Connected Banking – Bridging Gap Between Banks and Businesses

Today’s digitally driven world urges the need for efficient financial operations. Businesses of all sizes are seeking ways to streamline their financial processes, enhance cash flow, and optimize their overall financial health.

Hylobiz, as a robust platform, bridges the gap between businesses and financial institutions. By partnering with financial institutions, Hylobiz empowers businesses to enjoy the myriad advantages of digital banking services and more.

Financial Challenges Faced by Businesses

The modern business environment is riddled with challenges:

• Delayed Payments: Consequent delays in sharing invoices and receiving payments have a severe impact on cash flow. Businesses fail to meet their financial obligations on time.
• Errors and Inaccuracies: Human errors, incorrect/missing information, or wrong recipient details, lead to further delays in payments, damage client relationships and reduce trust.
• Lack of Real-Time Tracking: SMBs and Corporates often have limited visibility into the status of their invoices. Streamlining cash flow and real-time collections helps businesses predict financial positions accurately.
• Higher Administrative Costs: With additional expenses, straining financial resources results in reduced profit margins.
• Data Safety and Security: Sensitive financial information must be stored and secured well to reduce the risk of fraud and unauthorized transactions.

Hylobiz is here to meet the dynamic needs of bank customers by offering them an integrated solution that addresses these challenges head-on. Digital banking systems need to be reliable, tailored as per customer needs, and seamlessly integrated for automated processes and accurate information to be shared for better efficiency and customer experience.

Partnering with Hylobiz for Connected Banking Success

Hylobiz is designed to be a comprehensive platform that connects businesses with financial institutions, creating a seamless flow of financial data and transactions. Businesses connect with banks via Hylobiz ERP connect and Accounts Receivable Automation. It streamlines vendor payments and offers real-time reconciliation through its connected banking feature, which integrates with your bank’s current accounts.

Hylobiz Integration and Connected Banking Benefits for Businesses

Digital Banking plays a vital role in helping businesses automate workflows and grow better financially:

• ERP Connect – Companies are seamlessly connected with the Bank’s ecosystem via Hylobiz Pre-integrated ERPs (20+) and APIs. Hylobiz is easy to set up for small businesses and can adapt to any specific needs.
• Automated End-to-End Invoicing and Payments: Hylobiz automates invoicing, and sharing of invoices across networks, tracks payments, and syncs data with your ERP. Accepts payments online or offline with pre-integrated payment gateways.
• Enhanced Security and Accuracy: The platform comes with bank-grade security and zero downtime. The data is devoid of manual error and is stored safely.
• Real-Time Monitoring and Reporting: SMBs and Corporations can monitor invoice status, track payments, and optimize cash flow with a real-time dashboard. Hylobiz APIs can easily integrate with e-commerce platforms and launch online stores from stock for end-to-end inventory management between dealers and distributors.
• Automated Business Processes: SMBs and Corporations can easily adopt technology to streamline documents and invoice workflows with no such major process changes.
• Customized Solutions: Customers can customize their workflows to set payment reminder rules, and send consolidated ledgers to access comprehensive business dashboards.
• Connected Banking: Hylobiz offers current accounts with your bank to enable connected banking to allow vendor payout automation and real-time reconciliation.

Hylobiz Integration Benefits for Banking Partners

Banks realize the various merits of joining hands with Hylobiz to utilize connected banking features and enhance the customer experience:

• Connected Banking – Companies are seamlessly connected with the bank ecosystem via Hylobiz Pre-integrated ERPs (20+) and APIs.
• Omni-Channel Collections – The corporates get a single view of collections across all online (Virtual account, Bank payment gateway, QR code) and offline (cash and cheque deposits) channels.
• New Customer Acquisition – By leveraging visibility into client networks along with an increased current account float.
• Value-added services linked to Current account – Invoice management, Digital collections, Inventory Management; Customer workflow automation.
• Embedded financing – Business scores are based on bank requirements from all data points with a real-time view to enable embedded financing.

Take Control of your Finances with Hylobiz

Hylobiz is a cloud-based, managed service that integrates seamlessly with ERPs, digital collections, and banking systems. No CAPEX investment is required.

Banking partners have enhanced transaction banking with increased cash flow, expanded customer reach, automated processes, and brought in data-driven financing opportunities for their customers.

These partnerships enable Hylobiz to offer a wide range of connected banking services that cater to the diverse needs of businesses. Financial institutions benefit from this collaboration by gaining access to a broader customer base and enhancing their digital service offerings.

The synergy between Hylobiz and its partner institutions will undoubtedly continue to drive innovation and excellence in financial management. Book a demo to learn how Hylobiz simplifies your business-banking relationship.

Frequently Asked Questions