Being convinced that it could bring value to our clients, we want to explain why setting up Crezco for your business could streamline your payment processes.
What is open banking?
Open banking is a practice by banks that provides third-party financial service providers with open access to consumer banking services, transactions and other data provided by the bank through an Application Programming Interface (API). Open banking was created to make it easier for new financial service providers to offer products and services while giving consumers more choice and control over their money and financial information.
Secondly, don’t panic. It’s all completely safe and deemed to be as secure as your standard online banking systems. Open banking uses bank-level security measures, including rigorously tested software and security systems, to ensure the safety of customer data. It is like initiating a payment from your bank's online portal, but the initiation comes from Crezco instead of the bank’s portal.
What is Crezco?
Crezco is an open banking solution for online invoice payments that securely initiates direct account-to-account payments. It offers both accounts receivable and payable solutions, domestically and internationally. With Crezco, businesses can collect payments directly from their invoices and conveniently pay domestic and international suppliers or employees.
The scenarios below are based on one of our clients, Client X, for who UHY provides a fully managed financial service.
Supplier invoices paid in a couple of clicks
Crezco has integrated its system with Xero, so once the purchase ledger invoices are pulled and imported from Xero, we will select which invoices to pay and create a payment batch. The payment batch link is then sent to our client to approve with one single click.
Our client saves hours by not having to generate payments through their bank while saving on bank processing fees too. It’s a win-win situation. Our client benefits and the services that we provide are enhanced. Errors and inertia are also eliminated as there is no human intervention required.
The clever bit (yes, there’s more!)… Crezco has designed its software so payments automatically reconcile in the bank reconciliation section in Xero... even multiple invoices! Time is saved on reconciling as there is no searching through find and match. Not sure if it’s the accountant in me, but I was very excited when I saw this feature.
International payments made with huge savings on exchange rates and banking fees
Crezco supports over 70 currencies in over 100 different countries. Client X, since using Crezco, has saved over £6,000 in exchange rates and fees!
UHY were confident that our client would save money on fees and FX rates using Crezco. We advised them to set the account up ASAP and report back on the savings made. The savings were huge, and we have a happy and more profitable client. I was astonished by how much banks charge compared to Crezco! Crezco is the first and only company making and collecting international account-to-account payments.
Not just accounts payable - salary run payments have also reduced to minutes.
Client X, who has a large payroll and many family members, historically spent 45 mins every month checking (to ensure family members didn’t receive the wrong salary, can you imagine!) and generating payments through their bank.
As part of the finance function UHY offer, after generating the payroll, we simply upload a CSV to Crezco, prepare a batch payment file and send a link for our client to approve. We can schedule a payment date to ensure that payments are received on time. The process can be measured in seconds. Effective and accurate.
The next step
For more information on how Crezco can save you time and money, please contact Kerry Whattam at firstname.lastname@example.org or your usual UHY adviser.