9Spokes Launches Cashflow Product for Financial Institutions Serving SMBs

Global data platform 9Spokes has launched a new product designed to give small- medium-sized businesses (SMBs) automated, predictive cashflow management and forecasting capabilities.

The new Cashflow product is designed for integration within financial organizations’ digital platforms and is now available to financial institutions and FinTech firms globally, the company said in a Tuesday (July 16) press release.

“The financial landscape is evolving, necessitating tools that harness open banking data to drive strategic insight,” Kevin Phalen, executive chairman of 9Spokes, said in the release. “Our Cashflow product empowers SMBs and financial organizations with the automated, data-driven capabilities needed to navigate and thrive in this changing environment.”

This solution is designed to simplify tasks for the 70% of SMBs that operate with less than four months of cash reserves and the 60% that spend five hours weekly managing multiple cash flow tools, according to the release.

By leveraging open banking and open data, Cashflow provides SMBs with a comprehensive view of their financial standings that includes multiple bank accounts and various providers, the release said.

The product also uses machine-learning algorithms to automatically pull historical cash balance data; aggregate cash balance history, forecasts and other data from multiple sources; and provide SMBs with a complete view of their current and future cashflow, the release said.

With this white-labelled solution, financial organizations can offer this tool under their own brand, per the release. Cashflow is pre-built and configurable to meet the needs of financial organizations and their SMBs.

In another recent development in this space, Mimo said in April that it raised 15.5 million pounds (about $19.4 million) to launch its financial management platform for SMBs and accountants. This platform is designed to help users pay invoices, make or chase international payments and manage cash flow, without having to use multiple apps and spreadsheets.

In February, Xero said it would enhance the accounts payable (AP) capabilities of its global small business platform for its U.S. customers through a partnership with BILL, a financial operations platform for SMBs. This partnership brings a bill pay solution from BILL directly into the Xero platform, helping SMBs overcome the challenges they face in paying bills and managing cash flow efficiently.