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ForwardAI Launches Cash Flow Management Tool for SMBs in North America

ForwardAI, the fintech providing aggregated direct data access to accounting and ERP platforms, has launched ‘Forwardly’: a new real-time payment (RTP) enabled cash flow management tool for small and medium-sized businesses (SMBs) in North America.

ForwardAI designed Forwardly to help small business owners and accountants simplify their cash flow through instant payments. The new B2B payments platform, which is available at no cost to existing users, helps small businesses get paid in seconds. The service is also available 24/7 and 365 days a year, eliminating the need to consider bank hours or closures.

So, what other advantages does Forwardly offer SMBs?

  • Faster speed: Receive payment up to three days faster than other legacy payment options.
  • Save money: Save 60 to 80 per cent (compared to credit card processing fees).
  • Save time: Bank account and accounting system integration eliminates manual tasks; direct two-way sync with leading accounting platforms enables instant reconciliation of payments.
  • Bank agnostic: Forwardly does not require the user to create a new bank account, change banks, or pre-fund a settlement account or wallet.

Nick Chandi, CEO and co-founder of ForwardAI, discussed the significance of the new offering: “Cash flow is the most critical component of a business’s financial health, and in today’s economic climate, it’s more important than ever for small businesses to have visibility and control over their finances.

“Forwardly helps businesses accept payments faster, retain money longer, and spend less on processing fees, which ultimately means less time spent worrying about keeping cash in the bank.”

Powered by ForwardAI’s recently released ‘Precise API V2’, which aggregates data from major accounting systems, Forwardly aims to improve business workflows, integrates with bank accounts and accounting systems, and utilises instant and automatic reconciliation for leading accounting platforms, including QuickBooks Online and Xero.

‘A game-changing long-term payment solution’

Christanne K. Wright, founder of Your Wright Resource LLC, explained why Forwardly offers a positive new solution for her clients: “I’ve worked in accounting for more than 20 years and have witnessed many changes and improvements in payment processing systems that small businesses use.

“The major pain points for small business clients have always been high fees for credit card processing and three-to-five-day wait times to receive funds. I’m thrilled to introduce Forwardly’s platform to my clients as it significantly reduces fees and provides them with immediate payment receipts. Forwardly is truly a game-changing long-term payment solution for my small business clients.”

Hari Venmuri, the owner of AvVa Consulting Inc, explained that improving the payments process is a critical need for his clients: “As a CPA, I place tremendous value in providing the best service to my clients, specifically by improving the payment workflow experience for them,” he said. “Forwardly’s new real-time payment solution checks all the boxes. When I tell my clients I can save them money on fees and accept payments faster, they can’t wait to sign up.”

ForwardAI recently completed its Service Organisation Control (SOC) 2 Type II certification. This further validates the company’s commitment to upholding strict IT security protocols that protect its systems, users and accounting data from unauthorised access. The fintech explained that this puts its user’s minds at ease due to the layer of protection followed, minimising incident impacts when needed.

Author

  • Tom joined The Fintech Times in 2022 as part of the operations team; later joining the editorial team as a journalist.

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