Reconciliation edge cases that stubbornly refused to be automated
Founded in 2019, Mynt has become a go-to choice for finance teams looking to take control of expense management with a range of tools from cards and credit to bills and accounting. Along the way the company has racked up thousands of customers and secured both an e-money license and principal membership in Visa’s licensing program.
As part of its services Mynt offers a credit facility that lets customers spend over a month and repay automatically the following month. Their key payment operations include:
- Collecting repayments for outstanding credit card balances
- Automatically reconciling incoming payments
- Initiating one-off transfers and tracking cash balances across bank accounts
To retain the seamless experience that Mynt is known for it’s important that repayments work as smoothly as the company cards themselves. Using direct debits they were fully automated for customers, but occasionally there was an edge case that meant team members had to step in and reconcile payments manually. A frustrating point of friction for a team used to processes built for scale.
Next to edge cases requiring manual work, another challenge was more forward-looking. Having received an e-money license in 2022, the Mynt team has been busy setting the business up to scale quickly in the Nordics and across Europe – meaning more banking and payment partners in more markets. This was set to increase the legwork for the engineering team on back-end integrations with limited benefits longer term.
With finance and accounting technology in their DNA, the Mynt team is comfortable working close to the metal with few outside dependencies. Even so, it was clear that operational inefficiencies and integrating legacy bank systems would consume more and more time. This wasn’t acceptable for a team with Mynt’s level of ambition and growth-oriented mindset.
Real-time notifications, automated reconciliation, and simplified cash management
Mynt sought a partner that could reciprocate what its platform does for thousands of customers: automating away operational hassle while increasing controls and visibility. Mynt partnered with Atlar to abstract away the complexity of connecting to and managing multiple payment and banking partners and the manual work that entails – without compromising on data integrity or reliability.
For tech-first companies like Mynt with efficient in-house systems, it’s key that external services don’t cause more problems than they solve. Any integration has to work smoothly from day one and enable real-time syncing to meet the team’s high standards for data availability and correctness.
With Atlar, Mynt has been able to consolidate data in real time from all bank accounts and payment providers, surfacing this in a central dashboard – the team’s single source of truth. Mynt now receives notifications immediately as and when there’s a new incoming payment, with status updates provided via webhooks and automatic reconciliation.
Repayments are now fully automated end-to-end, from collection to reconciliation, with the Atlar dashboard helping the team to quickly troubleshoot payment returns. It’s now also easier to track cash balances across multiple bank accounts, streamlining cash management as the company grows and its treasury operations become more complex.
A single, reliable partner to help enable full payment and treasury automation
Mynt was up and running with the Atlar dashboard in a matter of days and within a few weeks had fully integrated the API. Mynt can now leverage pre-built bank integrations to scale the business faster, knowing that there’s a single source-of-truth for all bank account and transaction data across all markets with payments reconciled automatically. Less manual work for the team, with even greater control of day-to-day operations.
‘As a company we’re focused on continuously improving our corporate card and spend management platform and bringing it to more and more businesses,’ says Johan. ‘To continue our growth we need to empower our teams to stay lean and agile, and use tooling with scalability built-in.’ Partnering with Atlar ensures that Mynt’s payment and treasury operations, from daily payment flows to cash management, are now built for scale from top to bottom.
By automating reconciliation and streamlining returns, Mynt has further minimized the time its teams spend on manual work. And now that new banking partners can be added using a single API without a months-long integration process, the business is fundamentally in a stronger position to scale its operations.
‘We value the automation of repetitive, lower-value work in our own products and services and how it lets teams focus on what matters,’ adds Johan. ‘Ultimately that’s what integrating Atlar has helped us do too.’
Want to see why the Mynt team made the switch to Atlar for yourself? Book a demo and we’ll be in touch.