Embedded Finance Image by Charles Thompson from Pixabay IRIS Software Group has partnered with UNIPaaS, bringing its embedded finance solutions platform to SMEs. UNIPaaS offers several products that organisations can embed. It includes onboarding, global payments both in and out, and vendor accounts.

Iris talks about bringing embedded finance to SMEs. However, it does not elaborate on which of its solutions it will embed UNIPaaS into first. Will it choose IRIS KashFlow, IRIS Financials, IRIS Practice Essentials or something else?

David Avgi, CEO & Co-Founder, UNIPaaS, commented: “We are extremely proud to have been selected by IRIS to join forces to provide embedded finance solutions. We created a truly embedded experience that unifies all payments and financial aspects in one place.

“Our mission is to remove all of the traditional pain points of B2B payments and help companies improve their customer experience and improve their business’ cash flow. We look forward to working with the team at IRIS and to seeing the results that our technology will help it achieve.”

Why does this matter?

ERP and accounting vendors will often embed analytics solutions, but few have embedded finance solutions, preferring to integrate with them. The UNIPaaS solution is designed to be embedded and delivers several advantages for a business that will adopt it.

Using UNIPaaS, SMEs can improve their cash flow through faster payments. The National Federation of Self Employed & Small Businesses claims a third of UK SMEs face cashflow challenges. With the embedded finance solution in place, several key processes become automated. It eliminates potential manual errors and ultimately helps companies grow. IRIS believes that SMEs can increase revenue by up to 2.5 times with access to financial services.

Paul Nagy, Chief Product Officer, IRIS Software Group
Paul Nagy, Chief Product Officer, IRIS Software Group

Paul Nagy, Chief Product Officer, IRIS Software Group, commented: “We’re really excited to partner with UNIPaaS and provide our customers with embedded finance solutions.

“Moving forward together we can provide finance, HR and payroll teams, educational organisations, and accountancy firms with the software and services that takes the pain out of processes and helps them look forward with certainty and confidence. Our aim is to help our customers automate the payment process for on-time payments and an improved customer experience.

“SMEs are the lifeblood of the UK, representing 99% of our economy and have been traditionally underserved in terms of payment solutions. This partnership puts us ahead of the curve and enables us to meet the accelerating demand for embedded finance and Open Banking based solutions.”

Enterprise Times: What does this mean

The partnership is another example of how open banking is changing how companies operate. UNIPaaS has an FCA license, and this partnership is a novel way for IRIS to steal a march on competitors. Besides not knowing which solutions IRIS will embed UNIPaaS into, it is also unclear which elements of UNIPaaS customers will adopt.

There is a huge opportunity for automation with SMEs able to streamline the whole order to cash process. IRIS customers may also find the UNIPaaS solution useful for suppliers. As an innovator in this space, it will be interesting to see which direction IRIS and its customer decide.

The announcement will also draw more attention to UNIPaaS. It already has a customer base that includes Beelivery, MyPocketSkill, Nayax and XPO. The partnership will give it greater visibility in the UK and elsewhere and may bring other vendors.


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