How do I use Open Banking to make invoice payments?

Harness the power of Open Banking for seamless invoice payments

How to use Open Banking for invoice payments in Kloo

1. Connect your bank account: Start by linking your bank account to Kloo. This can be done in the 'Integrations' section of 'Settings'. Our intuitive interface makes it easy to securely connect your account using open banking APIs. Rest assured, your financial information is handled with the utmost security and compliance.

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2. Make a payment: Follow the steps in this article to create a payment run or schedule a singular payment. You'll then be given the option to use open banking at the moment of payment. 

What are the benefits?

1. Real-time transaction data: With open banking, bid farewell to delays in transaction updates. Experience the power of real-time transaction data directly from your bank, accessible within the Kloo platform. This means you can view and track payments as they happen, ensuring a clear and up-to-date financial picture.

2. Automated data entry and reconciliation: Say goodbye to manual data entry headaches. Open banking enables Kloo to automate the tedious process of data entry, reducing errors and streamlining reconciliation. This not only saves time but also enhances the accuracy of your financial records.

3. Faster, efficient payment processing: The integration of open banking facilitates faster and more efficient payment processing. Experience the convenience of automated transactions and real-time fund transfers, enabling you to settle invoices promptly. This not only strengthens your supplier relationships but may also unlock early payment discounts.

Please note open banking can only be used for individual payments at this time. Payment runs can be paid out of Kloo Funds.