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GRID Finance

December 12, 2018

How we are helping one of Ireland’s fastest growing business lenders automate their payment and reconciliation processes using the fire.com API

The Challenge

GRID wanted an innovative solution that complemented their product offering and supported their commitment to excellence: a simple to use, fast and automated payment system.

The Solution

With fire.com, GRID creates new accounts (with unique IBANs) on demand and in real time. They transact with their customers daily and at volume through dedicated and segregated accounts.

By integrating their platform with the fire.com API, GRID access real time updates when transactions occur at an individual account level. The API also enables them to automate dynamic transactions via bank transfer, or in real time between fire.com accounts.

As a result, GRID reduced their time spent on manually processing payments from 1.5 hours to only 15 minutes per day.

The Benefits

Creating accounts in real time – GRID now creates new fire.com accounts (with unique IBANs) in real time, without the need to go through an application process.

Automated payments with the fire.com API – GRID receives a notification as soon as a payment is received. Their internal systems use this data to instantly segregate transactions, initiating payments via bank transfer or internally to another fire.com account. All done in seconds without manual intervention.

Real time fire-to fire payments – All fire-to-fire transfers occur in real time. This has enabled GRID to transact seamlessly and accurately between their internal fire.com accounts or with clients who are also using fire.com.

Automated reconciliation with the fire.com API – GRID automatically updates their internal systems when payments are received, eliminating manual data entry and margin for error.

Enhanced security and control – GRID uses multi-user authorisation for approving all transactions for increased security and control. In addition, GRID receives real-time notifications when payments are made or received into their fire.com accounts.

Enhanced visibility – The friendly design of the firework mobile app and firework online gives GRID greater visibility of their transactions.

Testimonial – Q&A with GRID Finance

What would you consider the main benefits of the fire.com account compared to a high street bank?

There are several! But the number one benefit is the speed of settlements with inter-account bank transfers. This is key for us and our customers.

Then we can also open new accounts in seconds. The interface of firework online and the mobile app are user-friendly and easy to navigate. And lastly, the Fire team respond to queries quickly. They have an excellent support system which is not something we experience with the banks.

How are you currently using the fire.com API and what are the benefits of this?

We are committed to delivering an excellent, accurate and speedy experience for our customers. Time is limited and valuable. To meet our customer’s expectations, it is important that we work with partners like fire.com. Using fire.com allows us to boost productivity by reducing the hours involved in processing settlements from an estimated 1.5 hours per day to just 15 minutes. Every minute that we save allows us to focus on delivering the best possible experience for our customers.

What were the main challenges that you faced before opening your fire.com account?

The main challenge we faced was the ability to open multiple accounts on demand which was and is not possible with standard banks. With fire.com it can all be done in a matter of minutes. This level of efficiency allows us to better serve our customers, which is a core requirement of any product integration here at GRID.

Gary Grimes – Senior Operations Manager

About GRID Finance

GRID Finance is an Irish owned provider of finance for SMEs, specialising in funding for retail, hospitality, ecommerce and personal service businesses. GRID makes it straight forward and efficient for business owners to request and apply for finance through GRID’s online platform. GRID business loans are frequently used for the working capital, growth or expansion requirements of businesses in Ireland.

Visit Grid Finance.

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