Estonia-based cashflow management platform Ebitly has chosen ‘freemium’ Open Banking platform Nordigen to integrate Open Banking into its account platform.
The new partnership will provide financial information straight onto the program from users’ bank accounts.
Madis Lämmergas, CEO of Ebitly, said: “Money is a huge aspect of any business and we believe that quality financial tools should be available to all entrepreneurs, no matter where they are in their business development.
“Our platform helps manage cashflow, as well as plan for the future and help tackle diverse scenarios that may come up. It is impossible to plan cashflow successfully without accurate information, so we turned to Nordigen to enable direct connections with our users’ bank accounts to acquire the most updated transactional data.”
Among the features of Ebitly’s real-time cashflow planning platform is a “Virtual CFO”, which provides SMEs with financial recommendations, payment analysis and reminders, and risk assessment.
Ebitly also has a “predictions system”, with users able to either add their own forecast, or receive one from the platform’s automated AI. ‘Predictions’ are tracked against existing payments and invoices to ensure accuracy.
Nordigen said that its Open Banking technology will allow the SMEs that use Ebitly to securely link their business bank accounts to the accounting platform, to update continuously with each new transaction.
“Financial management platforms, such as Ebitly’s solution, are extremely helpful to business owners, keeping them in the loop in terms of all financial aspects of their company.
“We are happy to know that our Open Banking technology helps budding entrepreneurs further develop and come closer to their goals through successful money management, ” added Rolands Mesters, co-founder and CEO of Nordigen.
Earlier this year, Nordigen announced it had been selected by DuckTech as the Open Banking provider for its new budgeting tool, Ducktail.
At the start of 2022, buy now, pay later provider Anyday partnered with Nordigen to improve its loan decision-making process.