January 10, 2022
Payments are the lifeblood of the economy. They are key to the operations of companies across many different industries. Whether it is a property management company collecting and paying out rents, an insurance company disbursing claims, or a temp recruitment agency paying workers on a weekly basis, they all need to send, receive, and reconcile large volumes of bank payments to serve their customers.
When companies grow, handling payment operations manually becomes a real challenge. As the volume and frequency of payments grow, so does the number of errors and incidents. Dedicated financial teams are assembled. A lot of time and energy is spent on low-value, grueling tasks. In some cases, the challenge of handling payment operations can even prevent companies from building new products, offering new services or capabilities, or expanding to new markets.
Yet, companies looking at automating their payment operations have very limited options. Open banking APIs are either not ready or too limited, leaving companies with the difficult task of connecting directly to their banks through custom integrations. This means using dated protocols (such SFTP, EBICS, and SWIFTNet) or legacy software requiring complex integration and specific training, building custom workflows, and maintaining these integrations over time. It doesn’t stop here. Additional custom integrations need to be made for each new bank and each new new payment capability. Development teams end up spending a lot of time and energy monitoring, maintaining, and updating a custom payment operations system - instead of focusing on improving your product or building new features.
We believe that there has to be a better way. That receiving, sending, and reconciling payments should be painless and scalable. That payments should accelerate, rather than slow down, business innovation.
To achieve this, we are building the best payment automation platform, combining robust bank integrations, a modular API, and a modern dashboard - everything companies need to easily embed payments to support new products and scale their payment operations with confidence.
Numeral removes the complexity of bank integrations and payment automation - allowing you to scale with confidence and focus on your next big thing.