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Send, receive and reconcile SEPA, Bacs, and FPS payments with your existing bank

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Gateway to SEPA, Bacs, and FPSMulti-bankingPan-European payoutsAutomated bank
reconciliationDirect debits automationSafeguarding orchestrationDigital wallets
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Customer story

Learn how Spendesk  cut its payment costs by becoming an indirect SEPA
participant with Numeral

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The challenge companies face when building bank integration

Although highly scalable and secure, banks’ direct connectivity solutions can be
complex to understand and integrate.

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Customer Stories
Customer Stories
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HOW SPENDESK CUT ITS PAYMENT COSTS BY 10 USING NUMERAL AND BPCE PAYMENT SERVICES

Spendesk is a complete spend management platform that gives 100% visibility into
company spending. It offers corporate cards, invoice payments, expense
reimbursements, budgets, approval, reporting, compliance, and pre-accounting in
one simple, scalable solution. In 2022, 3,500+ customers, including Algolia,
Soundcloud, and Getaround, spent €10 billion through Spendesk.

10 times
less costly than previous solutions

6 times
faster integration

4 million
payments processed per year
Matthieu Blandineau
•
17
February 2023
•
4
min read
INDUSTRY
Invoice software
LOCATION
Paris, France
USE CASE
Gateway to SEPA, Bacs, and FPS


link to Use case
SUMMARY
Spendesk’s limitations working with a Banking-as-a-Service provider

Why Spendesk chose BPCE and Numeral

Streamlining millions of payments per year


As part of its growth, Spendesk had to rethink its banking infrastructure and
operations to overcome critical limitations and continue to scale.


SPENDESK’S LIMITATIONS WORKING WITH A BANKING-AS-A-SERVICE PROVIDER

Moving funds is core to Spendesk’s business. Spendesk operates three bank
payment flows to enable its customers to:

 * credit their customer accounts and cards via SEPA credit transfer or SEPA
   direct debit payments

 * pay their invoices from their Spendesk accounts via SEPA credit transfers

 * reimburse their company expenses from their Spendesk accounts via SEPA
   instant credit transfer or SEPA credit transfer

Spendesk launched its operations using a Banking-as-a-Service provider. It
allowed the company to rely on its BaaS provider’s license, partner banks,
access to SEPA and card networks, core banking system, and compliance services
to quickly take its product to market.

As Spendesk scaled and acquired more customers, it encountered limitations that
slowed its operations, constrained its product and limited its customer
experience.

“As a BaaS customer, we didn’t have our own BIC and IBANs. So when a transfer
was sent or received by our clients, they would see the name of our partner,
which was very confusing for them,” says Axel Catetand, CEO at Spendesk
Financial Services.

Spendesk was limited to the payment capabilities offered by its
Banking-as-a-Service provider, which prevented the fintech from allowing
customers to pay its providers with SEPA instant payments instantly or to use
their Spendesk card with Apple Pay.

Spendesk’s operation teams also experienced instabilities, or even
unavailabilities from their provider, leading to the impossibility for their
customers to pay via bank payments for a prolonged period of time.

But the biggest challenge for Spendesk was its dependence on its BaaS provider’s
compliance rules and KYC requirements. BaaS providers dealing with various
customers are challenged to adapt their KYC process to each customer, and those
customers’ end-users, leading to inadequate KYC requirements.

It created friction and delays in the onboarding process for its customers and
even prevented Spendesk from onboarding some companies.

As much value as their BaaS provider enabled them to deliver to their customers,
being 100% on a single partner became a strategic dependency risk.

Spendesk decided to obtain its own payment institution license to overcome these
limitations and integrate a more significant part of the value chain into its
operations. It chose the SEPA indirect participant model to do so.


WHY SPENDESK CHOSE BPCE AND NUMERAL

Becoming a SEPA indirect participant means connecting to SEPA CSMs through a
sponsor bank, BPCE and its processing operator, BPCE Payment Services. After
evaluating several banks in France and Europe, Spendesk chose to work with BPCE
Payment Services.

“We needed to work with a banking partner we trusted, who had done it before
with numerous SEPA indirect participants. When selecting our sponsor bank, we
didn’t only look at their safeguarding account and SEPA payment offers, but also
key value added services such as fraud detection or BIC reachability. BPCE
Payment Services offered these services and had this extensive experience we
were looking for” - Axel Catetand, CEO at Spendesk Financial Services

Building bank integrations takes time and requires to build-up internal
expertise. In addition, bank integrations have to be complemented with a number
of payment automation features to send, receive, and reconcile payments at scale
with the appropriate level of visibility and controls.

As much as it brings multiple advantages to fintech companies, the SEPA indirect
participant model introduces additional technical and functional complexities,
including managing R-transactions, incoming payments, and confirmation or
rejection of incoming instant credit transfers.

While various solutions exist to send and receive bank payments at scale, the
options to connect with banks as a SEPA indirect participant are limited. For
Spendesk, it went down to building their bank integration and payment automation
capabilities in-house, using legacy vendors servicing traditional banks, or
using Numeral.

Because they wanted to focus their engineering resources on their core product,
including card issuing capabilities, Spendesk chose Numeral to connect to BPCE
Payment Services and manage their SEPA indirect participant payment flows.

"Becoming a SEPA indirect participant and completely revamping our payment
operations and banking infrastructure was critical to our ability to grow
Spendesk. Connecting to your sponsor bank and managing SEPA payment flows is a
very large project if you don’t have a pre-built solution like Numeral. Numeral
has enabled us to connect to BPCE Payment Services with a single, elegant API.
They have supported us throughout our implementation project with our partner
bank, up until our go-live.” - Axel Catetand, CEO at Spendesk Financial Services


STREAMLINING MILLIONS OF PAYMENTS PER YEAR

Spendesk now benefits from Numeral’s direct integration with their SEPA sponsor
bank and its overlaying payment automation capabilities to send and receive
billions of euros of SEPA payments per year for their 3,500+ customers.

“Being a SEPA indirect participant, the technical chain is shortened. We are
closer to what is happening in the clearing and settlement mechanisms, allowing
us to get more detailed information about the payments we send and receive. It
enables us to provide a far superior customer experience by giving our customers
detailed status on their payments extremely quickly,” says Axel Catetand.

By working with Numeral instead of building in-house, Spendesk saved valuable
product and engineering resources to accelerate the development of their
platform. In the meantime, its banking operations team now benefits from
automated management of incoming and outgoing SEPA payments at scale, allowing
it to spend more time improving its processes and supporting its customers,
while significantly reducing costs

“By becoming a SEPA indirect participant with BPCE Payment Services and Numeral,
we divided the cost of each and every single payment by eight to ten.” - Axel
Catetand, CEO at Spendesk Financial Services



MATTHIEU BLANDINEAU

🙌 Product Marketing Manager
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