Case Study: iPaidThat streamlines accounting and bank reconciliation with Powens Open Banking

iPaidThat facilitates financial and accounting management for entrepreneurs through Open Banking

iPaidThat is a SaaS platform for entrepreneurs that started as an automatic invoice collection tool and needed to make accounting processing less complex. As the company grew, it wanted better connection stability, broader banking coverage, and a way to streamline the collection and reconciliation of accounting documents for SMBs.

Powens provided its Open Banking banking aggregation technology, including the Bank product, to synchronize bank transactions in real time and enable bank reconciliation with automatically collected invoices. With Powens, iPaidThat cut the time spent on accounting entry input by 40% to 60%, gained automatic expense categorization and cash management insights, and scaled to 15,000 users while aggregating €5.5 million in 2022.

iPaidThat

Jean-Pierre Ocalan

Chief Technology Officer and Co-Founder