Efficient reconciliation and payouts across multiple accounts
Enabling Accelerated Payments to streamline invoice financing with Fire’s automated payment processing.
Overview
Accelerated Payments helps SMEs and mid to large corporates gain access to working capital through an innovative invoice discounting solution. The alternative finance provider enables businesses to free up cash trapped in their invoices. Unlike other invoice discounting companies, Accelerated Payments allows clients to select which invoices they want to receive early payment on. By funding early invoice payments, they enable businesses to improve cash flow, grow their operations, and enhance their bottom line.
By integrating with the Fire Payments API, Accelerated Payments eliminated manual data entry and reduced errors through automated system updates upon payment receipt. The business can streamline operations by automating internal transfers and initiating external payments directly from their systems, resulting in faster payments to customers. Real-time notifications for payments, new payees, and account access are delivered via the Fire for Business mobile app, enhancing account visibility and security.
The Challenge
To deliver exceptional customer service, Accelerated Payments required a streamlined solution for instantly opening multiple subaccounts, tracking payments, and reconciling funds. Previously, each of these was a labour-intensive process performed across multiple platforms.
Frustrated by the limitations of incumbent banking providers, Accelerated Payments decided to seek out an efficient and transparent payments solution to enhance their operating process and thereby improve their customers’ experience.
The solution
As a Fire client, Accelerated Payments can instantly open multiple euro and sterling accounts, resulting in a clear and fast flow of payments with real-time transfers and information. Segregating funds into distinct subaccounts simplifies reconciliation and enhances process transparency.
Integrating to the Fire Payments API has enabled Accelerated Payments to significantly enhance their user experience by reducing reconciliation time and eliminating manual errors like misdirected payments. As a result, the business has also improved its overall customer satisfaction.
The Results
- Reducing manual administration & avoiding errorsBy using the Fire Payments API, Accelerated Payments can automatically update their systems when payments are received, reducing manual data entry and errors. This translates to faster reconciliation for the business, freeing up their resources for other tasks.
- Flexibility tailored to your businessWith Fire, businesses can open additional subaccounts with unique account details in real time, based on events like customer onboarding.
- Increased efficiencyThrough payments automation, the business can automate internal transfers and initiate external payments from their own systems, which speeds up payments to their customers.
- Improved security and granular controlAccelerated Payments can enhance control and governance by setting up multiple users with defined access levels and implementing multi-user authorisation for payments. Real-time notifications further increase the level of visibility and security over their account.
"Fire has simplified our payment processing and collections function. As an invoice discounting platform, we process thousands 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."
Dermot Nutley, Chief Operations Officer at Accelerated Payments
Q&A with Accelerated Payments
- Why did you choose Fire over other providers?
We chose Fire for its seamless integration with our existing systems and its robust security features. Their solution allows us to consolidate our operations into a single platform, eliminating the need for multiple systems. Overall, Fire offers exceptional value that aligns with our business needs.
- How did you find the integration process to Fire’s API?
The integration process was remarkably smooth, thanks to the Fire team's incredible support. Their expertise and responsiveness made the experience easier than we anticipated.
- How has Fire helped you to better serve your customers?
Fire helped us reduce manual data entry and enable faster reconciliation. This improvement has freed up valuable staff resources, allowing our team to focus on strategic initiatives. The increased efficiency and transparency we provide have resulted in higher client satisfaction.
Get in touch with our sales team and start your digital payments experience.