Tribe Payments has announced the first implementation of its Bankbox service, with Telleroo using it to streamline its bulk payment service for accountancy firms and bookkeepers.
Bankbox, part of Tribe’s modular ISAAC platform, says it gives businesses easy access to banking systems, payment rails, and other services that would normally only be available through a direct bank integration. By standardising access, cutting out complexity and removing middlemen, Bankbox helps businesses give their customers choice, expand their reach, and reduce operational costs.
Launched at FinTech Connect in December 2019, Bankbox has allowed Telleroo’s accountancy firm customers make payroll and supplier payments directly from the payment files generated by accounting and payroll software such as Xero or Paycircle.
Telleroo removes the need for manual processing of these payments runs and the rekeying of payment information which, it says, makes SME finance teams far more efficient and less prone to human error. Payments can be scheduled in advance-Telleroo users no longer need to set aside specific days and times for payment input-and access to Faster Payments means that there is no “cut off” to ensure a payment reaches its destination in time.
The integration means that Telleroo’s accountancy firm customers effectively have direct and standardised access to payment rails, without the need to navigate proprietary systems and alter existing workflows and processes. This is expected to boost the scale and velocity of Telleroo’s payment volumes.
“Gaining access to banking systems can be a nightmare in terms of technical integration and the reams of paperwork. We felt it shouldn’t be this hard to get access to the banking systems that can make a real difference to accountancy firms and the SMEs they serve,” said Michael Riedler, MD and Co-Founder, Telleroo. “Bankbox means we have direct access to these systems and can enable payroll and supplier payments simple for our accountancy customers-they will save hours previously wasted on manual input.”
“Telleroo is a fantastic example of an innovative company breaking away from legacy technology and systems to solve a big annoying problem for customers,” said Suresh Vaghjiani, CEO of Tribe Payments. “The focus we’ve seen in fintech on the consumer user experience needs to be universally applied, and the manual rekeying of payments is a perfect example of where technology can vastly improve efficiency.”