Cash flow management company Cashology has turned to open banking provider Nordigen to launch its accounting and budgeting platform.
As Financial IT reported Wednesday (April 27), the integration lets Cashology’s clients link all their bank accounts to the tool and manage their finances from one platform.
The report described the U.K.-based Cashology as the invention of an accountant who wanted to see more accuracy and efficiency in cash flow forecasting, a process weighed down by tasks like logging into multiple bank accounts and downloading Excel documents.
The companies said Nordigen’s integration will let clients securely connect to their bank accounts and aggregate their financial information within the Cashology system. This means their account processes will be handled more efficiently, using all available information.
“Cashology is designed to easily connect to your bank account data and help you categorize information much faster than in Excel,” said Charlie Bennett, the company’s managing director. “Professional reports can be created with a few clicks and shortcuts are available to forecast cash quickly.
“Nordigen was extremely supportive in getting Cashology’s API set up. Every query was answered quickly and thoroughly, which allowed development to progress without delay.”
Rolands Mesters, Nordigen’s CEO and co-founder, added: “Nowadays, experts within financial services prioritize an improved customer experience, ease of use and automation. Cashology has created a tool to bring those features to accounting and we are excited to see Nordigen become a significant element in their journey to modernizing cash flow management programs.”
The integration comes as financial institutions are increasingly investing in application programming interfaces (APIs).
Read more: How APIs Can Help FIs Match Changing Business Bill Pay
PYMNTS research has found that 47% of banks and credit unions had invested in the technologies by the end of last year, compared to 35% in 2019. Additionally, 25% said they planned to invest in APIs this year.
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