Accounting software provider Xero is broadening its relationship with payments fintech Stripe to provide faster payment collection and reconciliation for small- and medium-sized business clients. 

New Zealand-based Xero built on its previous integration with Stripe’s APIs, removing the need to use a third-party service to collect payments from invoices issued by small businesses, Chris O’Neill, chief growth officer at Xero, told Bank Automation News.

“This is further automating the flows of information to the systems of record like income statements, so you don’t have to spend time chasing payments and bills,” he said. “Also, at the end of the month or period, if an invoice goes out, that hits the system of record and reconciles it for the small business.” 

Removing the complexity associated with payment collection was the primary driver for the expanded partnership, which will go live for small businesses within six to 12 months after the internal processes are streamlined, O’Neill added. 

San Francisco-based Stripe also recently partnered with commerce giant Amazon, expanding its use of Amazon Web Services and helping augment Amazon’s payment processing across its business verticals. 

Forward Bank taps Larky to increase customer engagement

Marshfield, Wis.-based Forward Bank is using customer engagement fintech Larky’s Nudge solution to help deliver personalized and instant push notifications to clients through its mobile app. 

“Previously, we reached our account holders through email and direct mail, which presented challenges with timeliness,” Jennifer Sobotta, vice president and marketing director of the $897 million bank, said in a news release. “By now delivering Nudge notifications that reach account holders more quickly with relevant messages, we hope to strengthen our commitment to them as a trusted financial resource and ultimately strengthen our long-term customer relationships.” 

The partnership aims to assist the bank with predicting customers’ needs, financial decisions and behaviors, the release stated. 

BNPL Zilch partners with debt advice charity StepChange

London-based buy-now, pay-later unicorn Zilch has selected debt advice charity StepChange to assist with improving customer experiences. 

Zilch is integrating the North Yorkshire, England-based StepChange’s direct platform into its existing solution to provide debt advice and help relieve financial stress on customers, a release from the companies said. 

“This partnership is a natural and obvious one … and ensures we provide our customers with the very best support if they do fall behind on repayments — all for free,” Zilch Chief Executive Philip Belamant said in the release. 

Axis Bank taps Ascenda for card solution

Mumbai, India-based Axis Bank has selected card loyalty solutions company Ascenda to augment its new rewards program. 

The $160 billion bank chose Ascenda to add its premium rewards infrastructure and points exchange marketplace for travelers using the bank’s card program, a release from the bank said. 

“We have been continuously working on innovation-led partnership models to strengthen value propositions for customers and deliver premium benefits at convenience,” Sanjeev Moghe, president and head of cards and payments, said. 

Vicus Capital sees asset growth with Intelliflo partnership

Investment manager and advisory firm Vicus Capital has begun using financial advisor software from London-based fintech Intelliflo Redblack to help grow its assets under management using the provider’s trading and rebalancing platform. 

The State College, Pa.-based Vicus partnered with Intelliflo Redblack in 2020, with Vicus reaching $2 billion in assets through use of its technology, according to a release from the companies. 

“With Intelliflo Redblack, we have been able to expand our investment model options and accelerate our [assets under management] growth without adding dedicated traders, while simultaneously increasing the complexity of assets we manage,” Eric Dare, president and chief executive of Vicus, said in the release. 

In addition to the trading and rebalancing features, Intelliflo Redblack’s software allows Vicus to boost business efficiencies and improve accuracy and oversight.  The software also aids portfolio monitoring and pre-trade and post-trade compliance, the release said. 

Editor’s Note: All dollar amounts are in USD

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