November 24, 2022
  • November 24, 2022

Bizcuit and Rabobank offer integrated loans

By on October 7, 2022 0

Bizcuit, a Netherlands-based financial administration company, and Rabobank have partnered to offer businesses integrated invoice financing.

Small business owners can immediately see how much funding they can receive and apply for it in a minute, without having to exit their Bizcuit business app. Rabobank is one of the first banks in Europe to offer this facility in an integrated form.

Once a business owner finds their cash flow is insufficient, pre-financing an invoice becomes an option. Now, requesting invoice financing can be done entirely within the Bizcuit app for small businesses. Business owners don’t have to go to a bank branch or website to apply separately. The data necessary for financing is automatically collected by Bizcuit, with the agreement of the business owner, and sent with the request. In this way, a request for funding can be made in a minute. Once the request is approved, the company receives an offer. After approval, the money is transferred to the account within 24 hours.

New banking links, new services

Bizcuit uses the three available Rabobank accounting links. These accounting links ensure that the data is displayed in real time. Previously, bank details were only updated daily. Bizcuit, after several accounting software providers, is one of the first platform partners to use this new banking link. Business owners choose what best suits their business needs.

In August 2022, Rabobank discontinued its banking link and replaced it with PSD2 link and Rabo Accounting link. They use the bank link to automatically import bank transfers into the administrations. Through the PSD2 link, customers authorize Rabobank to send information from their bank account to their records in Exact Online. This authorization can also be withdrawn at any time.

Bizcuit brings together relevant services for entrepreneurs in a single application. Whether it’s banking, scanning and recognizing documents, creating and sending sales invoices, approving and paying purchase invoices or batch payments from platforms – related accounting software forms. Receipts, invoices and bank transactions are automatically delivered to the accountant.

Integrated loan

Embedded lending refers to a financial service integrated into non-financial products, eliminating the need for third parties. The integration is invisible and provides a simpler lending experience for users with just a few clicks. This saves the costly infrastructure as it happens at the backend level with simple application programming interface (API) calls.

The whole lending ecosystem becomes leaner as the reliability of many participants like a lender, banking institutions is reduced. Credit risks are almost zero because the lender has access to the credit history and spending habits of the customer. Based on these analyses, the lender can define the amount to be disbursed as a loan. They can further use these analytics to offer attractive rewards as an incentive. It also reduces the gap between businesses and consumers.

Financial services are no longer seen as a stand-alone area. It has now become the friend and relative of all companies that focus on sales.