Consolidated Business Invoicing and Billing Functionality Realised by New Partnership

A new industry partnership will enable software-as-a-service (SaaS) platforms and financial institutions to integrate invoicing and billing functionality into their offerings.

The German-based embedded finance company Monite has joined forces with Codat, the API universal for small-scale business data, to tackle various issues by integrating accounts payable and receivable capabilities into existing applications.

It’s believed that the average small business has 40 different apps to control the finances and operations of its business efficiently. Most of the time, this app would be able to meet all of its accounting, expenses forecasting, sales, and analytics requirements.

According to a study by Blissfully released in the year 2020, this amount of apps has been growing by about 30% per year. This growth can be due to new software development and, specifically, the increased use of vertical SaaS tools.

While vertical SaaS tools are geared towards specific sectors, such as beauty salons, restaurants, or trades companies, their lack of connectivity to the software for finance is a common cause of siloed systems, which increases the amount of work involved in their maintenance.

Software companies must build or integrate with other products to manage bookkeeping and payments, so business owners don’t have to work hours every week moving data between different systems.

To address these challenges, Monito and Codat’s partnership will allow SaaS platforms and financial institutions to include invoicing and billing capabilities into their offerings to create an integrated and better-connected system for financial and operational management.

A combination of Monito’s APIs for Fintech applications and Codat’s API for integration with third-party SME apps can open the way to new applications catering to the wide range of SMB requirements all in one place.

“There is an abundance of fantastic financial apps designed for SMEs. The only thing that’s not there is super apps that tie everything together, namely the financial operating system developed by neobanks, or vertical SaaS companies to rule the SME finance stack.” Explains Ivan Maryasin, Monito’s co-founder and CEO.

The cost-risk of creating a new platform and how it redirects the resources of businesses Maryasin discusses how collaboration between companies can overcome the issue.

“With Codat’s impressive integrations built into Monito’s financial automation software, clients from both companies can go on the market quickly with minimal effort and cost by using fantastic new applications or platforms which create a whole an entirely new type of automation for finance workflows.”

Consolidated Business Invoicing and Billing Functionality Realised by New Partnership

Pete Lord, the CEO, and co-founder of Codat Pete Lord, Codat’s co-founder and CEO, says: “It’s incredible to see the variety of platforms being launched to assist SMBs, but it can be a hassle to make the most value from each one.

“Integrations like those we’re enabling through Monito will ensure that crucial financial data doesn’t get lost and flows seamlessly and effortlessly between systems, which means that businesses can be managed by the same point of reference. This is yet another crucial move towards allowing systems to speak to one another, eliminating the need for tedious admin, and in the end, unnecessary barriers to expansion.”

Coda’s API lets providers connect to apps of significant importance for small companies. The company, founded in London, has over 200 clients and includes some of the top lenders and fintech.

Monito is an automation company for finance that targets businesses thinking of providing fintech solutions but don’t want to take on the expense and risk associated with internal innovation. Monito’s solutions allow B2B brands to directly incorporate innovative finance functions like invoices, AP automation, and expense management into their current interface.

Monito’s API embeddable platform permits brands to provide the features of specific financial products inside their user interface. They can also offer all their clients’ business finance needs on one platform.

By Mia

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