Written by Anne Schulze
The agility of financial transactions in today’s fast-paced business is more than a convenience—it’s a competitive edge. Efficient and secure payment processes are the lifeblood of companies, enabling them to quickly adapt to market demands, foster stronger relationships with suppliers, and deliver unparalleled customer satisfaction.
For small enterprises, mastering financial management and transactions is essential, as each decision and transaction can significantly impact growth and stability. It’s not just about keeping the books in order; it’s about confidently steering the business through the complexities of entrepreneurship with agility.
This is where ForwardAI, a real-time payment (RTP) software company designed specifically for small businesses in the US, comes in. Built by Nick Chandi, a seasoned veteran in accounting technology and finance and co-chair of the BC Tech CEO Scale C-Council, ForwardAI takes pride in its flagship product, Forwardly. This innovative B2B payment solution is at the forefront of fintech innovation, marking a significant milestone in the evolution of instant payment systems.
It integrates RTP and FedNow payment rails that equip small businesses with the tools to process transactions instantly and securely. This breakthrough solution streamlines financial operations and lays the foundation as businesses navigate their way to success.
Small Business’s Story on Traditional Payment Systems
Before the advent of RTP and FedNow, small businesses tackle financial transactions through more traditional avenues, a process fraught with inefficiencies and delays. Chandi notes that small businesses often grapple with the slow pace of transactions, where checks take days to clear. ACH transfers, while reliable, don’t offer the immediacy needed in today’s fast-paced market.
Reliance on these slower methods hampers the fluidity of operations and even leads to missed opportunities and strained supplier relationships. Businesses have to meticulously plan their cash flow and payments to avoid disruptions and grab market opportunities.
These challenges underscore the critical need for innovations like Forwardly to revolutionize how small businesses manage their finances. These instant and secure transactions help improve small businesses’ cash flow management and achieve agile financial health.
Chandi’s Expertise in Action
Forwardly improves on the limits of traditional fintech tools. It reflects Chandi’s extensive experience and his dedication to addressing the financial hurdles small businesses face.
Navigating the challenges of traditional financial systems was instrumental for Chandi to innovate a solution that effectively tackles the issue of payment delays. He mentions, “I’ve channeled two decades of insights into Forwardly. The goal was to have a platform that squarely addresses the immediate needs of small businesses and enables real-time financial transactions.”
As ForwardAI’s CEO, Chandi is the brain behind the platform’s core services and now oversees all levels of the organisation. He built it to accelerate transactions and as a holistic financial management tool. It improves cash flow and operational efficiency, providing small businesses with an 80% cheaper option than other payment options.
This innovative approach has swiftly positioned Forwardly as a leader in the fintech space. It won the PayTech USA Award for Best Real-Time Payment Solution and the US Fintech Award for Accounting Tech of the Year only six months after its launch.
Welcoming a New Era for Small Businesses
Chandi built Forwardly with a suite of financial services that is meticulously designed to enhance B2B payments, offering features such as instant payment processing, free same-day ACH, automatic payments, and streamlined approval workflows.
By integrating with prominent accounting software like QuickBooks Online and Xero, Chandi aims to elevate small business financial management. It focuses on minimizing transaction processing fees and reducing the manual reconciliation workload. This suite of solutions promises substantial time savings and aims to improve cash flow management for businesses, facilitating smoother operational systems.
However, Forwardly is more than a payment receiver. It also simplifies accounts payable management, automating and expediting bill payments. This feature prevents late fees and missed deadlines, ensuring seamless business transactions.
Building a Good Foundation
Chandi recognizes that adopting financial management platforms like Forwardly is a significant change for small businesses. He acknowledges that the challenge of transitioning away from legacy systems requires educating businesses about the profound benefits of automation and RTPs for their operations.
Despite these hurdles, Chandi remains optimistic about Forwardly’s role as a catalyst for change. With countless small businesses across the US benefiting from more efficient transaction processes, the potential impact on the economy and the future landscape of small businesses is immense.
“Forwardly is not just a tool for today; it’s a foundation for tomorrow’s success,” Chandi asserts. It offers a glimpse into a future where small businesses operate with unparalleled financial efficiency, facilitating better transactions, streamlining financial management, and contributing to a robust small business sector in the US.
