How EG created frictionless accounting in a few steps

July 01, 2020 | Louise Basse

To automate workflows and simplify bookkeeping for hundreds of businesses across industries, the large-scale software company EG recently teamed up with Nordic API Gateway to take its accounting platform Xena to the next level.

With the new partnership, EG has been able to reduce time-consuming processes associated with accounting, including manual bank reconciliation.

We sat down with EG’s Product Manager, Majbritt Peglau, to see how they did it.

Automated workflows for any industry

From retail to healthcare, EG is a major software company that delivers ERP solutions to various industries across the Nordics.

To remove friction and enable businesses to automatically handle bookkeeping tasks, EG teamed up with Nordic API Gateway to integrate customers’ bank data directly into the online accounting platform. 

According to EG’s Product Manager, Majbritt Peglau, that has solved a major pain point for customers using the platform, as they no longer have to export files from the bank to upload them to the accounting system:

“With the new feature, every business using Xena can do accounting tasks with just a few clicks and immediately save time and resources allowing them to instead focus on developing the core of their business,” she explains and continues:

“We’re always working on making life easier for our customers. That’s why we decided to integrate real-time bank data to the Xena platform and offer it as a part of our standard package, so it’s available for as many customers as possible.”

Next up? Payments.

According to Majbritt, setting up the integration has been straightforward due to the high-quality sandbox environment that Nordic API Gateway offers:

“We’ve been taken by surprise at how easy it has been to add real-time financial data to our accounting platform. The quality of the data in the test environment made it very easy for us to go from test phase to production mode.”

But for EG, using financial data is only the beginning. According to Majbritt, EG plans to integrate open banking payments into the Xena online accounting system. With that, any customer using Xena can skip the extra steps of going to the bank to pay invoices, and instead do it directly in the online accounting platform:

“There's no doubt that adding the ability to do payments through Nordic API Gateway directly into our account system will solve many pain points for our customers. Once we find the right model, we're excited to offer payments to our users across all industries.”

Curious to find out how we can help you and your customers take advantage of access to real-time financial data and seamless payment options? Get a free copy of our market report today to see how others have leveraged open banking or reach out to get in contact with our team.