Rabobank has partnered with the Dutch fintech Bizcuit to support providers of business financial software with embedded services.
Suppliers can now integrate Rabobank accounts into their business software to allow the processing of real-time bank transactions in their accounting software, and send payment and collection orders directly from their platform to the bank. The solution is available through both Rabobank and Bizcuit.
Embedded bank services for software businesses
An increasing number of software companies are offering bank accounts integrated into their platforms in real-time. This means a single app for both accounting and banking, eliminating the need for two distinct environments and ensuring that financial records are always up to date. Additionally, this allows for payments to be made directly from the accounting framework.
The users benefit from current insight into figures, automation of accounts receivable management, and immediate notifications to scan their receipt after they use their card, as well as automatic data retrieval from an invoice in real-time, after which the invoice can be paid immediately, without the need to retype the information. They can also easily pay a single invoice or multiple invoices in a payment batch. In the future, users will be able to take advantage of automatic exchanges of direct debit orders.
These features aim to offer a fully integrated banking experience in business software. Through the partnership, Bizcuit offers access to Rabobank’s APIs to create a combination of banking services and smart software integrations. These include a banking hub which connects all Dutch banks in real-time, an accounting hub, connecting all Dutch accounting packages at once, and a document hub for direct digitalisation of receipts and invoices.
Some software companies that have already adopted the service, such as Frans van der Lugt, mention that the combination can radically improve their services and offer scale-up support for entrepreneurs with an easy integration driven by cloud-based and well-documented APIs. Bizcuit believes that the alliance reflects its mission to make entrepreneurship easier.
