Neobank FloBiz deploys banking services for SMEs

Neobank FloBiz announced on Tuesday that it has diversified into banking services for small and micro-enterprises (SMEs) with the launch of Smart Collect on its flagship TPS billing and accounting product myBillBook. Smart Collect is part of the company’s smart banking module.

With this feature, businesses will be able to instantly collect payments from their customers via UPI and wire transfers and automatically reconcile them to pending invoices.

To start, the Smart Collect feature has been rolled out to a set of existing myBillBook users on both mobile and desktop apps. The company plans to expand the rollout in the coming weeks to a broader user base that meets certain eligibility criteria. “Smart Collect has an intuitive design that is easy to activate and use,” FloBiz said in its release.

“As of January 2022, the total monthly trade recorded by the over one million SMBs active on myBillBook was $1.5 billion and continues to grow steadily. We are extremely excited about the launch of Smart Collect, which is our first step towards the neobanking roadmap. The broader Smart Banking module will allow SMEs to collect payments from customers and transact towards vendors, vendors and day-to-day business expenses. It will also bring current account management capabilities directly to myBillBook, making it a one-stop solution for all invoicing, accounting, inventory management, business reporting and banking needs for businesses,” said Rahul Raj , co-founder and CEO of FloBiz.

Smart Collect supports multiple payment methods such as UPI, NEFT, IMPS and RTGS, instant settlements in destination accounts for improved cash flow, automated reconciliations of transactions against customer invoices, free usage at no charge additional on collection transactions, payment links and QR codes can be shared with customers directly on WhatsApp and attractive cash back and rewards for myBillBook users and their customers.

“We have always had a customer-centric approach to designing robust and scalable technology solutions. Smart Collect is also a product of the same approach where we have studied in depth the record keeping and banking behaviors of SMEs in India to ultimately deliver a payment solution that is extremely intuitive and easy to use. We have a comprehensive KYC process that requires GSTN or PAN validation before a customer can start using Smart Collect. We use the most secure SSL certificates to ensure that no unauthorized person can access users’ sensitive payment data. We’ve also built strong anti-fraud infrastructure and algorithms to analyze every transaction across dozens of variables to detect, prevent, and deter suspicious activity. We educate our users on the benefits of Smart Collect through product marketing and iteratively improve the experience based on direct customer feedback,” said Siddharth Seth, Vice President – ​​Products, FloBiz.

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Michael J. Birnbaum