Payments do not create value. Work, creativity, and relationships do. But payments are a very effective mechanism to transfer value.
Financial institutions execute payments on behalf of customers who pay their rent, repay their mortgage, or invest for the future. Insurance companies collect premiums and cover damages. Marketplaces pay merchants and creators. Platforms pay workers and artists. Companies pay their employees and support their employees' families.
Banks processed €156 trillion of transfers and direct debits (that's €156,000 billion or €156,000,000 million) in 2019 in Europe alone. That's 99% of all payments in value, with credit cards payments only accounting for €2 trillion.
Banks are essential partners to companies. They give them access to payment schemes and networks, hold their accounts, and keep their funds safe and secure.
Yet, companies still use tools developed 20 years ago to work with their banks. Web banking apps have outdated user interfaces. Direct connection protocols, such as SFTP, EBICS, and SWIFTNet, are heavy. PSD2 APIs are either not ready or not fit for corporate use. Most accounting, ERP, and treasury management systems require complex setup as well as costly training and maintenance.
Companies handle hundreds to thousands of payments every day. They build large teams to receive, send, and reconcile payments. They often end up using legacy software providers or building their own payment technology stack. At scale, financial operations are grueling, error-prone, and costly tasks. When mistakes happen (and they often do), they can cost millions.
We believe that there has to be a better way. That receiving, sending, and reconciling payments should be both seamless and secure. That a new generation of software will allow finance teams to focus on value-added tasks. That payment should accelerate, rather than slow down, the economy.
We are building the operating system for finance operations teams. We are developing a cutting-edge banking orchestration platform, combining robust bank integrations with an elegant API and a modern dashboard that developers and finance managers love.
Do you want to build Numeral with us, automate your bank operations, or simply know more?Get in touch