Tribe Payments deploys Bankbox at Telleroo
Payment fintech Tribe Payments says it has implemented its new software platform at Telleroo to provide the company direct access to payment rails and other banking services for its accounting and bookkeeper clients.
After a complete technical integration, Telleroo became the first U.K. client to implement Tribe's Bankbox, a service launched last month to streamline payroll and supplier transactions through a single channel for small and mid-size business clients.
"Telleroo is a fantastic example of an innovative company breaking away from legacy technology and systems to solve a big, annoying problem for customers," Suresh Vaghijani, CEO of Tribe Payments, said in a Tuesday press release. "The focus we've seen in fintech on the consumer user experience needs to be universally applied, and the manual rekeying of payments is a perfect example of where technology can vastly improve efficiency."
Bankbox allows Telleroo's accountancy firm customers to make payments direct from payment files generated through accounting and payroll software such as Xero or Paycircle, removing the need for manual processing and rekeying of payment information.
Payments can also be scheduled in advance, while access to the faster payments rails ensures that no "cut off" time is needed to assure the payment reaches its destination on time, Tribe stated in the release.
"Gaining access to banking systems can be a nightmare in terms of technical integration and the reams of paperwork," Michael Riedler, managing director and co-founder of Telleroo, said in the release. "We felt it shouldn't be this hard to get access to the banking systems that can make a real difference to accountancy firms and small businesses they serve."
The ability to use Bankbox for direct access to systems that simplify the payroll and supplier payments process will "save hours previously wasted on manual input," Riedler added.
Tribe Payments and Telleroo are both based in London.