The cloud-based, mobile first model is expected to save 8 to 20 hours and £15 to £50 per month for SMEs
Form3, a cloud-native payment technology provider, has partnered with the UK-based payments and accounting solution Countingup and its partner PPS to address the current challenges faced by SMEs in running their businesses.
The model created by Form3, Countingup and PPS represents a new dynamic solution, which brings an advanced offering to the benefit of UK SMEs.
The cloud-based, mobile first model is expected to save 8 to 20 hours and £15 to £50 per month for SMEs on their business finances and accounting tasks.
Form3 chief executive officer Michael Mueller said, “There is still work to be done to level the playing field and open up domestic and international business banking services for UK SMEs and Microbusinesses.
“Challengers like Countingup are truly innovating and disrupting this market and supported by our next generation cloud-native technology, they can expand their all-in-one BCA to include cross border capability which is really exciting.”
Form3 has disrupted the traditional payments infrastructure model
Established in 2016, Form3 has built a cloud-native, Payments-as-a-Service platform to disrupt the traditional payments infrastructure model.
Form3 is a partner for few Tier1 banks and growing Fintechs in UK and Europe, to manage their critical payments architecture.
Countingup is a cloud-native, mobile first, Business Current Account (BCA) platform, with built-in accounting software.
Regulated by the FCA and licensed by Mastercard, PPS has a payments platform enhanced by connection to the UK Faster Payments and BACs schemes via Form3’s real-time payment technology service.
By exploit this capability, Countingup’s BCA is said to convert transactional data into categorised business accounts, in real-time, offering SMEs a simplified workflow to manage their finances and accounting, benefitting from time and cost-savings.
Countingup chief executive officer Tim Fouracre said: “From the outset we wanted to make it easier for SMEs and Microbusinesses to run their business. Using our SME’s transactional data to automate and eliminate their accounting tasks we simplify running a business.
“Our collaboration with PPS and Form3 means we can offer the best in connectivity and transaction processing, allowing Countingup to focus on simplifying the SME workflow. For example auto-matching invoices to payments, providing a real-time tax estimate and soon facilitating MTD VAT submissions.”