Hylobiz Partnerships Empowering Banks and FI's

Hylobiz Partnerships Empowering Banks and Financial Institutions

SMBs present in the network of banks and financial institutions often face major challenges in attaining creditworthiness and maintaining collection productivity. Certain issues and unwanted errors in their workflow hinder them from accessing various financing options.

The challenges faced by SMBs highlight the need for automated solutions like those offered by Hylobiz. Automated cash flow, reconciliation, faster and digitized collections, and gaining creditworthiness with accurate information tracking are all possible with Hylobiz’s holistic business solutions.

With connected banking and integrated ERPs, Hylobiz offers digitized and automated solutions to partner with financial institutions and bring in tailored services to improve their client engagements. Through strategic banking partnerships, the B2B trade automation platform helps businesses improve their cash flow and workflows.

Major Challenges Faced by Banks Serving Businesses

Small and medium businesses suffer from broken workflows and processes after invoice creation from ERPs. They often stay behind in sharing authentic and structured data with the lending party.

Let’s have a look at the major challenges faced by banks and financial institutions when serving SMBs:

  • SMBs fail to track real-time data collection. This hampers their collection productivity.
  • Manual invoice collection and payment reconciliation are cumbersome and time-consuming.
  • Traditional methods of sending payment reminders, at irregular intervals with no such customized templates, were a drawback.
  • Manual and offline collections with no such real-time cash flow tracking.
  • Major investments into manpower with no such advanced results only lead to expenses and overheads.

Hylobiz Inculcating Strategic Banking Partnerships

Bank/Financial Institutions partner with the B2B trade automation platform, Hylobiz to create tailored solutions and engage customers. Hylobiz enables clients to connect with banks via plugins (pre-integrated ERPs, APIs, bespoke).

The advantages for the clients being connected with banks via ERP, AR /AP automation and connected Banking are:

  • For the Banks, Hylobiz provides a single sign-in view of omni-channel collections (cash, cheque, debit card, credit card, virtual account, direct debit, bank transfer etc).
  • Banks get connected to client networks directly with authentic data from ERP, allowing invoice exchange, access to client collections and payables, and the ability to integrate bank accounts with client collections and payments directly.
  • They can carry out new customer acquisitions via visibility to client networks, and capabilities to launch embedded financing with Hylobiz business scoring.

These fintech and banking partnerships help financial institutions bring in customized financing programs for SMBs through –

  • ERP connects – Hylobiz is globally pre-integrated with all commonly used ERPs. It has APIs available to connect with any small and medium business. It’s plug-and-play for SMBs and allows bespoke integration, too.
  • Invoice management – The platform allows end-to-end invoice creation even if the business does not have an ERP, along with digitizing and automating document handling within the business’ distribution network. Businesses can automate invoice reconciliation and manage any relevant disputes.
  • Collections and Payment reminders – Hylobiz enables SMBs to send payment reminders via multiple channels like WhatsApp / SMS / Email with customized messages and frequency; integrated payment link of the bank for digital collections; and record online / offline (cash, cheque) collections on a real-time basis.
  • Payables – Hylobiz’s fintech-bank partnership allows businesses to manage vendor/utility/ salary payouts along with the entire procure-to-pay cycle.
  • Business dashboard – The wide SMB base gains access to real-time business dashboards with omnichannel collections and payables and avails bank-grade security, as well.
  • Auto Reconciliation – Hylobiz enables auto-reconciliation to keep away from manual reconciliations and manual errors.

Advantages of Fintech-Bank Partnership between Hylobiz and Banks/Financial Institutions

Vayana’s Hylobiz brings in endless opportunities for banks and financial institutions enabling them to make the best use of its smart data points and leveraging them to expand their customer base.

  • Hylobiz’s holistic solutions are customizable as per the customer’s tailored needs. This ensures the banks serve their clients better, thereby bringing in customer loyalty and better engagement.
  • SMBs can make the best use of APIs for connecting with E-commerce and launching digital stores from stock.
  • The collection is digitized effectively with the help of Hylobiz. Customers can send payment reminders for on-time collections.
  • Businesses will attain creditworthiness and have access to finance by sharing structured information with lenders on time.
  • They will experience around 40% improvement in collections with minimal investment in technology.
  • With Hylobiz, SMBs experience effective invoice management, 85% digitization of collections and 95% automated reconciliation.
  • Hylobiz’s customized solutions allow end-to-end inventory management between the dealer and distributor.
Explore Hylobiz: Strengthen Client Relationships

As a B2B trade automation platform, Hylobiz allows efficient invoice management, digital collections, automated payment reminders, and reconciliation for all SMBs.

Small and medium businesses need no such investment in technology while exploring the advancements brought in through fintech and banking partnerships between Hylobiz and various financial institutions/banks.

Hylobiz plays a major role in enabling alternate finance and bringing in a transformative impact for businesses. The technology simplifies business processes and has no such set-up cost.

Let’s make the most out of these fintech and banking partnerships and turn them into a huge opportunity for both of us and indulge in bringing in a massive revolution for SMBs struggling to manage their day-to-day workflows.

Contact us for a FREE demo. We are there for your support.

Collaborate with Hylobiz to witness growth and serve businesses better.

Frequently Asked Questions

How do fintech and bank partnerships help SMB businesses?

Fintech and bank partnerships help SMB business experience –  
– Effective invoice management and digitization of collections.
– Automated payment reminders and automated reconciliation.
– End-to-end inventory management between dealer and distributor.
– They use APIs for connecting with E-commerce.
– Launch of the digital store from stocks.
– Attainment of creditworthiness.

What are the benefits of fintech bank partnerships?

Apart from banks and fintechs, small and medium businesses benefit a lot from fintech bank partnerships.
– Banks can tailor their offerings for SMBs.
– Maintenance of strong relationships between banks and businesses.
– Brings in business loyalty.
– Long-term services/offerings from banks to cater for SMBs.

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