Open banking FinTech Crezco wants to make invoice payments as convenient and cheap as B2C card payments. Compared to typical software companies, FinTech hasn’t historically scaled at zero marginal cost, and platforms that process bills and invoices such as APIs don't have all the features required to support a company's payments workflow. Open banking solves this paradox.
Crezco provides accounting and payroll platforms that embed payments, allowing account-to-account bill collection without intermediaries taking a fee. It uses open banking rails across the UK and international markets to implement B2B payments such as invoices, making them as convenient as B2C card payments. This is all without the costs collected by companies like Visa and MasterCard.
Crezco is integrated into accountancy platforms Xero and QuickBooks as well as other leading B2B platforms for invoice payments. There is stiff competition in the payments industry from the likes of GoCardless and Stripe. Looking ahead the company plans to further expand its services to bring more value to its customers.
Freddie
Company Specialist at Welcome to the Jungle