By introducing the new solution, Lili intends to simplify the banking, accounting and tax processes of small businesses, allowing partners to offer their financial management tools directly via its platform. The current announcement comes shortly after the company hired Dun & Bradstreetwith both organizations planning to increase commercial banking. The integration of Dun & Bradstreet was made to allow Lili to continue to improve the finances of the business and provide the owners with the tools and services that could help them in their expansion efforts.
Lili Connect for small businesses
Leveraging Lili Connect is set to allow partner companies to support their small business customers in managing their financial needs in one place through Lili’s offerings, including a business checking account, automatic categorization of transactions, invoicing and bill payment solutions, automated financial and tax reporting. – safety tools. In addition, Lili’s solution aims to replace the traditional account opening processes that banks usually provide to small business owners that can be difficult to complete. Partner companies can use Lili’s integrated application process to support their customers in opening dedicated online bank accounts, which can help them achieve their expansion goals.
In addition, compared to traditional Banking-as-a-Service (BaaS) models, Lili’s Embedded Finance application allows partners to benefit from the capabilities of Embedded Finance without assuming the risks, such as financial losses, fraud , compliance complexity, customer support and maintaining banking infrastructure. Through this, partners can optimize their operations while equipping their customers with fast and simplified banking experiences.
At the same time, the integration of Lili tools into their platforms can allow Lili Connect partners to earn additional revenue streams, improve customer loyalty, and benefit from the ability to leverage financial data to optimize the overall customer experience. The launch comes at a time of extensive and rapid growth for the Embedded Finance industry, with the offering providing tailored financial solutions to a diverse range of industries.