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How Flyfish’s UniFi Platform Simplifies Global Financial Management for SMEs: A Case Study

Shay Merary

Published on

August 27, 2024

Small and medium-sized enterprises (SMEs) often face a daunting task when trying to manage their finances across multiple regions, currencies, and financial services. Imagine a growing SME that needs access to several critical financial services: an IBAN provider in Cyprus and the UK, a bank account, a crypto converter, a debit card issuer, a payroll system, and an expense tracking solution. Managing these needs individually can quickly become overwhelming, leading to inefficiencies, delays, and the risk of rejection.

In this case study, we’ll explore how Flyfish’s UniFi (Unified Finance) platform transforms this complicated process into a seamless experience, helping SMEs save time, avoid frustration, and focus on what truly matters—their growth.

The Traditional Approach: A Fragmented Process

For this SME, securing the financial services they need would typically involve reaching out to multiple providers individually, each with its own onboarding process, documentation requirements, and timelines. Here’s a glimpse of what that might look like:

IBAN Providers: The SME needs IBANs from both Cyprus and the UK, requiring them to approach two different providers. Each one demands a separate set of documents and compliance checks, which could take weeks or even months.
Bank Account Setup: Opening a bank account involves another round of onboarding, document submission, and verification, with no guarantee of approval.
Crypto Converter: The SME requires access to a crypto conversion service to manage transactions involving cryptocurrencies. This adds yet another provider to the list and another round of paperwork.
Debit Card Issuance: To manage expenses, the business needs a debit card provider that offers both virtual and physical cards. Again, this involves separate onboarding and documentation.
Payroll and Expense Tracking: The SME must source a reliable payroll system and expense management tool, both of which require setup, integrations, and data synchronisation.
Data Collection and Reporting: Once all these services are in place, generating financial reports becomes a tedious task. The business needs to pull data from various sources, manually compile it, and then feed it into an analytical tool for report generation.

This process is time-consuming, costly, and prone to errors. With multiple providers involved, the risk of rejected applications, compliance issues, and data discrepancies increases. Moreover, managing this complex web of services results in inefficiency and delayed decision-making.

The UniFi Solution: One Platform, One Onboarding, All Your Financial Services

Flyfish’s UniFi platform offers a radically different approach. Rather than dealing with multiple providers and separate onboarding processes, the SME can access everything they need from one place. Here’s how it works:

1. One-Time Onboarding and Document Submission

With UniFi, the SME only needs to onboard once. All necessary documents are collected and verified upfront, eliminating the need to repeatedly submit the same paperwork to multiple providers. This significantly reduces the time and effort required to get started.

2. Guaranteed Access to Essential Financial Services

UniFi connects the SME with a curated selection of trusted financial service providers, including IBANs from Cyprus and the UK, banking services, crypto conversion tools, debit card issuance, payroll systems, and expense management solutions. The platform ensures that the SME gains access to the services they need, without the risk of rejection that often accompanies traditional applications.

3. Integrated Financial Management

All financial services are accessible through a single, unified dashboard. The SME can manage bank accounts, crypto transactions, card payments, payroll, and expenses in one place. This integrated approach not only simplifies day-to-day operations but also ensures that data is consistent across all services.

4. Streamlined Reporting and Analytics

With all financial data centralised on the UniFi platform, generating reports is quick and easy. There’s no need to extract data from various sources and manually compile it. UniFi’s built-in analytics tools allow the SME to create detailed reports in just a few clicks, providing real-time insights that support informed decision-making.

5. Simplified Compliance and Reduced Risk

Because the UniFi platform handles document collection and compliance checks during the initial onboarding, the SME doesn’t need to worry about ongoing compliance issues or submitting documentation repeatedly. This reduces the risk of non-compliance and ensures a smoother, faster experience.

The Results: Efficiency, Control, and Growth

By using Flyfish’s UniFi platform, the SME is able to:

Save Time: The entire onboarding process, which would typically take months, is completed in a fraction of the time.
Reduce Complexity: Managing multiple financial services through one platform eliminates the confusion and inefficiencies that come with fragmented systems.
Gain Insights: Real-time reporting and analytics make it easier for the business to track performance, manage cash flow, and plan for growth.
Focus on Growth: With financial management simplified, the SME can focus on scaling its operations rather than being bogged down by administrative tasks.

The Power of the Collective: Unlocking Efficiency Together

At the core of Flyfish’s UniFi platform is the idea that the collective is stronger than the individual. By bringing together a network of financial service providers and connecting them through one platform, businesses benefit from a streamlined, efficient ecosystem that wouldn’t be possible alone.

As the saying goes: “When everyone brings something to the table, the power of the collective becomes unstoppable.” Flyfish embodies this principle by offering SMEs access to a network of top-tier financial solutions in one place, ensuring every provider’s strength is maximised for the benefit of all.