The Fintech industry bringing in financial innovation, in UAE, is growing at a rapid pace. With digital and technological advancement and innovation, a Fintech can accelerate the growth of other businesses, especially in connection with SMEs and entrepreneurs across industries.In January 2021, the Saudi Central Bank “SAMA” announced open banking policy” allowing the fintechs to serve the Financial Service Sector. This supports financial institutions and fintech to launch innovative and technologically advanced products. The MoU signed recently in February 2021, between Central Bank of UAE and the Hong Kong Monetary Authority supports collaboration of financial institutions with Fintechs to strengthen the regulatory and financial development with the pillars of technology and innovation in the country. The open banking policy by CBB and the Bahrain Fintech Bay enable innovation and financial development with growth in Fintech ecosystem.
What is connected banking?
With technological advancement, connected banking allows a fintech and a bank or NBFC in partnership to contribute together to the SME sector, the best accounting, technological, banking, and financial practices over a utility-based system.
Benefits of connected banking
- To reduce manual work like data entry
- High level of security
- Ensures competitive advantage to SME businesses
- To maintain cash flow better
- To eliminate error
Common challenges faced by SMEs
- collecting payments from clients/ customers on time,
- paying out to suppliers on time
- chasing for invoice payments manually
- manging multiple ERPs, users, and banks accounts, and reconciliations.
Connected banking facilities on Hylobiz solving SME challenges
Hylobiz, a Fintech, has brought in phenomenal development in the B2B value chain as it supports SME and other businesses across all verticals to digitize and automate the account receivables and payables and offers connected banking and connected ERP facilities to maintain financial records, to manage faster payment and collection, to reconcile automatically, ensures better cash flow and helps manage operational expenses better. It reduces manual error, reduces cost, manages data well, reduces duplicate payments and wrong payments and enables you to handle audit trail better.
Connected Banking services on Hylobiz enable SME businesses in UAE to integrate their ERP seamlessly, to collect payments faster, to automate reconciliations on real time and benefit from quick settlements.
Hylobiz connected banking highlights
- You may create, upload, and send out branded invoices through Hylobiz chat inbox, WhatsApp, SMS, and Email.
- Send automated reminders, attach the payment collection links, and receive payments in multiple modes within due date. You can even create static links for faster collection of a fixed amount from multiple clients.
- Quick settlements, automated reminders and automatic invoice reconciliation on real time ensures transparent system and faster collections.
- You may pay out digitally within due date with Hylobiz just in few clicks
- Business health score, real time dashboard, automated reconciliations, quick settlement, and automated reports help tracking and consolidating every financial detail on one place which validates the health of business to manage audit trail better
- The real time dashboard and automated reports on Hylobiz platform can help track the accounts receivable status accurately which acts as a collateral for loans. You may get benefitted through invoice discounting of outstanding invoices and avail loans from any bank or NBFC to get better cash flow to your business.
Hylobiz banking partners/ financial institution partners canserve their business customer better by offering multiple financial services (loans, credit cards, insurances, and other financial services) through a single window.
Hylobiz offers lifetime free subscription to help businesses across all verticals manage their accounting, invoicing/ billing, and operations at affordable cost. It is a plug and play portal, with Nil set up fee, NIL integration, NIL monthly cost. The new chat inbox feature ensures easy payment and collection and better relationship with suppliers and clients. Hylobiz in alliance with multiple banks and ERPs promises SMEs a financially and technologically strong.
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