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 vendors using our online banking software, and cheques are well and truly consigned to the past, the process can be still be improved and eventually automated. Having partnered with Comma Zahara can now facilitate payments from your existing bank accounts.
With Zahara's partnering with Comma, 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 vendor and invoice information over to Comma and from here you can login, check the payment run and then release the payment. The key thing with Comma 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 vendor invoices and then facilitates the payments. This means vendors can be paid on-time with less friction and effort.
Our first integration is with Comma - miscommunication - this is a UK specific system for making payments easier from your existing bank.
Yes there is a payment status field you can display and manually change.
Not yet. Because we integrate with numerous finance systems and payment status's aren’t always served up in the api, this isn't something we have done to date.
Our next integration for payments will have international payments and will be usable globally.
We don't charge but our partners do in some way. Some will charge a subscription and others will offer a free service provided you make international payments.
This is a job for your finance system.
In Comma, you create a payment run based on the invoices you have exported from Zahara into Comma. From here you can share the payment run with a colleague by email. They can then release the payments.
Our integration with Comma requires you to authenticate with your bank to make payments and will still utilise your banks payment authorisation that you may have enabled.
Kind of. Comma cannot hold your funds in anyway. It can only make payments but it can pay from a virtual account you create funding that account as and when required without holding any balance.
