Pelrio uses artificial intelligence to provide real-time analysis, dynamic forecasts, and expense control for small business owners. The tool was launched by Promise Uzoechi and Sebastiano Valentini in Brescia, Italy, following a belief that business owners have a need for dealing with business finances in a more efficient way, without having to rely on a manual process.
Company representatives have stated in the press release that the partnership with Nordigen will enable them to focus on automation and simplification of how they provide data-driven insights to their customers, Nordigen’s documentation, and integration journey allowing Pelrio’s customers to access real-time transactional data.
Due to the partnership with Nordigen, Perlio can connect directly to clients’ bank accounts to transfer essential financial information to the platform and simplify payments, reconciliations, and transaction tracking. Nordigen offers secure Open Banking application programming interface (API) connections, company representatives having stated that Open Banking has established itself as a core aspect of modern financial services and is continuing to provide a multitude of procedures stretching over all user-facing solutions.
Open Banking is a process that allows third-party financial service providers to access consumer banking information, from transactions to payment history, a practice that is made possible using APIs. Open Banking promotes interoperability and networking between banking information and providers, improving the user experience while networking all user’s accounts.
Businesses that have partnerships with Open Banking providers can pay less for transactions, being able to reduce transaction costs by eliminating card schemes or choosing a payment gateway that has the most cost-effective service. When choosing payment gateways with a convenient checkout flow and multiple payment methods, businesses can increase their conversion rates, as it improves the customer experience.
Nordigen is freemium Open Banking platform that provides free access to Open Banking data and premium data insights, its free API connecting to over 2,300 banks in Europe and serving fintech companies and developers in 31 European countries, including the UK.
In May 2022, the company announced the expansion of their services to include a no-code feature, allowing users to access account information services without API integration.
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