute SEPA direct debits directly from their software.
Powens platform also enables real-time follow-up on overdue invoices by generating payment links. Customers can pay their invoices instantly through a direct account-to-account transfer by simply clicking on the link, ensuring faster payment cycles and improved cash flow.
Powens & Financial Management Software
Powens’ Open Finance and Embedded payments solutions are transforming the landscape of management software by automating key financial processes such as bank reconciliation, cash flow monitoring, invoice payments, and collections.
By leveraging advanced solutions like bank & document aggregation and SEPA payment processing, businesses can significantly enhance their efficiency, accuracy, and financial insight. This not only enhances productivity but also allows finance teams to focus on strategic, value-added tasks that drive business growth.
Embracing these solutions is essential for staying competitive in today’s dynamic market. With thoughtful planning, effective implementation, and robust support, our technology can revolutionize your business, setting you up for sustained success in an ever-changing environment.
“Banking aggregation is at the heart of our business. Bank enables us to retrieve all the transactions we present in our application, and it is our basis for automating financial statements. By enriching the data retrieved with our algorithms, we facilitate the preparation of financial statements.” – Florent Galland – Co Founder – Dougs
Now’s your chance to benefit from our solutions.
Contact us today, and one of our specialists will be in touch shortly. It’s never too late to start the journey toward increasing customer stickiness with extended functional coverage.
Disclaimer: IBAN and payment solutions are provided by Unnax Regulatory Services EDE, S.L. under its electronic money license (Bank of Spain registration code 6719).
