News - Centime_January2023

Centime Introduces New Working Capital Credit Solutions in Partnership with FNBO

Centime — Tue, 23 May 2023 13:50:51 GMT

CentimeCredit offers convenient, cost-effective working capital lines of credit to help businesses meet growth objectives and operational needs

BOSTON, May 23, 2023 /PRNewswire/ -- Centime, a Boston-based fintech that offers comprehensive cash management and banking solutions to small-to-midsize businesses, today announced a new set of credit products in partnership with bank partner FNBO. Together, Centime and FNBO are joining forces to combine the modern convenience of online banking and credit solutions with the stability and trust of a 165-year-old financial institution.

Boston-based fintech Centime launches bank partner program

Centime — Wed, 18 May 2022 04:00:00 GMT

MAY 16, 2002, Boston, MA — Today, Boston-based fintech Centime launched its award-winning Cash Flow Control solution to partner banks seeking to help clients control and manage cash flow. Working with Centime, banks can now offer this first-of-a-kind solution fully integrated with their own online banking and payments platforms.

“As bankers we recognize the need to play a greater role in our clients’ cash control lifecycle,” said David Cota, executive vice president, Business Customer Segment, First National Bank of Omaha (FNBO). “We think that Centime helps us do that with an easy-to-use solution meant for small and mid-sized businesses that includes the proven cash control practices employed by larger enterprises.”

For over two years, Centime has worked closely with FNBO and a cohort of early access business customers to define and refine its solution – Centime Cash Flow Control. Designed for businesses with between 10 and 1,000 employees (about $1M to $100M in annual sales), the solution is based on the premise that with a robust cash flow forecast as a guide, small and mid-sized businesses can better manage the interconnected cash impacting activities of Accounts Payable (AP), Accounts Receivable (AR), and credit. The result is greater visibility and control over cash, and improved working capital and liquidity.

“Businesses trust their banking partners to provide advice, guidance, and solutions to help them thrive,” said Melissa Buono, Head of Strategic Partnerships at Centime. “Centime places banks at the center of their clients’ cash control lifecycle, helps solve a universal problem, and drives meaningful revenue.”

With its rich history of working closely with banks, Centime has designed its partner program to reduce and remove the barriers that have traditionally prevented banks from adopting obviously valuable innovative solutions. The partner program features -

Rapid time to value. Starting immediately, banks can refer clients to Centime and still earn meaningful fee income, while gradually taking on full integration with their native platforms. The partner program is designed to ensure that bank onboarding, client acquisition, implementation and customer support limits the use of stretched bank resources.

Scalable value. The partner program features a business model that ensures a broad range of financial institutions – from community banks to money center institutions can offer Centime Cash Flow Control to its small and mid-sized clients.

“We encourage every financial institution to talk to Centime about their bank partner program,” Carrie Zoucha, VP of commercial payments at FNBO, said [centime.com]. “Every bank faces the same constraints that we do, so we couldn’t pass up the opportunity to offer this great solution to an obvious problem that our clients face.”

For the full press release announcing the Cash Flow Control product launch, click here.

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About Centime

Centime, Inc. is a Boston-based fintech led by a veteran team of banking, payments, design and fintech professionals. We are bound by a shared desire to help small to mid-sized businesses thrive through strategic cash flow management. For media queries, email media@centime.com For detailed product information, email sales@centime.com. Learn more at Centime.com, and connect with us on Twitter, Facebook and LinkedIn.

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About FNBO

First National Bank of Omaha is a subsidiary of First National of Nebraska. First National of Nebraska and its affiliates have more than $26 billion in assets and nearly 5,000 employee associates. Primary banking offices are located in Nebraska, Colorado, Illinois, Iowa, Kansas, South Dakota, Texas and Wyoming. Learn more at fnbo.com and connect with us on Facebook, Twitter and Instagram.

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Payments Journal: Centime ‘is providing better cash flow options to companies in the SMB segment’

Centime — Tue, 17 Aug 2021 04:00:00 GMT

At Payments Journal, Steve Murphy reported on the trouble small and mid-sized businesses have had with cash flow, particularly in the context of the Covid pandemic. Citing Centime’s recently announced partnership with Visa, he wrote that the “innovation train just keeps rolling” in the B2B payments space.

“Maintaining adequate levels of liquidity […] has been especially punishing during the pandemic,” Murphy wrote. “So new entries like Centime are creating ways to improve cash visibility, provide speedier execution in financial operations and easier access to credit where needed.”

Murphy pointed to a recent report by the Mercator Advisory Group, where he serves as director of the Commercial and Enterprise Payments Advisory Service. In the introduction to 14-page report, titled “Improving Cash Cycle Management Is a Key to Corporate Stability” and available here, Murphy wrote: “Banks and other technology solution providers should be seeking to capitalize on these critical financial process needs by providing capabilities that require fewer client company resources to launch and support.”

Speaking to Centime CEO and founder BC Krishna indicated to Murphy that our solution has a “unique approach to the glaring cash flow issues faced by SMBs.”

Read the full piece at PaymentsJournal.com.

Centime joins Visa’s Fast Track program

Centime — Mon, 16 Aug 2021 04:00:00 GMT

BOSTON, MA (August 16, 2021) — Centime, a Boston-based fintech company, has announced that it has joined Visa’s Fast Track program, which aims to speed up the process of integrating with Visa, and help Centime to more easily leverage the reach, capabilities and security that VisaNet, the company’s global payment network, offers. Centime is working with Visa and strategic bank partner FNBO to enable easy access to commercial card credit lines that provide small and mid-sized businesses working capital and liquidity when they need it.

Centime’s Cash Flow Control solution empowers small and mid-sized businesses to control and manage cash flow. The relationship with Visa will help Centime power the solution, which allows clients to monitor cash, improve decision-making with real-time cash flow forecasting, nudge late-paying customers and instantly access cost-effective credit to bridge liquidity gaps.

Visa’s Fintech Fast Track Program provides startups like Centime the ability to access Visa’s growing partner network, and experts who can provide guidance in helping them get up and running in the most efficient way possible. Learn more about Visa’s Fintech Fast Track program at https://Partner.Visa.com.

“We’re delighted to be part of Visa’s Fast Track program,” Centime founder and CEO BC Krishna said. “Small and mid-sized businesses can plan better and grow faster by using Centime to gain control over cash flow. Working with bank partners and empowered by Visa’s network, our clients can now easily access cost-effective credit to meet their working capital needs.”

“By joining Visa’s Fast Track program, exciting fintechs like Centime gain unprecedented access to Visa experts, technology and resources,” said Terry Angelos, SVP and Global Head of Fintech, Visa. “Fast Track lets us provide new resources that rapidly growing companies need to scale with efficiency.”

About Centime

Centime, Inc. is a Boston-based fintech led by a veteran team of banking, payments, design and fintech professionals. We are bound by a shared desire to help small to mid-sized businesses thrive through strategic cash flow management For detailed product information, email sales@centime.com. Learn more at Centime.com, and connect with us on Twitter, Facebook and LinkedIn.

PYMNTS.com report: ‘Cash flow is important and can determine whether companies stay alive or not during tumultuous times’

Centime — Mon, 19 Jul 2021 04:00:00 GMT

Following Centime’s announcement of its participation in Visa’s Fast Track program for fintechs, PYMNTS.com reached out to Centime founder and CEO BC Krishna to learn more about how the company aims to help small and mid-sized businesses.

It starts with gaining visibility into one’s cash position, both present and future, Krishna said. Yet “cash forecasting is a means to an end — it’s not an end unto itself,” Krishna stressed. “You still need the levers to be able to manage your cash so that you can get the goals that you set out for your own business.”

He went on to note how many customers pay bills late, as well as how difficult it can be to estimate the length of the delay. Late payments can sink a small business that needs to collect before it can make payroll or pay other suppliers, for example. “People are paying late because they realize that they can pay late and that they can get away with it and that it helps them with their own cash flow,” Krishna said.

But what’s the answer? PYMNTS.com noted “the intrinsic relationship that AP and AR have on cash flow forecasting, and it’s a relationship that can go both ways: Cash forecasting can identify issues with incoming payments or supplier payments, while AP and AR flows can have a significant impact on cash forecasting analysis.

“As organizations focus their digitization efforts on modernizing the financial back office, data integration and the complex, interweaving relationships from one financial function to the next will be essential to obtain the clearest view of financial health.”

Krishna honed in on the importance of reexamining how commercial credit cards function to make the most of an underutilized aspect of their value as a source of working capital.

“There is a fundamental shift that I think we need to take as an industry when it comes to how cards are perceived, particularly commercial,” he said, adding, “I will posit that the real priority should be on working capital benefits that a card provides.”

Read the full article at PYMNTS.com.

Media round-up: Indian press covers Centime’s launch

Centime — Wed, 14 Jul 2021 04:00:00 GMT

Last week, as Centime announced its launch in India, numerous media outlets in the country picked up news of our Cash Flow Solution and our pride in our Indian colleagues’ efforts to bring it to life

“Centime is designed for small and mid-sized businesses to ensure that they can manage this critical business activity with the same sophistication as larger enterprise counterparts”, leading financial publication Mint wrote of Centime’s Cash Flow Solution

The publication went on to quote founder and CEO BC Krishna, who said: “Bringing a solution to market in the middle of a global pandemic to solve a problem amplified by the pandemic has been a very interesting experience. I have nothing but gratitude and amazement at the incredible commitment of our India team to power through immense personal challenges and bring this solution to market.”

Yahoo India, Business Today, India Today, The Week, PTI, IANS, UNI and numerous others picked up the release as well. Please see a selection of links below:

Business Today

Flipboard

India Today

Indo-Asian News Service (IANS)

IT Voice

Press Trust of India (PTI)

TechNuter

TechStreet

The Week

United News of India (UNI)

Yahoo India

Top payments analyst Robert Solomon reports launch of Centime

Centime — Mon, 28 Jun 2021 04:00:00 GMT

Bob Solomon, founder and president at Software Platform Consulting, Inc. (SPCI), homes in on how Centime can enhance cash flow control for small and mid-sized businesses in a new post.

He connects with the needs — and stressors — of finance managers when he writes: “Centime bundles in one place functionality that, until now, I would have to piecemeal together. This would take time and mean complexity.”

“A small or medium-sized company can piece this kind of solution together, but most don’t have the time or inclination to deal with the resulting complexity. Centime puts the pieces in a neat little box,” Solomon continues, describing how Centime picks up where General Ledger applications such as QuickBooks reach their functional limits.

In what he aptly describes as “the great convergence,” Solomon taps into the true power of Centime — it’s ability to integrate payables, receivables and instantly accessible credit in an elegant and well supported solution, whereas competing solutions do not link the varied processes.

As Solomon says: “I need not tell you that cash flow is the lifeblood, and the leading cause of death, among small businesses!”

Read his full piece here.