Accounting platform Billy to help SMEs access data from banks

Friday 15 May 2020 11:57 CET | News

Denmark-based small business accounting platform Billy has announced aiming to leverage Open Banking technology and processes, to gain access to SMEs’ data from banks.

According to Crowdfund Insider, it is one of the first companies to have been given permission from the nation’s Financial Supervisory Authority (FSA) to obtain access to clients’ banking data.

The approval from the FSA means that banks will have to give Billy’s accounting platform access to their customer data, which is used by the platform’s engines for automated bookkeeping and creating company budgets.

Billy is working with Nordic API Gateway on an update that will allow users to access data in real-time. Its clients are notified each time a transaction takes place via their bank accounts, enabling reconciliation to ensure that related account and bookkeeping processes remain updated.

Billy is working on a system that will allow customers to settle invoices by taking a photo of them. Billy’s photo-based invoice software is being developed with the help of Nordic API Gateway. It will recognise a transaction and match it to a particular invoice. Users will have the option to set up how they want the invoices to be categorised.

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Keywords: Open Banking, banking, Denmark, Billy, SMEs, data, banks, SMBs, technology, Financial Supervisory Authority, FSA, Nordic API Gateway, API, transactions, invoice, software
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: Denmark
This article is part of category

Banking & Fintech