Revolut has announced an accounting partnership with Clear Books, providing business customers with a quicker and easier way to manage bills and payroll directly from their Clear Books accounts, where they have linked their Revolut Business account.
The UK challenger bank said it has built a dedicated ‘Marketplace’ to house these types of apps where financial services are embedded in third-party products, with Clear Books the first app of this type.
It is built on Revolut’s Open Banking framework, with the new integration type allowing partners to embed Revolut’s functionality in their applications and develop innovative features, without being a financially regulated institution.
Through the new partnership, Revolut said that business owners or account admins can choose up to 20 bills to be paid at once within Clear Books, while employee salaries can also be paid this way.
Once these have been submitted, Clear Books will send the bills as ‘draft payments’ directly to the Revolut Business account to be reviewed and approved by the owner or admin.
James Gibson, head of product at Revolut Business, said that its partnership allows customers to set up draft payments directly from Clear Books “in a couple of taps”.
“Going forward we see a huge opportunity for the automation of basic tasks by using the power of APIs,” Gibson added.
Any Revolut Business customers who are new to Clear Books will be able to get 50% off its accounting software for six months when they sign up and connect their Revolut Business account at the moment.
Ruth Fouracre, CEO of Clear Books, said: “Small businesses can face an overwhelming amount of business admin.
“By allowing users to create draft payments directly from Clear Books, we’re removing the admin burden of rekeying all that information into Revolut to make the payments.”
According to data from Revolut Business, 25% of all B2B payments are now initiated from an API, up from 5% two years ago.
Earlier this year, Revolut appointed Paroma Chatterjee to lead its entry into India.