Magazine

Companies that manage their bank accounts collaboratively must find a balance between trust and control, especially when it comes to outgoing bank transfers. Our clients have already made tons of bank transfers—without paying tons of banking fees on them—and today, we’re adding two transfers-related features:

1. Recurring transfers ;
2. Team-wide validation workflows.

Up to now, if you wanted to collect money from your customer’s bank account, you had two options :

• Use the direct debit solution provided by your bank. It works, but it isn’t easy to use nor automation-friendly.
• Opt for a fintech. It definitely looks better and performs well, but it tends to be pricey. And you’ll probably be charged on a transaction per transaction basis.

We wanted to provide business managers with an alternative solution that was both affordable and easy to use. So we created our own direct debit payment feature. Starting today, you can use your Memo Bank account to create or import your client’s SEPA mandate (core or B2B). And you can also create or import your direct debit operations, to collect payment from your customer’s bank account.

In short, you can now use your Memo Bank account to credit your Memo Bank account. This is a first step towards the creation of a payment collection suite that will allow your company to use Memo Bank for both expense management and payment collection. You’ll never have to log into another website to manage your credits and your debits.

We are now a bona fide bank and have a new name: Memo Bank. Starting this fall, we will be offering a limited number of early access accounts and plan on greatly increasing availability by the end of year.