From the list of 56 products, a group of credit union and CUSO executives identified seven that relate to small business owners and the financial institutions that serve them.
BillFLO's web-based cash-flow management system gives small businesses a real-time view of their financial health. BillFLO is a single electronic platform that automates the accounts payable, accounts receivable and expense reporting processes to monitor a business's cash flow.
Additional features include a smart phone application for expense report tracking that enables photo capture of receipts; billFLO insights, which lets users create customized views of their finances with metrics meaningful to their business; integration with popular accounting and invoicing systems such as QuickBooks and FreshBooks; and integration with Gmail.
The company's new, comprehensive platform is based on feedback from thousands of small businesses in the U.S., U.K. and Canada that tried its initial electronic invoicing product launched in April 2009. Led by CEO Ian Sweeney, the Oakland, Calif.-based company was founded in April 2008.
Daily Remittance Platform
Capital Access Network's Daily Remittance Platform is an end-to-end asset lifecycle management system that facilitates and manages daily payment, remittance and collection methodologies for those extending capital or credit to small and mid-sized businesses.
The platform enables users to "plug in" legacy data and systems as needed and design their own portfolio performance before going to market. It also monitors asset performance with real-time updates and adjustments and is available as a hosted service, appliance or licensed product.
More than $2 billion in remittances have been processed and more than 30,000 small businesses have been provided with working capital since 1998 using the platform.
CashEdge's Popmoney for Small Business is an electronic invoice and payment solution designed specifically for small business customers of financial institutions.
The solution allows small businesses to pay vendors and employees electronically using an e-mail address or mobile phone number. They can also pay using an account number.
The solution also enables small businesses to conduct invoicing, receive payments via ACH or credit card, make and track payments, send invoice reminders and view payment history directly from their financial institution's online banking portal or mobile application through the Popmoney platform.
ZashPay is a person-to-person payments service powered by Fiserv that allows consumers to send money to anyone they know using only an e-mail address or mobile phone number. The payment is deducted directly from the sender's banking account and deposited directly into the recipient's account in as little as one business day.
ZashPay is available to financial institutions and consumers that use Fiserv's CheckFree RXP online bill payment service. ZashPay is integrated into the online banking sites of financial institutions that choose to offer the service. A public website also allows consumers whose FIs are not part of the network to use ZashPay to send or receive money.
ZashPay has been launched by more than 200 financial institutions, Fiserv said.
Kashoo.com is an online accounting solution designed specifically for small businesses and no accounting experience is required. In addition to accounting, it provides insight into the operational performance of a company; visualization dashboards help small businesses owners keep track of the numbers impacting their business and make better strategic decisions.
Unlike desktop accounting applications, Kashoo.com leverages cloud computing to enable collaboration, mobility and data sharing. It is accessible over the Internet and on mobile devices like the iPhone, Android and iPad.
Kashoo.com has several thousand subscribers and is used in more than 50 countries. Led by CEO Jim Secord, the Vancouver, British Columbia-based company was founded in May 2009.
Outright.com provides online financial management for the self-employed. The completely automated solution helps small business owners manage their day-to-day cash, collect money owed to them and find ways to save.
Outright connects directly to nearly all U.S. bank and credit card accounts as well as online business resources such as PayPal, eBay and FreshBooks. In minutes, business owners can see all of their account balances and have their transaction details imported and categorized. The solution also helps owners pay their estimated taxes on time, file 1099s properly and connect with professionals who can answer questions about deductions.
More than $3 billion in small business transactions have been tracked using Outright.com. Led by CEO Kevin Reeth, the Mountain View, Calif.-based company was founded in 2008.
MoneyStrands.com is an online personal finance management service that provides users with a unified view of their finances by automatically gathering data for financial accounts, including savings, checking, loans and credit cards.
A redesign of the website is scheduled to launch by yearend. New features will include a bills calendar that issues reminders as a due date approaches, a budgeting wizard that sets up a customized spending plan based on a user's income and expenses, savings goals that users can prioritize and track the progress of, and a cash flow projection tool that shows how much money is allocated toward upcoming payments and how much remains for discretionary spending.
These features will also be available as part of Strands Labs' white label PFM solution provided by its Strands Personal Finance Business unit. Strands PFM is a customizable and scalable proprietary software platform that provides an engaging online banking experience to financial institution customers.