As much as technology has improved, there is one industry that seems rooted in the 1950s. Our banks. Even though London has exploded as a global Fintech capital, many of our banks still seem to run on steam and valves. Even though we are all used to paying our suppliers using our online banking software, and cheques are well and truly consigned to the past, the process can still be improved and eventually automated. Having partnered with Currencies Direct Zahara can now facilitate payments from your existing bank accounts.
With Zahara's partnering with Currencies Direct, payments can be made from within our invoice list view. You can clearly see the approved invoices and their due dates. These can be selected for payment. We hand the supplier and invoice information over to Currencies Direct and from here you can login, check the payment run and then release the payment. The key thing with Currencies Direct is that is uses Open Banking so therefore works with your existing (UK only) banks.
The next step in our payments journey will be international payments. This is still cumbersome and expensive using existing banks. We have identified major players in the market who can provide the service, technology and affordable plans that all Zahara customers will require. We plan on releasing this by summer 2023. Using the same principle as domestic payments, invoices can be selected for payment and then handed over seamlessly to the provider for international payments to be authorised ans released. Less fuss, less costs, less hassle.
Purchase to Pay is the terms used to add automation and control to the procurement cycle inside organisations. Every business needs to purchase goods and services. Zahara helps control the buying process with purchase requisition approvals and then automates the matching of supplier invoices and then facilitates the payments. This means suppliers can be paid on-time with less friction and effort.