FinLync partners with Workday for real-time payments and treasury

FinLync, a financial solutions provider for corporate finance firms and treasury offices, has secured a strategic investment and partnership with Workday Ventures, the investment arm of finance, HR, planning and spend management software provider, Workday.

Under the partnership, FinLync will integrate with Workday’s Financial Management product suite and power real-time payments, and multibank API connectivity to serve joint customers.

FinLync will enable Workday Financial Management to offer its customers more than 100 pre-integrated bank API connections to banks around the world, allowing them to initiate real-time payments.

“Together, FinLync and Workday will deliver advancements that support real-time working capital and cost-savings, thereby reducing the time and effort for Workday Financial Management customers to integrate with banks,” said Mark Peek, managing director and head of Workday Ventures.

In recent months, FinLync has been investing in the development of its partner network, an initiative which in May saw the fintech team up with Deutsche Bank, providing corporate treasures with easier access to the bank’s APIs.

In June, FinLync appointed former Microsoft treasurer Tahreen Kampton onto its advisory board to serve “as a link between FinLync and the corporate treasury market” and raise awareness of the advantages of bank API connectivity.

Corporate treasury solutions see growing demand

FinLync’s latest partnerships come as companies seek to bolster their corporate treasury capabilities after undergoing a stressful period of liquidity management during the pandemic.

According to a 2021 survey of 250 respondents from North America and Europe by Strategic Treasurer and The Global Treasurer, respondents expected payment factories, treasury aggregators and TMS solutions to realise 35-45% growth in the next two years.

73% of the respondents also highlighted APIs as important to the digital transformation in the corporate treasury groups.

The treasury solutions industry has been seeking to capitalise on this opportunity through collaborations between solution providers and platforms to enhance services and reach a wider range of customers.

Earlier this month, HSBC partnered with Finastra to distribute the bank’s FX services via Finastra’s FusionFabric.cloud platform under a Banking-as-a-Service experience.

In May, paytech Nexi partnered with Italian corporate treasury management software provider Piteco to provide clients with a new digital payment solution aimed at shortening payment times in the supply chain.

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