Original text here from Patrice Bernard (LinkedIn)
Like many financial tools, expense management is a necessary component of business management, but it is definitely not a central function. Recognizing this undeniable fact, Findity, a specialist in this field, has decided to distribute its technology as an API, integrating it into strategic processes.
Findity occupies a unique position in the market, as it does not directly target end-users but instead sells its platform to other software providers for businesses. This allows accounting, payroll, human resources, finance, payment card solutions, etc., to easily include (without coding) a complementary option, under their own branding, covering professional expenses, mileage allowances, daily allowances, and more.
Findity's clients usually prefer to focus on their core business and not waste energy on capabilities they tend to view as peripheral. However, they soon realize that expense management is closely linked to their preferred areas, and an almost entirely independent approach is far from optimal for those responsible for these tasks in the organizations that trust them.
Offering Findity's services as APIs addresses these limitations. Whether capturing receipts for shared archiving, processing reimbursements with payroll, automatically accounting for expenses, or reconciling company card transactions, it becomes possible to orchestrate end-to-end processes by combining required tasks, minimizing human intervention.
The challenge is to provide an ideal experience to the operators of these software systems, and Findity understands that this is part of its role, even as a subcontractor responsible for a small part of the value chain (often seen as cumbersome). Financial institutions, often in a similar situation, introducing frictions in processes where their contribution is not the end goal of the client, should take note. In 2023, industry players hesitant to open up and likely to resist upcoming DSP3 regulations (which will merely require information exposure) should realize that their future depends on distributing their offerings – all of them, eventually – as services, ready to seamlessly integrate into broader experiences that are the actual reality of their clients.