Payments
Plooto | January 16, 2024
Plooto, a leading payment automation solution for small-to-midsized businesses (SMBs), has launched a payment orchestration offering that is custom-designed to support the complex workflows and security requirements of rapidly scaling businesses.
As the size and operational complexity of businesses increase, the risk of fraud and human error grows. This leads businesses to implement more rigorous security and control policies to keep the management of cash flow secure and reliable, placing additional burdens on finance teams including time, effort, and resources spent upgrading or building in-house solutions.
Similar challenges extend to accounting and bookkeeping firms, as their robust compliance processes and corresponding reputation are critical drivers of growth. Firms' ability to retain and expand client accounts hinges not only on strong relationships but also on their adherence to rigorous compliance standards, especially when it comes to financial data protection.
With this launch, Plooto brings to market the first solution in Canada to address these unique cash management challenges faced by midsize enterprises. This offering is priced at a competitive rate as organizations often cite cost as a barrier to adoption of cash management solutions. As volume and complexity of operations increase, businesses can trust Plooto to scale their needs seamlessly without straining their resources.
Coupling end-to-end payment automation with stringent security controls and seamless connection to enterprise resource planning (ERP) solutions, Plooto is now capable of helping even more businesses scale efficiently within their ecosystem.
Building upon Plooto’s core offering of simplified, all-in-one payables and receivables automation, new capabilities include
Dual Controls: Limits human error and protects against fraud through comprehensive approvals on changes to sensitive financial information Single Sign-On: Enterprise-level safeguards that enable security personnel to manage both user access to sensitive data and removal from a centralized hub as teams scale Integration with Oracle Netsuite: Seamless two-way sync automates reconciliation protecting against costly human error, reducing billable hours, and helping finance teams save time
"Our new offering enables finance teams to easily scale their workflows and gain the visibility they crucially need into their cash flow,” says Hamed Abbasi, Co-Founder and CEO of Plooto. “I’m thrilled that Plooto is expanding how we support growing SMBs, and that we are the first company to fill this critical gap for Canadian businesses.”
Having recently been awarded with Deloitte’s Technology Fast 500™ and Technology Fast 50™ designations for a staggering 3-year 433% growth rate, Plooto continues to provide industry-leading support for SMBs with a platform that enhances cash management through its all-in-one payment automation. Plooto has also recently expanded its leadership team, bringing extensive experience from major financial services companies such as Varo Bank, Xero, and PayPal.
About Plooto
Plooto partners with growing small-to-midsize businesses to give them complete control over their cash management. The all-in-one payment automation platform securely automates all payable and receivable workflows, offers extensive payment capabilities, and seamless integration with accounting software to automatically reconcile invoices. Founded in 2015 and headquartered in Toronto, Plooto serves over 10,000 North American businesses, and integrates with top accounting software platforms Quickbooks, Xero, and NetSuite. Simplifying complex processes at scale, Plooto is the financial engine businesses rely on to achieve their growth potential.
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Fintech
VoPay | January 11, 2024
VoPay, a leading provider of embedded financial technology solutions, has launched VoPay Verify, an Instant Bank Account Verification solution via microtransactions - pioneering the first-of-its-kind service in Canada and the United States. Recognizing the escalating adoption of bank account payments as a credit card and paper cheque alternative, the demand for a steadfast bank account verification method has become imperative for businesses. VoPay’s innovative solution empowers enterprises to rapidly authenticate and confirm any US or Canadian bank account, eliminating the protracted waiting times of up to 24 hours or more for micro-transactions to finalize.
Micro-transactions, a stalwart tool for confirming bank account ownership over the years, entail crediting or debiting a nominal amount into the account. They offer several advantages for businesses, encompassing heightened security, improved user experience, regulatory compliance, and reduced chargebacks. However, the current process is notoriously slow and disruptive to users' experience, with transactions typically spanning at least a day to complete. By leveraging VoPay's real-time transaction capabilities, companies will reduce the risk of reversals, NSFs, and transaction failures, ultimately improving their bottom line. VoPay Verify offers a fully managed account verification experience by providing a pre-built user experience and intellectual logic that determines the transaction amount considering many different risk criteria.
“This initiative gives our clients an out-of-the-box method for account verification. It means that they don't have to stitch together a solution and can utilize an optimized set of endpoints for micro-transaction verification,” says Hamed Arbabi, VoPay Founder & CEO. “Fast and easy account validation has become a crucial component in customer onboarding, and enterprises are struggling to find a fast, reliable, and cost-effective way to validate new accounts. VoPay's new Instant Micro-Transaction Verification tool does just that.”
VoPay's latest offering further strengthens the company's position as the leading provider of Fintech-as-a-Service tools and a go-to provider for businesses looking to integrate embedded financial services into their offerings.
VoPay Verify will be available to new and existing customers from February 1st. Sign up here for early access.
About VoPay
At the core of VoPay's offering is a multi-tenancy architecture, seamlessly integrated with a comprehensive payment engine and financial services solutions, epitomizing the concept of Fintech-as-a-Service. For software enterprises seeking to accelerate growth, expedite time to market, reduce operational costs, and enhance efficiency within their core platform, VoPay provides an embedded payment solution.
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Financial Management
Synechron | February 02, 2024
Synechron, Inc., a leading global digital transformation consulting firm focused on financial services and technology organizations, announces the launch of its Synechron Nexus suite of nine Artificial Intelligence (AI) solutions that are ready to be deployed within weeks. This array of generative AI-led solutions was designed to span the nexus between human expertise and AI, while enabling users to automate manually intensive tasks, increase project speed, drive operational efficiencies, and reduce costs across various key business tasks.
Each solution, divided among three value streams, allows Synechron clients to improve their operations, reduce friction in their processes and boost productivity.
Business Growth: Practical, innovative applications that enhance business capabilities
Synechron Amplifai is a GenAI-powered market research solution. Its automated research capability saves significant time in a wide range of use-cases, reducing the tedium of gathering, analyzing and reporting market news, trends and strategies.
Synechron Clarifai is a tool for summarizing and analyzing call-center transcripts. Conversations are flagged for non-compliance and further human review/actions.
Synechron Simplifai centralizes project portfolio data and metrics for streamlined executive decision-making, informing effortless, data-backed decisions for executive and steering committee groups.
Operational Efficiency: Advanced solutions to streamline processes and elevate internal operations
Synechron Nexus Chat is built on a conversational AI model, understands and engages in a comprehensive range of scenarios and supports plug-ins for real-time data and integration, while delivering human-like conversational responses and text, safely and securely.
Synechron Replai is an AI-driven, RFP and proposals tool, streamlining proposal creation with high-quality, insightful responses, with the ability to search the internal knowledge repository for fast access and content re-use.
Synechron Unifai is an AI-driven HR solution, designed to simplify interactions between company HR functions and employees, such as policy information and employee-specific payroll details.
Synechron Identifai collects comprehensive online market intelligence and provides an in-depth understanding of business, emerging technology trends, or any research topic.
Developer Productivity: Toolkit to optimize timelines, minimize costs, and automate practices across the Software Development Lifecycle (SDLC)
Synechron Codifai is an SDLC productivity improvement tool, using automation in code generation, unit test case generation, legacy code migration, code optimizations, and automatic code documentation. It works closely with Synechron Verifai which addresses software testing aspects.
Synechron Verifai is a GenAI tool for SDLC productivity, using automation in code generation with a focus on QA test case generation, automated test script generation, synthetic test data generation, and bug detection and bug fixing. It works closely with Synechron Codifai which addresses software development efficiency.
This new Synechron Nexus AI suite of real-world, practical business solutions, combined with the five formalized RiskTech.AI Accelerators (launched in October 2023), leverages Synechron's AI Practice expertise globally. The creation of AI-led business solutions has been a passion of Synechron's for over a decade, and the firm's commitment to innovative excellence has won the firm eight prestigious AI industry awards to date.
Faisal Husain, Synechron's Co-founder and CEO, said of the launch of the Synechron Nexus AI Suite of solutions, "We are proud to be releasing this extensive array of AI-enhanced solutions that go beyond the hype, and provide significant, tangible benefits to business operations. AI and GenAI-rich tools are not just ideas we offer to our clients, but key process accelerators that we ourselves at Synechron are deploying across our company, as we offer ways to integrate the benefits of this technology with human expertise."
Ryan Cox, Co-head of Synechron's AI Practice in the UK, added, "Our team has developed, tested, and successfully integrated these advanced AI solutions. Our approach is to strategically guide our clients to integrate AI effectively within their business processes. We identify the key areas where AI can bring the most impact, aligning our solutions to their unique business needs. This targeted approach ensures significant value creation with maximum benefit."
Prabhakar Srinivasan, Co-head of Synechron's AI Practice in Bangalore, India, commented, "Artificial Intelligence has proven to be a wonderful force for driving business enhancements by quickly synthesizing extraordinarily large data sets. The Large Language Models used learn over short span of time on how to optimize each firm's proprietary information, thereby boosting productivity and allowing businesses to realize time and cost savings as they optimize tasks."
About Synechron
At Synechron, we believe in the power of digital to transform businesses for the better. Our global consulting firm combines creativity and innovative technology to deliver industry-leading digital solutions. Synechron's progressive technologies and optimization strategies span end-to-end Artificial Intelligence, Consulting, Digital, Cloud & DevOps, Data, and Software Engineering, servicing an array of noteworthy financial services and technology firms. Through research and development initiatives in our FinLabs we develop solutions for modernization, from Artificial Intelligence and Blockchain to Data Science models, Digital Underwriting, mobile-first applications and more. Over the last 20+ years, our company has been honored with multiple employer awards, recognizing our commitment to our talented teams. With top clients to boast about, Synechron has a global workforce of 15,000+, and has 48 offices in 19 countries within key global markets.
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