KashFlow by IRIS Software Group will work with Yapily, an enterprise connection platform, to help enable real-time insights into cash flow and allow a frictionless end-to-end bookkeeping service, according to a Wednesday (Nov. 25) media release.
The partnership with Yapily will let KashFlow customers connect and extract account information from their KashFlow portal, accessing a single source of the company’s health financially. The release stated this will do well to help do away with frictions and inefficiencies in manual bookkeeping, giving insight on how customers can move forward for the future.
The release notes the new complexities of the COVID-19 era, in which businesses have to be ready to deal with things like letting the staff work from home if needed to ensure that the important “critical, but often mundane” tasks are dealt with without the cumbersome nature of manual processes.
IRIS Software Group Chief Product Officer JF Sullivan said the partnership would help with ensuring an “efficient and secure” way to manage cash flow.
“Yapily’s core infrastructure means KashFlow customers can now control their controllables with ease,” he said, according to the release. “Getting a single source of truth about their financial health so they know best how to prepare for what’s ahead. They can now move forward with confidence — and thrive — in the next normal.”
Stefano Vaccino, chief executive officer for Yapily said in a statement the partnership had been able to “provide KashFlow’s customers — a large number of which are [small- to medium-sized businesses], critical to the UK economy’s recovery — with a better customer experience and crucial insight into their financial positions.”
He said the partnership worked to expand open banking, which could help banking become fairer overall.
Vaccino, speaking with PYMNTS, said the small business and corporate space had provided new areas for open banking to explore that gave “much bigger opportunities.” He said there was potential to expand banking capabilities for things like accounts payable or accounts receivable. In addition, the model can help integrate payments via an application programming interface (API).