Telleroo, a U.K.-based FinTech specializing in facilitating payments for small business accountancy firms, is partnering with BIN (bank account identification number) sponsor Moorwand to further streamline the payments experience for accountants and bookkeepers.
In a press release issued Tuesday (Dec. 10), Telleroo said it would deploy Moorwand’s digital banking and eMoney capabilities to promote efficiency and compliance in its integrated payments technology, which allows accountancy firms to make payments on behalf of their small business clients.
Further, Telleroo noted that it plans to expand applicable use-cases for its integration of Moorwand technology and its access to banking institutions and technology providers, including in areas like payroll and accounts payable supplier payments.
“This partnership means that we can offer a fully-compliant payment service, powered by Moorwand, without becoming a bank,” explained Telleroo MD and Co-founder Michael Riedler in a statement. “The provision of banking and payment services involves a lot of red tape and regulation, which Moorwand’s expertise and sponsorship means we can easily navigate. We want our focus to be on giving our customers the best and most convenient user experience — working with Moorwand means we can do that.”
“It no longer makes sense for payment services to be limited to banks,” added Moorwand CEO Robert Courtneidge in another statement. “Telleroo [is] solving a problem accountancy firms have faced for a long time — as consumers, we’re used to payments becoming ever easier, but payroll and supplier payments remain manual and laborious. We’re excited to be a part of bringing a better user experience to an underserved market.”
FinTech that targets small business accountancy firms and accountants is on the rise as the profession is tasked with taking on more strategic financial advisory roles for small business clients.
Earlier this year, CPACharge director Dustin Hall spoke with PYMNTS about accountants’ own accounts receivable challenges, noting that SMBs often prefer to pay via credit card, but CPA firms prefer payment methods that incur the lowest fees — traditionally the paper check and eCheck.