On the heels of Money2020 and Sibos ~ two of the world’s largest Financial Services conferences ~ we got to thinking. The overwhelming theme in the FSI space is innovation. The financial services space continues to be disrupted as new and old digitize the way they do business. Almost every type of finance-based activity is being reimagined in a quicker, more digital way.
So what does this mean for integration? As more startups pave the way, enterprises are asked to keep pace (read: keep connected to the new apps users want to use). It is extremely important for their systems to be able to communicate to the ecosystem of services that their customers and partners are demanding to use every day.
We have seen a lot of companies ranging from accounting, alternative lending, B2B banking, account, and payments make strategic investments in new products, technology and integration, and we’re only at the beginning stages. The payment market alone is valued at over $150 trillion, which is over 60 times more than the e-commerce market.
PaySimple, a Denver-based payment processing company has made it a priority to provide a Quickbooks Online integration to their customers. As their customers spent hours reconciling payments and then uploading into a CSV back into PaySimple they knew there was an easier way to get this done, saving their customers valuable time and allowing them to focus back on growing their business. Here’s a short demo of what the PaySimple team built.
Other businesses such as Tipalti, ScaleFactor, VersaPay, BotKeeper, IQ Backoffice, Delaware Life are not far behind - all innovating their digital experience, offering enhanced integration powered by Cloud Elements.
“Modern CFOs are transforming the way they run AP operations across their global enterprise, freeing finance up to drive mission-critical initiatives. This enhanced integration between Tipalti and NetSuite sets finance leaders to execute on that vision.”*
– Chen Amit, CEO of Tipalti.
Yet, even as banks invest today to address issues of digital experience and advanced integration, the bar just keeps on rising. Customers are redefining their expectations, taking their cues from other industries that offer multichannel access, product simplicity, seamless integration.
If you’re actively building integration to fit within the payment workflow, check out Cloud Elements’ solution for Integrated Accounts Payable Automation - use Cloud Elements to sync invoice and account data, and manage your entire order-to-case workflow.
*PRESS RELEASE - Tipalti Announces Multi-Entity and Purchase Order (PO) Matching Integration with NetSuite