“By 2022, 10 percent of Danish companies’ supplier payments will be handled by November First”
ERP providers, financial IT-systems, auditing firms and bookkeepers are increasingly making use of November First’s API and payment solutions, to improve their existing solutions and to develop new applications and services that automate and streamline the payment and bookkeeping process. November First’s technology makes it easy, flexible and most importantly compliant.
November First broke onto the scene in 2016 by disrupting the banks’ monopoly on international payment transfers. Since then, the fintech company’s platform has expanded to also covering Danish account-to-account payments and FIK payments as well as payment initiation. Now, they have also made it possible for any other company to integrate the payment capability directly into their own IT solutions.
“With payment initiation and procuration, we’re the first company that has effectively been able to transfer money between accounts, manage data and integrate that directly into ERP-systems and thus the bookkeeping process — including the communication between bookkeeping and the procurator—all that without compromising on the necessary controls and compliance,” says Mikael Nilsson, CEO and founder of November First.
Every IT developer is now able to easily integrate November First’s capabilities into whatever they’re developing, thanks to the released API, which is one of the first in Europe. The first services built on top of API are already in action and demonstrating how groundbreaking it really is.
Pick and choose
Outgoing payments are moving away from their initial home, the banks, and companies who provide IT systems that haven’t previously had anything to do with fintech are now looking to develop features that give their customers the possibility to manage their payments, procuration and data in their own IT solutions.
Paying bills directly from your accounting system is just one of the many uses of November First’s software, but the possibilities are endless. Any type of company can, in theory, harness November First’s API to incorporate outgoing payments into their own IT solution.
Within the next 18 months, it is reasonable to expect that 10 percent of Danish companies’ supplier payments will go through our API,
Mikael Langseth Nilsson, CEO and founder of November First
“Our API is flexible, and allows our partners to pick and choose depending on their needs. Some need the whole package, others opt for just one component, such as international payments with real-time pricing. Either way, when they choose us as the provider, we ensure that the end customer gets the best value for their money in terms of efficiency and can rest safe in the knowledge that compliance, including KYC and AML, is taken care of,” says Nilsson.
PWC One View is the most recent “powered by November First” app. The integration means the accounting giant can now offer bookkeeping that is 100 percent outsourced, whilst their customers remain in control of payments and business. In this way, November First is really bringing about large scale change in how businesses manage their finances, both internally and externally.
An impressive number of partners are already “powered by November First” and several large ERP vendors, IT-system providers and auditing firms are in the process of implementing the API.
Towards the end of 2020, the vast increase in demand forced the fintech company to modernise its platform. In close collaboration with Microsoft architects and engineers, the entire platform was migrated to the Azure Cloud as one of the financial companies carrying a license from the FSA. Now, after nine months of modernisation the platform has a compliant IT infrastructure and is fully scalable.
Several large partnerships are on the way and Nilsson expects that November First’s payment engine will soon be handling quite an explosive volume.
“Within the next 18 months, it is reasonable to expect that 10 percent of Danish companies’ supplier payments will go through our API,” he says.