Boston-based fintech partners with First National Bank of Omaha (FNBO) to develop SaaS solution to manage key aspects of cash flow control lifecycle: forecasting, managing receivables and payables, and obtaining credit
Centime, a Boston-based fintech, launched Cash Flow Control: a first-of-a-kind solution purpose built to help small and mid-sized businesses control and manage cash flow.
Effective immediately, Centime Cash Flow Control is available to all U.S.-based businesses using the financial General Ledger applications of Intuit QuickBooks and Oracle NetSuite.
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The solution consists of several interconnected modules that work together to support the cash control lifecycle of a business.
- Automated rolling 13-week cash flow forecasting uses artificial intelligence (AI) and machine learning to predict cash inflows and outflows
- Accounts receivable management provides increased visibility into payment delays, facilitates on-time payments through automated reminder campaigns, and drives online payments through an integrated merchant account
- Accounts payable management helps determine who, when and how to pay with the goal of maximizing working capital
- Integrated credit solutions facilitate the bridging of cash flow gaps and short-term working capital needed to support growth
- KPI monitoring provides the metrics and insights required to ensure robust cash flow performance
Centime Cash Flow Control gives business leaders a clear picture of how each element of cash flow control affects the other in a real-time, rolling basis and taps into AI and machine learning to blend businesses’ historical data with industry trends to deliver visibility, predictions, management and control.
“Businesses have opportunities to grow in good times and bad,” Centime founder and CEO BC Krishna said. “And in both good times and bad, cash makes or breaks businesses. For most businesses, cash flow management is poorly understood, overly complicated and inconsistently managed. Centime Cash Flow Control is a simple, easy to use solution that allows businesses to manage one of their most critical resources.”
Covid exposed the risks posed to businesses by poor cash management — or simply an uncertain environment. As businesses across America continue to struggle with labor shortages, supply chain disruptions, inflation and uncertainty in the world, they must take ownership of their cash. While the government’s Paycheck Protection Program (PPP) helped businesses bridge gaps at the height of the pandemic, and banks stepped in to further accommodate their clients’ unforeseen stressors, moving forward requires that business leaders gain control over all aspects of their cash.
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Centime was founded just before the global Covid pandemic struck in 2020, creating unexpected disruptions while also opening doors to creative solutions. In the intervening two years, an extended team of 150 engineers, designers, product managers, finance professionals, payments experts and bankers from Centime and its strategic partner FNBO have worked closely to develop this unique, simple, yet comprehensive cash flow control solution.
A beta testing initiative, Centime’s Early Access Program (EAP), provided valuable client feedback that has and continues to influence the features and functionality of Cash Flow Control — ensuring it truly provides transformative, actionable insights for businesses.
“That’s the hope for a person like me, an average, small to mid-sized business owner and executive officer,” said Todd Murphy, CEO at Universal Information Services and a Centime EAP client. “Getting to a point in time when projecting my cash flow is simple, accurate, and meaningful to help me get a pulse on my businesses has been a revelation,” he said.
Carrie Zoucha, FNBO’s VP, commercial payments, who knows Murphy’s business as a member of the team that serves his banking needs, spoke to Centime’s product development collaboration with the bank. “From the very beginning, our partnership with Centime has been a relationship built on mutual trust, collaboration and innovation. At FNBO, we take pride in being customer-led and providing guidance to help businesses grow. Our partnership with Centime has allowed us to take a common problem that so many businesses face, and help build a solution to help them thrive. It’s been exciting to see Centime come to life, and particularly invigorating to hear about its impact from our customers.”
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