Financial network platform Finsync said bankers and businesses can use its network for free.
The offering is designed to help businesses scale faster, the company said in a Thursday (July 27) news release.
The network lets companies connect bank and credit card accounts to see all transactions in a single place, manage cash flow, connect with customers and vendors, and connect with their bankers, according to the release.
“When it comes to success for businesses, relationships and networks are more important than ever,” Finsync founder and CEO Tucker Mathis said in the release. “Our mission is to help businesses manage cash flow with less time and improved results by working with financial partners who use our software to deliver unmatched services. This no-charge approach will help our bank partners connect with more businesses in a way that will help them both scale more successfully.”
The network also gives users access to CollectEarly, a tool that lets businesses get paid weeks faster on invoices.
Automating processes can help companies more easily navigate the realities of working capital management.
“Early pay trade terms, such as the typical 2% discount if an invoice is paid in 10 days from the order date, are hard to get to, particularly with manual processes,” Brett Sussman, vice president of American Express Business Blueprint and Banking, told PYMNTS. “That is, it’s easy to miss the 10-day deadline when paying manually. But the beauty of AP automation is that you can set it up to run so that your suppliers are paid in time.”
At the same time, he noted that too few companies are taking advantage of these types of tools.
Meanwhile, legacy payment methods with inherent delays can foster uncertainty and make it tough for small- to medium-sized businesses (SMBs) to assess their financial positions accurately.
“Legacy systems are slow, for starters, and batch-based, so they tend to favor predetermined transactions like payroll or recurring bill pay, which leaves out a lot of ad hoc and other on-demand use cases where real-time money movement is critical,” Drew Edwards, founder and CEO of Ingo Money, told PYMNTS in June. “We just live in a world today that moves a lot faster than the legacy systems can support.”
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