August 24, 2018
Enabling Accelerated Payments to take invoice finance to the next level with multiple fire.com accounts
Accelerated Payments is helping SMEs across Europe gain access to working capital by providing an innovative invoice discounting solution. To provide a best in class experience to their customers, Accelerated Payments had several concerns that needed to be addressed, such as; instantly opening multiple new accounts, tracking payments and ease of reconciliation. Each of these had become a labour-intensive process performed across multiple platforms.
Frustrated by the limitations of incumbent banking providers, Accelerated Payments decided to seek out an efficient, transparent and innovative payments solution to enhance their operating process and thereby improve their customers’ experience.
By opening a fire.com business account Accelerated Payments can instantly open multiple euro and sterling accounts, resulting in a clear, fast and transparent flow of payments with real-time transfers and information. This resulted in an enhanced user experience via reduced reconciliation process time, reduced manual errors such as misdirected payments and improved their customers’ experience as a result.
Open multiple accounts instantly – Accelerated Payments can open individual euro and sterling accounts, each with unique IBAN or account numbers.
Automated reconciliation – Using the fire.com business API, Accelerated Payments can automatically update their systems when payments are received, reducing manual data entry and errors.
Automated payments – Accelerated Payments can automate internal transfers and initiate external payments from their own systems, which speeds up payments to their customers.
Multi-user access – Accelerated Payments can set up multiple users and define their level of access.
Multi-user authorisation – Accelerated Payments can enhance control and governance by defining the number of users required to authorise payments.
Real-time notifications – Real-time notifications are received via the Firework mobile app (payments received, payments made, new payees set up, account is accessed…etc.) increasing the level of visibility and security on the account.
“Fire has simplified our payment processing and collections function. As an invoice discounting platform, we process hundreds of transactions and open new collection accounts daily. We required a partner that could consistently meet our needs in a timely manner as well as offer the security and automation to support the scaling of our business. Fire was the solution for us and complements our Fintech platform by allowing for seamless integration. Thanks to the speed, professionalism and great product offering from the Fire team, it has assisted us in providing to the market a best-in-class invoice discounting solution”.
Dylan Martin – Co-Founder / Head of Operations
About Accelerated Payments
Accelerated Payments are an alternative finance provider who enable businesses to free up the cash trapped in their invoices. By funding early invoice payments, they enable SMEs to improve their cash flow, build their business and improve their bottom line. www.acceleratedpayments.com/about