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Article in Breakit: They have the solution to communicate with (almost) all Nordic Accounting Systems

SaaS companies, banks, and fintech firms looking to improve processes around loans and factoring often struggle with high costs and spend a lot of time building integrations. With the vision of offering the best infrastructure for data sharing, the SaaS company Zwapgrid is now helping more and more companies streamline their processes significantly.

As the former CEO of another software company, Leo Berghald experienced that too much of the developers’ time was spent building external integrations with external systems, instead of ensuring that their software was the best on the market. This led to the idea of the integration platform Zwapgrid, which today offers seamless access to a network of Nordic accounting systems.

One Single Integration

Through Zwapgrid’s API, banks, fintech companies, and SaaS companies can retrieve and send data to all the most common accounting systems for small and medium-sized businesses with a simple integration.

“It could be data in the form of invoices needed for factoring or information from accounting used to perform a real-time credit check. Customers save a lot of time by not having to build a unique integration for each accounting system,” says Leo Berghald, CEO and founder of Zwapgrid.

He further explains that it often requires several new integrations to be in place, especially as a software company, to be able to sell and deliver to prospective customers in a new market.

“By working with harmonized data in our API, companies only need to build one single integration to our API. We then handle all system-specific differences and also the varying onboarding processes of different systems, such as how to authenticate and actually activate the connection. Visualization and, for example, credit scoring are not built by Zwapgrid but by our partners.”

A world of systems – With top security

When a company signs an agreement with Zwapgrid and connects to their API.1, a world of systems they have built into their network opens up.

“This means that our partners can offer their customers the ability to share data from some of the most common accounting systems in the Nordics, all in real-time,” says Leo Berghald, while also emphasizing their strong focus on security:

“Zwapgrid has no insight into who our partners’ customers are, which ensures GDPR compliance and meets the high cybersecurity requirements of companies and banks.”

Automated administration and real-time data

Many companies use Zwapgrid’s services within corporate finance, where the business owner connects their accounting system to the financier.

“The finance company can then more easily and better overview the risk and automate the administration around financing, both internally and for the business owner, through automated accounting of settlement notes.”

“With our solutions, a financier can see data that is only a minute old.”

There are also benefits in the area of credit checks:

“Those of you looking at credit checks can today get data based on an annual report that is up to 1.5 years old. With our solutions, a financier can see data that is only a minute old,” says Leo Berghald.

He emphasizes that with Zwapgrid’s services, not only are the traditional challenges of system integrations solved.

“We ensure that our partners – around the clock – have access to their customers’ real-time data. For example, if a company stops paying their supplier invoices, it is flagged to our partner directly,” he concludes.