FinTech Business Data ForwardAI has partnered with working capital platform C2FO to offer C2FO small business customers access to ForwardAI’s cash flow forecasting and planning portal.
As the companies said in a press release Thursday, June 23, the partnership enables C2FO to integrate cash forecasting into its online platform, enabling clients to streamline their day-to-day cash management and operations.
See also: C2FO launches CashFlow+ card to speed up bill payment
The partnership comes a week after C2FO launched its CashFlow+ card, which allows businesses to pay their bills faster without the traditional discount for early payments.
Customers using the card can select which bills they want to pay early, then have the entire balance of each approved bill transferred to their card, which can be used anywhere Visa cards are accepted.
“Our partnership with ForwardAI enhances the functionality that the C2FO platform offers our customers with a new cash flow forecasting module,” said Ragui Selwanes, Chief Product and Technology Officer for C2FO. “The ability to make informed predictions about the future state of cash flow will be invaluable to our clients on a day-to-day basis, but particularly as they continue to address the many challenges that all businesses currently face due to the issues of supply chain and inflation.”
ForwardAI co-founder and CEO Nick Chandi noted that cash forecasting can often be difficult for business owners, who have to sacrifice hours of work sifting through spreadsheets.
“Cash flow forecasting based on direct accounting data provides in-depth business insights and will help C2FO’s clients manage their working capital even more effectively,” he said.
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PYMNTS spoke to Chandi last year about his company’s technology, which both pulls data from accounting systems and feeds it back.
This means that when a bank integrates this technology and allows access to its payment rails, invoices and due dates can be delivered, outstanding invoices can be paid and accounting systems can be updated.
“So far, we’ve heard from two very large financial institutions, who are very interested in solving this payment problem for their customers,” Chandi said, noting their preference for using their own rail rather than external processors like PayPal.
“These FinTechs or banks are competing to keep customers on their website [by] giving them more features, more functionality and keeping them more engaged,” Chandi said.