visma-novemberfirst-cooperation

Smart Pay

For far too long, the division between bookkeeping and payment, financial system and banking, has been the cause for illogical work processes, errors, lack of controls, manual entries, manual reconciliations, duplication and redundant communication between bookkeeping and approvers of payment.

Based on the November First platform, Smart Pay creates a new integrated and logical accounting and payment process that saves time for small and medium-sized businesses.

If you are a business owner and do bookings and payments yourself, you can now, as soon as an invoice is registered in e-conomic, also set it for payment by a few clicks. When the invoice is paid, the entries are automatically returned to e-conomic, where you can reconcile and complete the bookkeeping with a few clicks. Read more

If the company is somewhat larger and has an accounting firm or has chosen to outsource the accounting to an external accountant or an auditing firm, the benefits are many. Once the accountant has registered the invoice in e-conomic, the payment can be sent for approval. The payment approver receives an email and can with a few clicks approve the payments that are to be paid. Also the payments no longer have to be approved blindly. The voucher is available at the time of payment and payments can be approved with a few clicks from mobile or online when it fits into the working day. Read more

A milestone for November First

The collaboration with Visma e-conomic marks a significant milestone for November First. Since we were established, we have strived to be able to provide payment solutions to small and medium-sized companies in Denmark, which simplify everyday life and improve the bottom line.

Our path to this has required that we break an oligopoly-like pricing on international payments and transfers, the de facto monopoly on payments taking place in a bank and creating a logical support for procura. Finally, we have automated the postings and streamlined the many different bookkeeping and payment routines that are not as uniform as one might wish.

Along the way, we have also had to develop our own organization so that it effectively complies with the requirements set by the Danish Financial Supervisory Authority for payment institutions. Requirements that largely correspond to those imposed on banks and other financial institutions. We are meeting our goal, as the compliance function must be efficient and a competitive advantage for us, our partners and for users of our payment platform.

Facts about the Smart Pay solution

Smart Pay is created by a close collaboration between Visma e-conomic and November First. In short, Smart Pay makes it possible to approve and pay supplier invoices directly in e-conomic - completely without logging in to the online bank. But it is much more than that.

Smart Pay represents a new logic for bookkeeping and payment that frees up time, by eliminating unnecessary workflows and delivering savings that can be felt on the bottom line.

For the business owner

Easy payment of supplier invoices directly in e-conomic
Automatic return postings
Automatic exchange rate adjustments
Better exchange rates and cheaper fees
Avoid logging in to the online bank
Payment overview
Transparent pricing

The internal and external accounting

The bookkeeper

Send payments for approval with a few clicks
Avoid logging in to online banking
Avoid file upload and download between e-conomic and bank
Fewer entries and fewer errors
Notification for declined payments
Automatic return postings
Payment overview in e-conomic

Payment Approver (s)

Easy approval of payments by mobile and email
Approval of payment 24/7
Better control - the document is available upon approval of payment
No interruptions in everyday life
Avoid logging in to the online bank
Payment overview in e-conomic or on mobile

The business owner

Updated bookkeeping
Transparency
Better exchange rates and cheaper fees
Streamlining
Control

Read more

"The market for new efficient digital payment solutions - specifically targeted at the SME segment - is hot, and it creates growth opportunities for this type of solution"

"There can easily be an exponential development due to a radically different user experience. Once the users are onboarded and experience how easy and automated it is, then the demand potentially begins to accelerate"

Thomas Krogh Jensen, Director of Copenhagen FinTech

"Very few companies are aware of the costs when making payments via the bank. The costs are often hidden and there is a great lack of transparency. With our solution, we want to streamline the accounting and payment flow and visualize what the individual payment costs in real-time "

Mikael Langseth Nilsson, CEO and Founder of November First

"When our customers have to pay an invoice in the bank, a long and time-consuming process is involved, where a number of tasks must be completed. Smart Pay makes that process much simpler and safer and less error-prone. Companies can, without using the online bank, approve and pay supplier invoices directly in e-conomic, where they are automatically posted and reconciled with the bank "

"The process becomes up to 75 percent faster and cheaper when we compare with the manual processes our customers use today"

Lars Engbork, Adm. director of Visma e-conomic

November First and Visma e-conomic

It has taken time to build the foundation and infrastructure to support the ambitions behind Smart Pay. So it is a redemption to finally be able to introduce Smart Pay together with Visma e-conomic.

Together, we have succeeded in our mission to give Danish companies a simplification of their everyday lives and an improvement of their bottom line. It's a great example of how fintech and collaboration around digitization can streamline established workflows.

After November First solved the challenges with payment initiation, FIK, ”account to account payments”, procura, international payments, posting data, and made all these functions available through a tested and secure API, the collaboration with Visma e-conomic took off.

For almost 12 months, the companies have adapted their respective platforms and created the integration behind Smart Pay. The early users of the system have continuously provided feedback and based on their input, the solution has been refined, to today be able to deliver a logical digital journey for invoice and payment, regardless of which bank you use.