The largest private information intermediary, mojeRačun, is now a payment institution. The solution for registering the company Elektronički računi in the Register of payment service providers and electronic money issuers was issued by the Croatian National Bank for providing two fundamental payment services defined by the European PSD2 Directive: payment initiation services (PIS) and account information services (AIS), which the market will recognize under the common brand ePlati.
– As an innovator in the digital business market, we have actively developed technologies over the past year aimed at enabling an innovative approach to financial services, making the financial system cheaper, more accessible, and more efficient for both service providers and consumers. The ePlati service (PIS and AIS) is the biggest revolution in payment transactions since the introduction of online banking 20 years ago and, along with the introduction of the euro, certainly the most important event for business entities in Croatia – emphasized Marko Emer, CEO of Elektronički računi.
The great success of the domestic company is Croatia’s response to the extremely strong trend of payment automation, as well as the increase in the number of instruments and payment service providers that emerged at the EU level since the revised PSD2 directive came into force.
– The idea of the European Union is to support and encourage technological innovations to simplify payment services and make them more accessible to users, 24 hours a day, seven days a week – explains the CEO of Elektronički računi.
Automation of business through ePlati
It is on these foundations that the ePlati service, namely the payment initiation services (PIS) and account information services (AIS), was created, where the simplification of transactions, as strategically outlined by the European Union, enables the optimization of business costs.
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– Every eInvoice, or any other accounting document that is the basis for payment and is recorded in the accounting program, can be automatically paid from that program, without accessing online banking. The payment initiation service (PIS) reduces the process from, for example, eight steps to just two – initiate and authorize payment – said Emer.
For the user or their accounting service, this means that after entering the invoice into the accounting program, they can automatically initiate and execute payment from it, and then receive a notification about the status of the order execution directly in the program.
Invoices can be paid individually or collectively, by entering a single order with multiple items, where the execution date of the order can be current or future.
– If the invoice is paid through ePlati (PIS), the accounting application updates itself, so the user within the accounting system sees the status of the given orders, i.e., whether the payment has been executed. Through ePlati (PIS), it is possible to pay from any business account that the company designates, without the payer having to log in to online banking – emphasizes Emer.
Account Information Service (AIS)
The innovativeness of the ePlati service is particularly evident when it comes to the account information retrieval service (AIS) because entrepreneurs can track changes in their business bank accounts in real time within their accounting program.
– The ePlati service (AIS) is especially useful for accounting services or accounting departments within a company because they can automatically receive information about transactions and transaction items on the account and immediately record the changes – emphasizes Marko Emer.
By applying the ePlati service (AIS), the user will no longer have to log into online banking to check payments or download and record statements, but will receive all data directly in the accounting software.
– The user determines how they will use ePlati (AIS). They can choose to automatically receive information about transactions and transaction items on all business accounts with every change or upon their request, in real time. The point is that no accountant will work in the past anymore, recording bank statements from yesterday today, but will have the freshest data about changes on all bank accounts at any moment – explained Emer.
Real-time recording of changes
What will be particularly interesting in practice is the possibility for accounting services to use the account information service for all their clients.
– A common problem faced by accounting and bookkeeping services is the delay in delivering documentation, so it often happens that entrepreneurs deliver statements and invoices just a day or two before submitting VAT. With the activation of ePlati (AIS), accountants can obtain a report on transaction items on the account for each client upon request, with one click or at a predetermined time, directly in the accounting software – emphasizes Emer.
In broader application, this also provides them with the possibility of automatic recording of statements; the entity sets an order in ePlati (AIS) for the system to pull all statements about transactions on bank accounts over a certain period or at a certain time and automatically record them to predetermined accounts.
Integration with accounting software
By incorporating the ePlati service into more than 360 accounting and business software with which mojeRačun is integrated, and its active application among tens of thousands of users of these solutions, the time between the moment of initiating a payment order and receiving information about the execution of the order will be significantly shortened.
In addition, since companies will no longer work in the past, but will have real-time insight into the funds available in all bank accounts from their accounting program, they will be enabled to plan business costs more effectively.
Innovator of business automation
Since 2014, Elektronički računi has been innovating technological solutions for digital, paperless business. Among other services, they offer mojeRačun, mojDMS, mojeArhiv, and the business intelligence solution mojBI. They began their entry into the fintech market by collaborating on the development of PlatiMe, the first Croatian platform for the purchase of overdue eInvoices, and with the development of ePlati, they focused on financial technology innovations and became the first private information intermediary in Croatia that is a payment institution.
