Blog Thank You: Careem acquires money transfer technology platform DenariiWalfrido SerranoJuly 1, 2022About Denarii Cash / UpdatesToday we are thrilled to announce that Denarii’s assets are being acquired by Careem, the region’s leading Super App. When we started Denarii in 2019, we set out on an ambitious mission to simplify and enhance the lives of the people and the businesses we serve by connecting them through modern technology that makes international transfer cheaper and faster. Since 2019, with the help of our colleagues, customers, investors, and partners, we succeeded in establishing the Denarii Super API as the most powerful tool for fintechs and financial institutions to connect to any remittance aggregator, bank, house exchange, wallet, or decentralized protocol out there. Using a single API call we made it incredibly simple and easy for our clients to optimize and connect to remittance providers. Careem Pay will use Denarii’s money transfer technology to connect its wide network of customers and Captains with remittance services provided by licensed providers. Careem Pay already offers a wide range of services including a digital wallet, bill payments, and a peer-to-peer (P2P) transfer product that enables customers to send, request, and receive money using just a phone number, personal QR code, or personal payment link. Our technology will help round out the Careem Pay payments offering for customers and Captains to address their everyday financial needs. Careem has done more than perhaps any other startup in the region to simplify and improve the lives of people. So we’re incredibly excited to work together to bring remittance to the Careem tech stack to serve a large network of customers and Captains. Our ambition is to create economic freedom for millions of people in the region! Thank you again to all the customers and partners who have supported us in this incredible journey! Click here to find out more – Jon Santillan & Walfrido Perez, Co-founders at Denarii About Denarii Denarii enables money transfer using a mobile app, web and API to help consumers, businesses and fintechs to send money across borders cheaper, better, and with no hidden charges. Started in 2019 by Jon Santillan and Walfrido Perez following their graduation from 500 Global’s MISK500 Accelerator program, Denarii is backed by Class5 and Merak Capital. Other investors include Mountain Partners, Foxmont Capital, IMO.VC, and notable angel investors in the region such as Musaab Hakami, Turki AlJeaid, Basem Alsallom, Gaurav Dhar, and Khursan Yalla. Denarii has participated in the Hub71 incentive program, the Mohammed Bin Rashid Innovation Fund, and the Dubai Chamber Accelerator program, and has received an incentive grant from the Abu Dhabi Investment Office.... Read more... 3 Types Of Business Transactions in an OrganizationFebruary 25, 2022About Denarii CashA business payment may be described as a business transaction involving money with a third party that is documented in the accounting system of the firm. Today’s businesses include a high volume of transactions, and when everything is managed manually, finance teams often lose track of business payment transactions. We will cover the three sorts of business transactions that occur inside a company in this blog. Procurement of Goods or Services Any goods or services that an organization must acquire through a number of processes. This is often begun by an organization’s employee who is in need of something. Frequently, this individual initiates a purchase demand, which is subsequently sent to the procurement department. The procurement team will assess the demand and confirm that the purchase request is compliant with the organisation’s policies and procedures. The procurement team then solicits quotes from several suppliers based on factors such as service quality, delivery dates, price, and credit term. After satisfying all of these criteria, the procurement department picks the best vendor and issues a purchase order to obtain items. Once the products are received, the requester verifies their accuracy against the purchase order that was given. Once the requester confirms, the finance team will contact the suppliers to request an invoice. The finance department will receive and record vendor bills. For auditing reasons, a physical copy is retained. Once the bills have been processed, the finance team will notify vendors of the settlement. Non-Purchase Orders: These are a subset of procurement that is used when something urgently has to be purchased and the individual making the purchase cannot afford to spend time obtaining authorization from many stakeholders prior to placing the order. Employee Payroll – Each firm will have a human resource department that is responsible for calculating owed amounts and dealing with new and departing workers. Employees will get a wage or salary slip that details their compensation and any applicable tax deductions. Employee Go and Reimbursements – When employees are obliged to travel outside of the company for business objectives, they wind up spending some of their own money on travel and lodging or on a lunch meeting with clients. Each of them keeps track of their expenditures and submits them to the finance department in order to get compensated for the overall amount spent. This is often accomplished by emailing receipts to finance managers for approval. If the finance manager does not authorize a cost, it will not be handled. Employees get this amount in addition to their monthly wage at the end of the month or on a specified day throughout the month. Manually processing the company payments takes a great deal of time and is prone to errors. Finance staff spends days reconciling these company payments with bank accounts and maintaining up-to-date accounting systems. These manual processes have been shown to be dangerous because it is very difficult to trace fraudulent transactions. Business payments have little effect on the volatility of company profitability or balance sheets.It only improves the transparency of earnings fluctuation. How can I track and manage my business’s expenditures? A standard financial management software package may assist you in automating, gaining insight into, and controlling corporate expenditure. The platform would be capable of automating all the repetitive operations like manual data entry, bank reconciliation, and would feature a sophisticated policy engine rules all business transactions & an integrated payment technology system enabling automatic reconciliations. Expense Management for Employees Using Prepaid Cards –A corporate prepaid card is one such prepaid debit card that may be customized to meet the unique needs of your corporation. You may establish expenditure restrictions in advance to ensure that the organization never exceeds them. You may create bespoke approval procedures using the sophisticated policy engine. The option to designate managers as account administrators to oversee costs and transactions, as well as built-in security measures that allow you to freeze and unfreeze cards as needed, make prepaid business cards an excellent choice for enterprises of all sizes. Digitized Payment Processing — Finance automation software has an intuitive user interface and a hassle-free payment processing experience. Make bulk business payments with the click of a button using our payment file. Multiple employee claims may be settled using the employee’s bank account or prepaid cards. Additionally, you may automate utility bill and vendor payments using our banking connectivity via NEFT, RTGS, and IMPS. Utilize an audit trail to verify that each payment is made in accordance with the purchase order. Accounting Automation — Eliminate the error-prone manual data entry procedure and guarantee that data is recorded properly into the ledgers. Automated accounting may help you improve your accounting accuracy. Get Started Today Join small businesses across the country who are already managing their payments online with Denarii Pay, saving both time and money. Start Now... Business payments Challenges And SolutionsFebruary 25, 2022Denarii Business AccountB2B Payments services are becoming an increasingly essential source of income and a driver of loyalty for any business organization. Payments-related expectations are rapidly increasing in terms of efficiency and ease. Consumers’ payment experiences have been altered by advancements such as mobile and contactless payments. There is no lie that digital payment benefits and are changing the world positively Payments Processes that are out of date and rely on paper There are various payment methods. Even in today’s digital age, corporate payment systems remain paper-based, hard, and tough, with manual reconciliation between purchase orders, items received notes, bank accounts, Accounts Receivable, Accounts Payable, and customer contracts still popular. Manual checks are also required in many corporations to verify the validity of customers, business partners, and products in transit. These physical processes are difficult and expensive to modify in order to increase efficiency with new standards. Lack of Visibility in General Effective reporting is critical in commerce, treasury, and any other kind of payment transaction. Additionally, corporations must monitor and report on payments data in a variety of ways—financial, non-financial, regulatory, and commercial. However, because of stored systems and crushed payment processing, payments data is often collected in different formats and systems, resulting in inaccuracies, inefficiencies, and increased manpower. Businesses that depend on conventional payment methods The business-to-consumer category is continually undergoing significant digital change (access to many applications, new payment technologies such as UPI, demonetization, etc. ), fundamentally altering how consumers trade. However, companies continue to depend on outdated payment processing systems. This was mostly attributable to two factors: Banks’ primary concentration remains on large-scale activities. The banks’ failure to consumerize new financial technology via the use of software products/tools that meet the demands of existing enterprises. Payment technologies such as UPI, which are now exclusively available to the B2C sector in India, will further accelerate the adoption of Digital Payments if they are made available to the B2B segment. Internal Finance Operations are in disarray. Businesses handle day-to-day operations using spreadsheets, email, and a bank current account, cheques, or cash. Payments, although a critical component of Financial Operations, remained separated from existing operations. How Can Denarii Pay Assist You in Winning B2B Payments? Finance Automation Software Implementation. Managing corporate payments is not easy, much more so when data and technology are dispersed and procedures are manual. Denarii automates the following five critical areas, which account for the lion’s share of these laborious & repetitive tasks: Capture: By collecting transactions across all departments, we decrease data entry. This is accomplished by: – Directly recording digital transactions conducted through banking APIs and payment instruments (Prepaid Cards, Wallets) used by employees to transact. – OCR is used to capture cash transactions. Record: Structuring the gathered data and ensuring that all business systems are up to date (Like accounting systems) Verify: Check these transactions against corporate regulations and, if required, have them manually validated. Process: Pay suppliers on schedule, reconcile advances and reimbursements, and monitor receivables collection. Reports: Deliver reports on these transactions to the appropriate parties. Denarii Pay, cloud-based financial management and governance system, supports a variety of payment instruments via partnerships with numerous banks and payment partners. Gain an edge over the competition by: Obtaining real-time insight into your monetary position.Using cash positioning and forecasting to improve cash management decision-making.Managing several bank connections from a single location.Attaining compliance via the use of capabilities that permit the separation of roles.Increasing the efficiency of cash pooling, sweeping, and zero-balancing.Integrating the new accounting software with the current bookkeeping software Denarii Pay provides communication and collaboration among the many parties involved in each transaction (Sender/Reviewer/Finance Teams/Vendors) while also offering total visibility to the Finance Team. Our technology stack consists of the following: An intuitive, flexible solution that grows with the company to handle all business spend and revenue.Integrated payment interfaces that enable transactions to be recorded automatically while reconciling them to their associated invoices/receipts (OCR). A financial team’s automated repetitive chores ( some ML here).Providing total real-time visibility into business spending (Travel Expenses + Petty Cash Expenses + Procurement) in comparison to revenue received by projects/cost centres/departments/categories.Microservice design enables seamless integration and collaboration with all current business systems. Businesses handle transactions using a variety of payment instruments.It cannot be restricted to a prepaid card system, much more so in a cash-based culture. While we advocate for digital transactions, we also give comprehensive assistance for cash transactions, as we recognize that companies who trade with a network of Vendors/Employees cannot make this transition overnight. This transformation will be slow for the company, and the concept of digital transactions must be cross-sold to the business. Due to the fact that payments are usually made between two or more parties, B2B payments have a significant potential to generate a network effect. Consider a firm with 300 workers. This enterprise would do business with over 50 Vendors. This enterprise becomes a source of revenue for these fifty Vendors. If the source is cashless, the source encourages 50 other businesses/vendors to accept digital payments. Denarii’s automated collection solution enables businesses to automate their invoicing and payment tracking. Each of these vendors/businesses may further distribute pay to their workers digitally if they are a source of revenue for several employees. Denarii Pay equals Software as a Service + Payment Instruments (UPI/ NEFT/ IMPS/ RTGS/ Prepaid Cards/ Credit Cards). Throughout this era, the B2C market saw significant digital change (access to various applications, new payment systems like UPI, demonetization, and so on), fundamentally altering how customers trade. However, we discovered that companies continued to depend on conventional payment methods. This was mostly attributable to two factors: Banks maintained a concentration on large-scale businesses.Banks’ inability to consume new financial technology via the use of software products/tools that meet the demands of existing enterprises.Payments, which are a critical component of financial operations, have remained unconnected from existing activities. Additionally, payment technologies like UPI, which are now only available to the B2C sector, will accelerate the adoption of Digital Payments whenever they are made available to the B2B segment. We anticipate that the future generation of finance teams will spend less time on manual tasks such as processing vendor payments, reconciling invoices, and managing advances. They would be responsible for crucial activities such as assessing and monitoring vital indicators pertaining to the business’s development. Get Started Today Join small businesses across the country who are already managing their payments online with Denarii Pay, saving both time and money. Start Now... B2B Payment Processing: 5 Ways to Send and Receive MoneyFebruary 25, 2022Denarii Business AccountMany firms are technologically behind the curve when it comes to B2B payments. There is no reason for this to remain the case, given the variety of choices presently available for corporate purchases and financial transfers between businesses. Not all payment choices are created equal, and knowing your individual payment requirements can assist you in determining which payment alternatives are most appropriate for the payments you make. 1. Credit Cards Credit cards are the most convenient means of payment for B2B transactions. These payments instantaneously encrypt your customers’ financial and personal information, making them more secure than more conventional banking methods. Additionally, you receive a level of speed that is tough to match in these deals. Additionally, our platform has built-in Level 2 and 3 processing, allowing you to record extra line-item information on each transaction. As a result of the additional data, this top layer of processing provides much cheaper interchange rates for Visa and Mastercard transactions. Our Level 2 and 3 processing enables B2B retailers to accept buying, corporate, and business cards at a low cost. At the point of sale, our specialized payment gateway is capable of identifying Level 2 and 3 cards, ensuring a flawless transaction. The relevant data is automatically entered at settlement using a built-in template, and you benefit from large savings without completing any further work. 2. ACH Transfers ACH transfers are still made from checking accounts, but they are processed electronically instead of physically. In certain instances, it may still take a few days. The most time-consuming component is setting up the ACH account, which requires some paperwork and effort to get started. Nonetheless, it is faster and allows for reversals if a payment disagreement arises. 3. Electronic Fund Transfers Wire transfers often take a few minutes to complete. These may be completed over the phone or in-person at your bank. The primary disadvantages of this strategy are the price of completing each wire transfer and the payment’s finality. Additionally, even in the event of a disagreement, you will be unable to reverse a wire payment. 4. Online and mobile commerce Businesses are increasingly turning to online and mobile payment services. Mobile technology, in particular, simplifies the process of obtaining and preserving payment data. Not only are many of these platforms popular with customers, but they also enable payments from a variety of sources to be processed via a single platform. Merchants may now build and deliver payment links to clients by email or text message using our payment link technology. The merchant pre-configures a payment, specifying the fundamental facts and items that should display on the customer notice, and then sends a request for payment, ensuring that the payment is as frictionless as feasible. 5. Checks on Paper Numerous companies continue to see paper checks as the gold standard for secure payment. These transactions are made more secure by the physical payment mechanism and standard accounting systems. However, the disadvantages of check transactions outweigh the benefits; the most significant disadvantage is the float time associated with postal payments. Paper checks may take up to five days to clear, which is a significant drawback if you want cash quickly. Another disadvantage is the ease with which a paper document may be lost or stolen since the account information is written directly on the check’s face. Among all payment methods, checks are unquestionably the most secure. Most likely to be used for fraud or identity theft, making it one of the riskiest choices. Conclusion Your business is unique. Payment options that make the most sense will vary from one to the next. To decide what would work best for you, you must first understand your organization and your B2B clients. Denarii Pay for business makes it simple to improve your payment infrastructure and begin safely, reliably, and swiftly receiving payments. Guide to B2B payments. Get Started Today Join small businesses across the country who are already managing their payments online with Denarii, saving both time and money. Start Now... A Guide to Digital B2B PaymentsFebruary 25, 2022Denarii Business AccountWhat are Business-to-Business Payments? B2B payments, or business-to-business payments, are described as exchanges of products or services between two firms. Typically, there are two parties involved in a B2B payments transaction: the buyer and the supplier. The buyer (purchasing organization) is a firm that purchases products and services from vendors/suppliers. The purchaser is the entity that makes the payment. Supplier (vendor) – The supplier is the organization that manufactures, sells, and gets money for the products and services. Learn the Best payment methods for businesses to pay vendors and suppliers B2B (business-to-business) payments are more complicated than B2C (business-to-consumer) or P2P (peer-to-peer) payments since they need significantly more processing stages. They are also impacted by a number of variables that do not affect consumer payments, including the following: Payment Volume – Business-to-business payments are often substantially larger than consumer-to-consumer payments. Globally, the B2B payments business is expected to be worth $120 trillion each year, compared to the estimated $1.84 billion P2P sector. Payment Frequency – Businesses may be required to make regular payments, such as paying for a supplier’s monthly supply of products. Industry-Specific Processing Requirements – Different businesses have unique processing requirements, such as healthcare providers that must adhere to HIPAA and privacy standards. The Number of Teams Involved – Each B2B transaction is likely to include many teams, including procurement, billing, accounts payable, and accounts receivable, among others. Processing Time – Unlike P2P payments, which are sometimes instantaneous, B2B payment processes often run 30 to 90 days. Payment Methods for Business-to-Business Transactions Payment techniques for business-to-business transactions may be roughly classified into two categories: paper checks and digital B2B payments. Pay Checks – According to a recent poll conducted by the Association for Financial Professionals, 51% of all B2B payments are still performed by paper check, despite the fact that this technique is inconvenient and insecure. Digital B2B Payments – Digital B2B payments include the use of an online, electronic payables platform that enables firms to make payments to suppliers efficiently while minimizing risk exposure. ACH, credit cards, wire transfers, electronic funds transfers (EFT), and payment gateways are all examples of digital payments. With many firms recently transitioning from in-office to remote work, businesses saw the advantages of digital B2B payments, since many paper checks were being delivered to businesses with no one in the office to collect and deposit them. Benefits of B2B Payments Benefits to Developers Infographic illustrating facts on B2B payments Versatility – Integrating digital B2B payments into your software solution increases its versatility by providing a faster and simpler method for your clients to manage procurement, invoicing, and invoice payments.Competitiveness – Due to their simplicity and security, digital B2B payments are becoming a popular alternative across sectors. Software developers must include this capability into their solutions in order to stay competitive. It’s a differentiation for your product that may help enhance acceptance of your software solution.Income – Including digital B2B payments as part of a solid payment processing software solution may help software developers enhance their close ratio while also introducing another revenue stream. Software providers may continue to earn income from the payments their clients handle on the front end while simultaneously earning revenue from the accounts payable solutions they offer on the backend. Advantages for Your Customers There will be no changes to the current payables process – A significant advantage of enabling digital B2B payments is that the procedure for your customers stays unchanged. Their operating processes remain unchanged.Reconciliation – With digital B2B payment systems, 100 percent reconciliation is possible.Cost Savings – The cost of issuing and processing a paper company check ranges from $4 to $20. This expense is eliminated with digital B2B payments.Automating the Process – Automating the invoicing and payment procedures streamlines the firm by reducing manual operations. It enables the financial staff to concentrate on other critical responsibilities.Errors are Reduced – Manual recording, tracking, and reconciliation are prone to mistake. These mistakes are minimised with digital B2B payments.Integrity and Accuracy of Data – Errors on a paper check might result in the check being returned, so delaying the payment process.Digitalization enables more precise data collection.More Secure – Paper checks are readily stolen from the mail. In recent years, businesses have reported an increase in the theft of vendor payment checks. Excellent digital solutions are complemented by sophisticated payment security measures.Improves Cash Flow – When firms employ automated B2B payments, they can monitor their cash flow trends more readily than when they use paper checks. They have more control over when they pay suppliers – which helps them stay afloat. Poor cash flow management is responsible for 82 percent of small company failures.Improves Communication – Through the use of digital B2B payments, a closed-loop communication network may be established, hence strengthening the buyer-vendor relationship. Conclusion Digital B2B payments provide a number of advantages for both software developers and their clients, including increased payment security, more accuracy, and a simpler, faster procedure. They enable developers to enhance their offerings, and they assist merchants in streamlining their business procedures. Get Started Today Join small businesses across the country who are already managing their payments online with Denarii, saving both time and money. Start Now... Tap, Click and Automate: How E-Payments WorkFebruary 25, 2022Denarii Business AccountHaving a good electronic payment system ensures that your activities remain current and accessible, giving you a strategic advantage over your competitors in today’s wide internet marketplace. Discover how electronic payments operate and the best practises to apply immediately to ensure your business’s success as it expands. The ability to contact customers, visitors, clients, and attendees—anywhere, at any time—underpins why internet payments have grown in popularity. Businesses may now buy office supplies from the comfort of their couches, authorise vendor payments while riding the bus, and complete procurement orders late at night from their dining room table. Indeed, the percentage of customers that utilise several types of digital payment increased from 45% to 58% between 2019 and 2020, a startling leap from the 2% growth between 2018 and 2019. For companies embracing the future of commerce, having a successful electronic payment system ensures that their operation remains relevant and accessible, giving them a strategic advantage in a large e-commerce field. What is an electronic payment system (e-payment system)? A payment system is a network that enables the sending and receiving of digital payments for online transactions. Also referred to as an electronic payment system or an online payment system, the electronic payment system encompasses both the purchaser’s interface—payment methods, online shopping carts, and identity verification—and the supplier’s accounts payable, remittance, and vendor management. What is the mechanism of electronic payments? Electronic payments may also be done by digitally transferring monies from one bank account to another over the national Automated Clearing House network. On the surface, the procedure seems to be straightforward, but there are several phases that a payment must complete before it is legally completed. To demonstrate, consider an online marketplace that curates traders that sell locally made goods. The marketplace, or merchant, generates traffic to their website by attracting consumers, or cardholders. When a cardholder makes a purchase, such as a one-of-a-kind ceramic vase for their mother’s birthday, they input the credit debit or credit card information supplied by their issuer, which is often their bank. This information is then utilised by the merchant’s merchant account provider, or acquirer, to determine whether the payment should be approved or denied. A payment processor transfers payments between accounts, while a payment gateway encrypts the transaction using Payment Card Industry Data Security Standards (PCI DSS) secure socket layer (SSL) technology. Once a payment is approved, it is put straight into the merchant’s account, often within 3-5 business days. The retailer may then make payments to its suppliers using an efficient electronic payment system, immediately depositing monies through ACH transactions. Payments made on a one-time basis and on a recurrent basis Electronic payments’ adaptability satisfies the different e-commerce environment’s requirements. Consumers may input electronic payment information at the moment of purchase in a secure data capture process for instances such as the online marketplace. Additionally, one-time payment information may be securely kept for future transactions, allowing consumers to return, login, and use the same payment information. This safe collection and storage of payment information is especially critical for organisations that provide recurring subscriptions or services that are similar to subscriptions. By providing an automatic payment plan, consumers may be confident that critical utility bills or automobile payments will never go delinquent. Electronic payments come in a variety of forms Credit or debit cards, virtual cards, and chip technology that allows for “tap” paymentsDirect DepositeWalletContactless paymentsACH Wire Transfers Electronic payments have many benefits Here are a few ways that electronic payments help to maintain long-term vendor relationships while also making customer interaction more accessible. Payments made more quickly and monitoring made simpler Electronic payments reduce the need for a middleman in financial transactions, which means that although payments still go through several approval and security levels, the path from buyer to supplier is more direct. Due to the fact that these payments are performed digitally, the data collection is more extensive and complicated than with manual payment processing. Suppliers and purchasers can monitor the payment’s progress, eliminating the need for guessing or long email exchanges. Reduced fees Electronic payments have much lower expenses as compared to conventional payment options. Physical check transactions may cost up to $20 per check, depending on the paper used, the banking institutions processing the payment, and the location of the checks. Payments made by ACH, on the other hand, vary between $.20 and $1.50, with an average of $.50 per transaction. And, although payment processing software may need a one-time setup charge or even flat monthly fees, these expenses remain far cheaper than those connected with manual processing and physical checks. Securer and more convenient Consumers and suppliers are exposed to fraud when sensitive financial information is shared. By using electronic payment solutions, you can ensure that your data is protected and secured in accordance with federal rules. Buyers may make payments on invoices or make purchases in real time, without incurring needless delays. Enhancements to data access and reporting Capturing information digitally ensures that sales, customer service, procurement, and finance departments have access to a database of consumer and vendor information. Access to payment history information enables firms to make educated choices about product lines, expansion, and even fraud protection. Why are electronic payments gaining popularity? You’ll note that brick-and-mortar establishments are increasingly displaying alerts for tap-to-pay choices while restaurants are using QR codes to order from the menu and pay your bill. These alternatives to the traditional credit card payment or pile of cash on the table are altering the way we conduct trade. E-commerce is exploding in popularity According to the Digital Payments Market Report for 2021, electronic payments are expected to surpass $11 trillion in value by 2026, almost doubling from $5.44 trillion in 2020. While part of this trend began before to COVID-19—the Federal Reserve stated in 2018 that electronic payments had surpassed paper checks for the first time—the epidemic had an exponential effect on user uptake and company deployment. Fewer individuals and companies are willing to make cash payments While many people still have cash on hand for little transactions or emergencies, the popularity of utilising cash for regular payments is dwindling. Cash payments were used by 19% of US customers in 2020, down seven percentage points from 2019. While many businesses that undertake in-person transactions continue to decline cash payments because to safety concerns connected to COVID-19, there is an advantage to providing their customers a variety of payment options: Convenience and Accessibility. Payments made electronically are simpler to trace and audit In any case, cash and paper check payments need human labour to handle, and fast-paced work conditions promote inaccurate data collection and fraud. Businesses benefit from digital payments because they know that the electronic payment system has recorded the data associated with transactions. This information may be used to identify the status of a payment and to conduct audits. Electronic payment best practices Adopting an electronic payment system is not without its challenges. Consider the following recommended practices to achieve consistent and effective outcomes. Negotiate specific payment conditions in writing and adhere to them. When onboarding new suppliers, ensure that they are aware of and agree to specified payment processing parameters, such as remittance terms (net30 vs. COD) and invoicing schedules. Including this information in a formal contract is an excellent choice. Accept a variety of payment methods Not every seller accepts all payment methods. By accepting a variety of payment methods, a firm expands its pool of possible suppliers, ensuring that vendor selections are strategic rather than arbitrary. Utilize automated invoicing Effective—and efficient—invoicing is the quickest path to profit growth. Automation of accounts payable is quick and precise, resulting in the advantages of early and timely payments. Utilize a cloud-based invoicing application Updates and synchronisation occur automatically with cloud-based applications. Having access to real-time data rather than relying on slower, local infrastructure procedures improves accounting cycle management. Maintain a consistent payment schedule Vendors need predictability and consistency in payment periods. Electronic payments’ quick and easy usage lays the groundwork for long-term vendor involvement. Send payment reminders on a regular basis Nobody wants to be a sucker for guesswork when it comes to payments. Effective electronic payment techniques enable sellers and purchasers to communicate in a flexible, automated manner, preventing payment cycles from becoming stopped. Assess penalties for late payments It’s never enjoyable to be the “evil guy” while imposing payment penalties. Having these principles in place and enforcing them, on the other hand, provides accounting staff power when it comes to collecting money. Penalties for late payments should be indicated explicitly in onboarding material, with reminders offered at every opportunity to avoid surprises. Denarii Pay simplifies B2B payments. Create your electronic payment system now and learn about the strategic advantages of electronic payment automation with Denarii Pay. Automation of accounts receivable Automate time-consuming manual AR operations with Denarii Pay. Send invoices automatically and track their status with rapid, direct deposit directly into your company bank account. Integrations of accounting software Denarii Pay connects seamlessly with Xero, QuickBooks, and Zoho to provide real-time two-way synchronisation and ensure the correctness of account balances. Conclusion With the use of digital transactions by more companies, they can reach a broader audience and pay suppliers more quickly with the click of a button or the touch of a card. With electronic payment use and value steadily increasing—even significantly—there has never been a better opportunity to develop an electronic payment system.... Best payment methods for businesses to pay vendors and suppliersFebruary 4, 2022Denarii Business AccountRegardless of whether you’re running a coffee shop or a project management firm, there are several vendors and supplier payment methods and service providers to select. A look at the most popular payment options for small companies follows. Cash For moreover 300 years, humans have accepted cash payments in the form of paper money and coins. For the quick exchange of products and money, many retail company owners continue to accept cash payments. Cash payments are a safe, rapid, and low-overhead type of payment that is ideal for small businesses. To keep track of payments, all you need is a good accounting system. Businesses should be wary of any vendor that demands cash payment when it comes to vendor payments. An indication that the company is evading taxes may be found in this. Be aware that significant cash deposits to banks might be a red signal for unlawful activities if you are a merchant who accepts cash. The bank is obliged to submit a Currency Transaction Report for any deposits above $10,000, thus some business owners are urged to deposit lower sums. The practice of “structuring” deposits, on the other hand, is against the law and will be investigated by the IRS. ACH ACH payments are abbreviations for Automated Clearing House (ACH) transactions. These examples of ACH payments—direct deposit, tax refunds, government benefits—demonstrate the security and effectiveness of this payment technique. To make an ACH payment, you don’t need to visit the bank or print out a cheque. A benefit might have a disadvantage. However, ACH payments offer the door to overpayment or overdraft fines because of pre-authorized, automated, and batch payments. Transaction costs apply to ACH payments as well. Set up ACH payments for your company by learning more about the process. Wire Transfer The term “wire” dates back to the days of telegraph-based banking transactions. Using a wire transfer, a company owner may send or receive money from one bank account to another. When it comes to making international payments, Western Union and SWIFT are good examples. Wire transfer costs might be as high as $50 per transfer. There is a chance that wire transfers may go lost, and although they can be retrieved for a price, there is also a chance that the monies will never be recovered again. Credit Card It is a rectangular piece of plastic, representing the amount of money that a bank has agreed to lend you. For their part, the cardholder has committed to a set of terms for repayment, which may include interest. The processing of card-present payments requires a Point of Sale (POS) system for businesses that accept credit card payments. It may be difficult to make this a payment option because of the cost and care of the hardware. Credit card payments are easy to trace, but they are also susceptible to credit restrictions and high annual percentage rates, which may rapidly result in blocked payments and extra costs with your financial institution if you don’t keep up with your credit card payments. Interchange fees and/or monthly processing fees are further possible charges associated with using a credit card. Markup may be added to goods or services to compensate for these expenses. Most credit card firms accept Visa, Mastercard, and American Express. Cheque Payments In order to begin a transfer of cash at a financial institution, a cheque must contain information about the payer and the recipient. Date, payee name, the amount in numeric and textual form, and a validator’s signature are all included on every check. APO or reference number may frequently be entered on a cheque’s “memo” line. Advanced security features like holograms, watermarks, or a security coating may be added to cheques to prevent them from being cashed by anybody. Payees may even be able to see scanned copies of cheques they’ve paid in their bank account thanks to the introduction of digital payment methods. It’s unfortunate, but not everyone is willing to accept a check, particularly if the payment is already overdue or is due shortly. Digital Payment Paying for products and services electronically rather than with cheques or cash is known as an e-payment system or digital payment method. Other names for this system include “electronic payments” and “online payments.” There has been a drastic rise in electronic payment systems and payment processing equipment as the globe continues to grow in technology. The share of check and cash transactions is declining as a result of their growth, improvement, and more secure online payment transactions. Denarii is the perfect example that offers digital bill payment services to vendors and suppliers. Guide to Digital B2B payments Why is it important for you to choose a good payment provider? The requirements of a company’s operations evolve with time. Some payment providers are more suited to the demands of a small company than others. Long-term support may be restricted for certain merchant service providers because they require the usage of particular hardware or physical terminals. Alternatives include virtual terminals that may be linked to websites to facilitate online sales and payments. To ensure the long-term success of a company partnership, pay attention to transaction costs, direct deposit lead times, and security hurdles. Any organization that handles credit card information must adhere to the Payment Card Industry Data Security Standards (PCI DSS). Some payment service providers meet these criteria, while others charge the customer for them. Noncompliance with the Payment Card Industry Data Security Standard (PCI-DSS) might cost your organization money. A small company owner who is aware of the many payment alternatives available guarantees that he or she has a wide range of choices for both present and future business demands. While managing monthly fees, merchant services, and website integration might be difficult, a company owner can make the best option for their organization by comprehending the payment method landscape. Get Started Today Join small businesses across the country who are already managing their payments online with Denarii, saving both time and money. Start Now... Sync receivable with leading accounting softwareJanuary 20, 2022Community / Denarii Business AccountIf you’re having trouble keeping your books in order, you’re not alone. If you’re like many of our customers, you utilise various systems for accounting and receivables, things become much more complicated. You can now sync Denarii Business Platform with QuickBooks, Zoho and Xero. Problems with noncollectable receivables With this functionality in mind, we looked at the three most common AR accounting pain points and found that synchronising may have the most significant effect. Assist in tracing Maintaining good financial health and a strong cash flow requires that you keep track of your receivables and know precisely how much cash you have on hand. Inconsistencies in your financial records might arise when you use several platforms to manage your funds, which brings us to our next problem. Reduce the amount of time spent on pointless activities For the sake of accuracy, you or your team may be required to do the time-consuming operation of manually entering the same data into several systems. Furthermore, mistakes might occur, resulting in further downtime as a result of the extra time needed to correct them. This loop may cause you to postpone important strategic activities, which can ultimately harm your organisation. Consolidate accounting processes In terms of AR tasks, reconciliation may be the most time-consuming one. Your accounts will be in balance and there will be no missed or doubled payments as a result of this procedure. An extensive amount of detective effort is typically involved when trying to link a post office check with no reference number to an overdue payment, as well as a bank transfer that is barely visible on your bank account. The advantages of using 2-way synchronization You no longer have to register receivables on more than one platform when your AR is synchronized between Denarii Business Platform and your accounting software. Denarii Business Platform imports all outstanding and new invoices, as well as client information, so you can conveniently submit payment requests and check their progress. A cash flow strategy is much simpler to develop when all of your invoices can be seen on both platforms at the same time. Payments made through Denarii Business Platform are linked to the invoices in your accounting software so that you don’t have to worry about reconciling. Human error and guesswork are eliminated, allowing you and your staff to spend more time on building your company instead of wasting time on mundane tasks. Half Work – More Accuracy! Get Started Today Join small businesses across the country who are already managing their payments online with Denarii, saving both time and money. Start Now... 5 Benefits Of A Digital Payment SolutionJanuary 20, 2022Community / Denarii Business AccountDo you still pay business bills in cash? Probably not as digital contactless payments are booming. It is estimated that the value of electronic payments will reach $6.68 trillion by 2021. Digital payment systems are the wave of the future, and if your business isn’t accepting them then you’re missing out on customers, sales, and a simple way to increase your revenue. Once you’ve incorporated, you can take steps to accept payments via credit card, mobile phone, and even over the internet, to ensure you get a piece of the $6.68 trillion electronic payment pie. Electronic payment options make the lives of both business owners and customers easier. Here are just a few ways your company can benefit from accepting digital payments. 1. Digital bill payment solutions offer instant payments Electronic payments with an app, card or mobile wallet are almost always faster than cash payments. Whether you’re in person or online, purchasing anything is faster when you don’t have to handle cash or checks. Accepting digital payments is not only beneficial for you as a business owner, but for your customers as well. An electronic payment system can take funds from anywhere in the world instantly. And you can make that sale even if your customer lives on the other side of the globe. Mailing a paper check to pay a bill takes customers’ valuable time. They have to find an envelope, hope they remembered to buy stamps, write the check, and put it in a secure outgoing mailbox where thieves won’t be able to steal their bank account information. With the option to make an online payment, they can pay their bill online instantly from the comfort of their own home, using their credit card and a click of a button. 2. Enhanced security Digital payment solutions offer multiple security checkpoints, making them incredibly safe and reducing fraud. Tokenization, encryption, and SSL are just a few ways the payment gateway ensures your electronic payment data stays safe throughout the transaction. Tokenization keeps your sensitive electronic data secure. This could include debit or credit card numbers or bank accounts, which are transformed into secure data using a randomized token value held in a token vault. This form of encryption is incredibly safe and nearly impossible to breach. Encryption is another secure method to make sure that sensitive information remains private. As data breaches become more common, keeping payment information private is more important than ever, both for consumers and businesses. Digital payments provide the opportunity to keep transactions safe and secure for buyers and sellers. Security is one of the most important advantages of electronic payment systems, and one of the reasons more companies and consumers are embracing this payment method. Business-to-business payment security solutions automate the transactional system reducing risk and increasing business security. These solutions include things as simple as having backup system solutions. Along with taking extra care when replying to emails, and encrypting hard drives. 3. Digital bill payment solutions generate more sales If your company only accepts traditional payment methods, you’re severely limiting your client base. Traditional cash methods can only attract sales of buyers in the physical vicinity or your store. While electronic payment solutions open businesses to anywhere consumers have access to the internet. Another important aspect to consider is that cash payments may not always be available. What happens if there’s a global pandemic that causes people to remain in their homes over long periods of time? If you’re solely relying on foot traffic to make sales, you’ll find yourself hurting for customers and sales pretty quickly. Online payments offer an alternative way to pay, allowing your company to remain flexible regardless of what might be happening in the world. Flexibility is key for both long- and short-term growth, and accepting electronic, contactless payment options is one of the easiest ways to have this. Studies have shown that customers tend to spend more money when using digital payment solutions as compared to cash. When we pay with cash, we feel the pain of the money leaving our wallets, while we may not notice the reduction in our bank accounts after we swipe a credit card. If customers have the chance to spend more with your business, that can turn into more sales and more profit. Which gives your business a chance for you to upsell your products or services without having to gain additional customers. 4. Convenience and accessibility Digital payment solutions can offer automated processes such as automatic renewal and automatic billing. These offer consumers the opportunity to subscribe to products or services they love without worrying about one more bill to manage regularly. They also eliminate the need for a person to spend valuable time entering payments or matching invoices and checks. One of the major advantages of electronic payment systems is that customers can purchase or subscribe to your products whether they are home, at work, or even on vacation. With more and more customers focusing on shopping online rather than in-store, offering the chance to pay on your website or online is an important step for modern businesses. 5. Certainty of payment One of the biggest advantages of electronic payments for business owners is the certainty that the payment will be approved. As soon as the transaction gets through the payment gateway, you know the funds are there. Considering the credit card company approves it. If you accept paper checks, there’s always a chance that a customer will forget to pay their bill. It can leave you on the hook for services and unexpectedly reduce your cash flow. And even if they do send the check in the mail, if it isn’t approved you could be left with bad check fees and the hassle of contacting the client to let them know what happened. Digital payments are approved transactions; therefore, you know with certainty that payments went through. Small businesses must stay ahead of the curve if they want to please customers and beat out competitors. If your products or services are difficult to pay for, if they require extra steps from consumers, or if you only accept cash, you may be missing out on customers and the opportunity to close more sales. Accepting online digital payments is one of the easiest steps you can take to help grow your business and get a competitive advantage.So what are you waiting for? Speed up your payments process today and set up your own digital payment solution with DenariiPay. Do Read: Why is it important to pay suppliers and vendors on time? Get Started Today Join small businesses across the country who are already managing their payments online with Denarii Pay, saving both time and money. Start Now... How do digital bill payment solutions help maximize cash flow?December 28, 2021About Denarii Cash / Community / DC AcademyMaintaining a strong cash flow is critical for every business, large or small. Fortunately, digital bill payment systems can assist companies of all sizes and sectors with keeping good cash flow and excellent financial health by balancing incoming and outgoing money. What is cash flow? The total sum of funds going in or out of your organization is referred to as cash flow. The distinctive challenges faced in the last 18 months emphasized the importance of cash flow, particularly for small and medium-sized firms (SMBs). Many small businesses were obliged to change their business strategies in response to changing market circumstances and constraints as a result of declining sales. Such shifts and turmoil, however, needed cash reserves to assist them to survive the storm. According to a recent poll by Goldman Sachs, 44% of small U.S. firms have fewer than four months’ reserve funds, leaving them with minimal maneuverability should a crisis emerge. A worldwide pandemic aside, even a leaky pipe or an unanticipated mechanical problem may potentially swiftly destroy such a business’s cash flow. While cash flow difficulties have many solutions as causes, new technology can ultimately come to the rescue. Do Not Fear – Fintech Is Here! If you drove out for drinks with friends anytime in the last decade and realized you forgot your wallet at home, you’ve undoubtedly paid someone back using one of the numerous peer-to-peer mobile payment applications out there. For business-to-business transactions, you’re probably familiar with less convenient options like paper checks. The good thing is that financial technology is continually changing, and online bill pay services that were formerly only accessible to enterprise-level organizations are increasingly becoming accessible to enterprises of all sizes. Implementing such technologies may assist your firm in avoiding some of the most prevalent cash flow challenges. What should you look for in digital business bill payment solutions to improve cash flow? You can save time by using a digital business bill payment solution. Apart from that, unlike a big, fat physical book or a box packed with paper invoices, digital technologies, like Denarii, are meant to handle expansion and develop the necessary processes from the get-go. These are the essential digital characteristics that can assist you to keep a good cash flow: Payments scheduled in advance are available via a plethora of online bill payment services. This tool allows you to manage all your payments in one sitting, allowing you to stay organized and efficient. Paying just on time ensures you avoid incurring overdue fees and penalties. Paying even a minute early might deplete your cash reserves. Timely payments also help sustain the connections with suppliers you work so hard to develop, which translates into appealing payment terms and rates. All of which further strengthen your cash flow. Tracking capabilities Using a digital bill payment solution means you can see all your payments in one place. This lets you keep track of funds coming in and see the status of each payment on a single dashboard. Using the same tool for accounts receivable makes it even easier to plan ahead and know how much cash reserves you have to play around with at any given time. Choice of payment methods Alternating between payment methods is a great way to maneuver cash flow obstacles, and it’s also super easy when you’re using the right tools. Digital bill payment solutions often offer free bank and ACH transfers, helping you save on fees whenever possible. Some tools also offer the ability to pay business bills with a credit card, even if your vendors don’t typically accept cards. This way, your vendors get paid right away, in whatever form they prefer, while your business enjoys additional float until the card’s next billing cycle. You also get to collect card rewards and cashback for significant expenses, which means additional savings, boosting your cash flow. Fast pay options, such as push-to-card, are also available for those last-minute payments you had to put off until that check finally came in the mail. Approval workflows As your business grows, you may find that managing your bills is no longer a one-person job. Whether you assign an employee to it or hire an external accountant, you’ll still need to keep an eye on the comings and goings in your bank account to avoid surprise payments depleting your cash. Imagine, for example, you have an abnormally high electricity bill that you’re planning to put off until its due date. You’re expecting to have more funds coming in by then, and you also have more urgent bills to pay now. An employee who lacks this overview might choose to pay the bill early and get it out of the way, unaware of its cash-draining potential. Fortunately, many digital bill payment solutions have built-in approval workflows that allow you to collaborate with others without losing control over the process. These tools let you invite users and assign roles and permissions. You can also use them to set thresholds for payments requiring approval, so you won’t have to deal with every dime spent. In summary A good digital bill payment solution harnesses the power of technology to help businesses maintain financial health and preserve cash flow. Such tools are now widely available to smaller companies, combining the convenience of consumer payment apps with the business platform for B2B transactions. Get Started Today Join small businesses across the country who are already managing their payments online with Denarii, saving both time and money. Start now free... Why is it important to pay suppliers and vendors on time?December 14, 2021CommunityCash flow is necessary for every business, big or small. You can manage and expand your firm more effectively if you have access to operating cash. Most of the suppliers are also in the same position as you when it comes to having difficulty being paid on time. While you may not have considered it that way previously, cash flow is extremely important to the suppliers (which are mostly small companies). That is why so many of them provide early payment incentives and other perks. In short, if you have the better cash flow you can assist your suppliers to obtain cash flow too. As you unlock a lot of doors of potential for development. Let’s have a look. Should you pay early? Usually, suppliers do not provide early payment incentives on their bills. The size of the discount is determined by a variety of factors, such as the industry standard, rival discounts, and the payback history of the customer, amongst other considerations. If you pay a Net 30 invoice within 10-15 days, you’ll get a reduction of 1%-2% off the total. Although it may seem like a minor reduction, it may build up to considerable savings over time – particularly if you engage with numerous vendors/suppliers who give early payment incentives. In case you do not see such a condition on the invoice, do not forget to ask the suppliers what they’ll do to you when you pay early. Money rules. So don’t be hesitant to utilize cash flow towards your benefit. Don’t simply pay early. Ask your suppliers/vendors to provide you with a reason to pay them early. Secret Tip: Be careful to ask your vendor or supplier whether the discount window begins exactly on the invoice date or the day that you receive it, as they could not be the same day. There are lots of benefits of paying your suppliers and vendors within time. Save Money & Maximise Profits: This is apparent – you will save some money on inventory costs, which equals cheaper expenditures, bigger margins and quicker growth.Create Credit for Your Company: Check with your vendor to see whether they report payments to the credit agencies. In case they do, then your timely payments will be logged, helping you to develop a strong company credit score. This information may be accessed by potential suppliers, vendors, and even financiers, who will see that your company is reputable.Build Trusting Relation with Suppliers: As a result of this, your suppliers will be more inclined to continue doing business with you in the future. This brings us to our next subheading: they suppliers may even cut you further bargains in the future. Ensure how you can pay the full amount up front if you are seeking to be authorised by a certain provider. As that is guaranteed to open doors. In addition, if your supplier recognises you for making timely payments they are likely to do significant favours if you need last-minute merchandise quickly.Other Deals: If you regularly pay timely and are able to create a good connection with business suppliers, they could be prepared to give extra incentives like shorter production times, rapid and/or free delivery, cheaper unit cost, etc. Secret Tip: Be sure to secure the discount conditions in writing, no matter what they are in your situation. Written agreements will significantly reduce the risk between you and your business provider. How Timely Payment is beneficial for Suppliers? It is unusual for small businesses to pay suppliers always in time as they themselves have short of money sometimes. This indicates your suppliers could be more open to giving early or timely payment discounts, but don’t be shocked in case there is not an explicit policy yet. As you’re discussing the conditions with them, make sure to underline the advantages they will receive from being paid early: Smooth Cash Flow: Suppliers endure cash flow gaps, too. Admittedly, they wait almost for a month to be paid on a work. If you can decrease this time lag, you’ll help them enhance their cash flow and cash on hand so they can stay abreast of their operational expenditures while they’re still delivering orders.Less Danger: This may sound simple, but being paid early lessens the possibility of delayed payments. Think about it. If a client sees that they will have time to pay a bill, they could wait until the end to pay, which might very well contribute to a delayed payment. Customer Retention: Suppliers expect customer retention. You’ll be more inclined to purchase from same suppliers again (maybe even refer them to other vendors) if they provide incentives like early payment reductions. How Denarii help you pay early? With Denarii, you can pay your vendors and suppliers using a credit card, even if they do not accept credit cards. You can transfer money directly to their bank account or an E-Wallet through the Denarii platform. Defer payments and hold onto cash longer. Pay with your local bank account immediately or schedule a payment with Denarii. Furthermore, you can connect Denarii with top accounting software (Quickbooks, Zoho, Xero) and have it in 2-way sync to keep your books clean and pay your vendors and suppliers on the go. Get Started Today Join small businesses across the country who are already managing their payments online with Denarii, saving both time and money. Start now free... How Denarii keeps your data and money safe?November 3, 2021About Denarii Cash / Community / LearningsYou may familiar with the term “Know Your Customer” (KYC), and may know a lot about it already, but do you know how it works and why it is important for you to learn as a customer? So, let’s talk about how Denarii use KYC and it keeps your data protected. What is Know Your Customer/KYC? It is a necessary verification process used by banks, financial institutions, money transfer companies, or the whole financial industry in general. You must have subject to KYC if you ever opened a bank account or applied for insurance. KYC has some rules that help companies to: Verify the identity of their customers.Ensure whether the particular customer is eligible to use the services or not.Managing risk and protecting their customers. As it is necessary for the financial industry to build their KYC based on the global and general standards, a company that fails to follow the KYC regulations has a risk to lose licenses, as well as facing consequences like fines. Who is responsible for KYC monitoring? Each financial company familiar with their customers’ identification can also better protect them. To protect their customer, companies allot an entire team that is responsible for monitoring the transactions and detecting suspicious activities on daily basis. Denarii too have a team to monitor the activities to protect our customers from fraud. Why is KYC important and what are the benefits? KYC helps us to eliminate the suspicious/illegal activities from the transactions. Denarii uses eKYC (Electronic know your customer), it helps us cut the cost and time needed for customer identification. We can build services that make the lives of our customers much easier. With eKYC, we deliver our promise of a safe, fast and convenient money transfer service. Example of how we use KYC in practice: We tend to stop fraud and concealment/money laundering.Detecting criminal activities and ill-gotten products.Protecting you from online scams. How Denarii verifies your identity? As mentioned earlier, Denarii use eKYC which means that it verifies its customers electronically. We request all necessary/needed information (like your name or date of birth) when you’re creating a transaction or creating your Denarii account which is an online process. After doing so, our system analyzes your information automatically and determines the potential risks related to you or your transaction. When you create a new Denarii account, Denarii takes some time to verify your account. We suggest you use your correct email address to get verified faster. Denarii collects your email information and your IP to verify your identity. We may request additional information if you didn’t pass KYC/failed to get verified. Is your data safe with Denarii? Yes. Your data’s protection is always our priority. We are known for our trustworthiness and our secure money transfer services. We keep your data and information confidential. Denarii’s End-to-End and API encryption keeps your data protected. When you agree to the terms and conditions, we follow strict rules to keep your data secure. At Denarii, we never: Make transactions on your behalfRequest money on your behalfRequest your personal, financial, as well as debit/credit card information over the phone, email, or textAsk for your login details How to get started with Denarii? You can create your account anytime, anywhere simply using our website or using our app: GooglePlay AppStore... Denarii Partners with Aqwire to provide ease in real-estate payments to Filipino expatsSeptember 15, 2021About Denarii Cash / UpdatesAqwire, a Philippines-based property payment solution, and Denarii, a Dubai-based money transfer app have collaborated to expand real estate payment opportunities for Filipinos in the Middle East. Filipinos in the Middle East can now use Denarii mobile app to directly pay for real estate including monthly mortgages, down payments, or reservation fees in the Philippines. This collaboration demonstrates both company’s commitment to empowering millions of Filipinos globally and promoting easy and secure real estate payments. “At Denarii, our goal is to make money transfer easier and hassle-free. This partnership can bring ease to fellow Filipinos in the Middle east who can directly pay their real estate payments to Aqwire via the Denarii mobile app.”Jon Santillan, CEO Denarii Denarii has a history of providing better money transfer solutions to Filipinos. Recently, Denarii partnered up with SeedIn technology and secured a digital license from Bangko Sentral ng Pilipinas, to expand payment solutions and financial freedom for the Filipinos. For more information, download Qwikwire or the Denarii app for free from Google Play or Apple App Store, or visit https://aqwire.com and www.denarii.com. About Aqwire Aqwire is a Philippines-based company that has removed the barriers in real-estate payments between buyers and selling companies. It is on a mission to help property developers and real estate companies collect payments from buyers by providing them access to global banking payment facilities. About Denarii App Denarii is a UAE-based mobile app founded in 2018. It is a member of Misk500, Hub71, MBRIF, and Dubai Chambers. Denarii enables money transfer using a mobile app to help Filipinos to send money home cheaper, better with no hidden charges. Along with money transfer, it provides other services to users which include making investments, Bills Payment,s and E-load. It is fast, convenient, and includes built-in security technology to ensure all your data is safe and secure....
