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UNIPaaS-Nomisma

Nomisma boosts payments offering with UNIPaaS partnership

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Cloud practice suite Nomisma has announced a partnership with fintech provider UNIPaaS to offer SMEs the ability to streamline their payment processes as part of an embedded finance solution.

12th Oct 2022
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Through the tie-up, integrated suite Nomisma can offer small business customers payments services under its brand umbrella, rather than reselling payments services through external providers, and integrate these services with its accounting system.

While the majority of core accounting software developers offer embedded reporting, forecasting or analytics solutions, few have embedded finance solutions, preferring to integrate with third-party vendors.

The UNIPaaS solution is embedded within Nomisma and is designed to deliver improved cashflow and streamline processes related to payroll and invoicing for users through a range of open banking-powered services.

These include the option to automatically add “pay now’’ buttons to digital invoices generated from Nomisma’s bookkeeping software, the automatic creation of paid invoices once payment is received, and cross-referenced reconciliation aimed at cutting out manual effort from the process. 

Clients can pay using Instant Bank Transfer as well as local or international credit or debit cards, Apple Pay and other payment methods. They can be signed up without having to leave the Nomisma platform, while users have one single place to track payment transaction status in real time.

What is ‘embedded’ finance?

In an uncertain, unstable economic environment, embedded partnerships such as Nomisma and UNIPaaS present an opportunity for small businesses to streamline the order-to-cash process, and are another example of how open banking could change the way businesses operate.

Embedded finance refers to services or tools stitched into non-financial businesses’ infrastructures, often provided by white-label developers such as UNIPaaS, without the need to redirect to traditional financial institutions. 

Generally provided at point of sale, examples of these types of services include payments, insurance, or loans/buy-now-pay-later tools such as Klarna.

Small business streamlining

Commenting on the tie-up between the two developers, Nomisma CEO Simon Guest said that for Nomisma’s accountancy and bookkeeping partners, making life easy for their small business clients is a top priority. 

“Requesting and collecting payment on invoices is a big pain point for SMEs and UNIPaaS has ticked all the boxes as the perfect partner for us to streamline this process,” said Guest. “The benefits will be felt, not only by practices and their business clients, but ultimately by their customers too.”

“We are proud to be selected by Nomisma to provide embedded finance solutions,” added David Avgi, CEO at UNIPaaS. “Nomisma is an innovative platform, a newly designed solution with in-depth insights and channels to the accountancy ecosystem. Our mission is to remove all of the traditional barriers of B2B payments, allowing digital platforms to scale without increasing their headcount while improving user experience and the end client’s cashflow. We look forward to working with the team at Nomisma.”

Founded in Tel Aviv in 2020, UNIPaaS bills itself as a “one-stop, white-label payment solution for businesses which integrates seamlessly with accounting software”. In March this year, the developer announced a similar partnership with IRIS, providing IRIS customers with embedded solutions so they can add financial services alongside its core software products.

Earlier this year, Nomisma raised more than £480,000 through a crowdfunding campaign to ramp up its sales and marketing efforts, with CEO Simon Guest stating that as a cloud suite designed specifically to work with accountancy practices to drive efficiency and marketed on its affordability, Nomisma is in a unique position to help firms solve small business challenges.

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