SDK.finance has presented a solution to the late invoice payments problem at ING’s 24H-CodING Hackathon. The event took place in Katowice, Poland, May 12th &13th and gathered 55 teams from all over Europe.
CEO of SDK.finance Alex Malyshev said: “The ING’s 24H-CodING Hackathon enabled our team to showcase the solution which addresses the problem of invoice payments. The traditional way of settling invoice payment is a long and complicated procedure which ultimately swipes cash from European SMEs and jeopardizes the functioning of the broader economy. The European Commission has even adopted the late payment directive in the attempt to ease the problem. However, technical changes are of critical importance. And it is a perfect timing now (meaning upcoming changes fostered by PSD2 and Open Banking) to try to fix the existing inefficiencies in the banking & payment space and deliver upscale services to end-customers”.
CTO of SDK.finance Pavlo Sidelov said: “We have used the synergy of ING Bank API and SDK.finance platform to cut dramatically the invoice payment cycle. It enables to decrease the traditional invoice payment journey from six to one step or even one click payment for trusted merchants. In this duet SDK.finance is responsible for invoicing processing while ING Bank – for payments. The mechanism is straightforward: SDK.finance on behalf of a merchant issues and delivers an invoice to a customer digitally and initiates a payment from customer’s bank account directly to merchant’s bank account. As a result such an instant payment enables to avoid exorbitant commissions of VISA or MasterCard network, and grants a benefit of immediate access to funds for merchants. Our API-ready infrastructure allows to integrate invoicing and payment engines into any kind of current solutions including accounting software, in-house systems of merchants, CRM and ERP, and even invoicing services”.