The time has come! We’ve spent the past few months listening, learning and building out a payments operations platform. Today companies can connect their bank accounts to Payable and reconcile millions of transactions in seconds.
What's the problem?
Payment operations automation is something repeatedly ignored by product teams, because it's relatively less important to businesses until they start scaling. At that point they start to feel the pain. Robust financial infrastructure is essential and empowers teams across the business, but is regularly deprioritised.
What is Payable solving?
Payable automates the manual processes that businesses struggle with on a daily basis and gives greater visibility of where money is in real-time.
The choice for businesses is either to invest time and resource in solving issues (which are common across many industries), build out finance and payments operations teams, or to use software that takes away that pain.
There are 3 core products to the payments operations platform: reconciliation, ledgers and payments. We've started with automating reconciliation, as from speaking to a huge range of businesses this is the problem that’s most pressing for all.
✨What we’ve shipped✨
Our customers are the finance, operations and engineering teams, so we've built out a dashboard and API to meet their needs. Today you can:
- Get up and running with Payable, setting up your organisation.
- Add bank accounts - Open Banking is a much more efficient way to pull all the same transaction data you would get from logging into your bank account and downloading it.
- Upload Payment Service Provider files containing all the payments owed to you.
- Reconcile transactions to ensure you have been paid the correct amount into your bank account. The report will return the statuses 'Matched', 'Partially matched', or 'Unmatched'. We've invested in optimising processing at scale since the beginning and currently can match 1,000,000 transactions in less than 2 seconds. A very strong starting position, that'll improve further over time.
Check out our guides and docs for more details.
If this sounds like it could save you some time and headaches, get in touch for a demo!