Finance Breaking news Form3, PPS and Countingup combine for cloud-based SME banking model last financial news
Breaking-Finance.Com - Form3, the leading cloud-native payment technology provider for banks and regulated fintechs is working with the UK’s fastest growing all-in-one payments and accounting solution - Countingup and its long-term banking technology, issuing and processing partner, PPS to tackle the ongoing challenges of running a business for SMEs.
Breaking-Finance.Com - Banking and accounting for UK SMEs remains a highly concentrated industry, with the majority of business current accounts (BCA’s) still provided by the four largest banks. While accounting software is expensive and complex. SMEs that need accounting, tax and payments services find themselves over-paying and juggling multiple providers, which is time-consuming and costly.The model created by Form3, Countingup and PPS represents a new dynamic. Each brings a unique offering to the benefit of UK SMEs. PPS is regulated by the FCA and licensed by Mastercard and has an award-winning payments platform enhanced by connection to the UK Faster Payments and BACs schemes via Form3’s real-time payment technology service. Countingup’s next-generation BCA exploits this capability converting transactional data into categorised business accounts, in real-time.
.This cloud-based, mobile first model is expected to save SMEs 8-20 hours and £15-50 per month on running their business finances and accounting tasks. Michael Mueller, Chief Executive Officer at Form3 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. Tim Fouracre, Chief Executive Officer at Countingup commented,“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.”
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