What will happen in 2019

What we achieved in 2019 and what will happen in the first few months of 2020

2019 was an absolutely exciting year for us and our customers. We have many New Products launched and Improvements implemented, while we have made sustainable investments in our technical infrastructure. We would like to introduce you to our most important USPs and show you what Penta's product development will look like in 2020.

We are improving the business account opening process for SMEs

The majority of companies worldwide are still used to living with offline banking solutions and their considerable limitations. Often it is not even possible to open a business account online.

Penta, on the other hand, prides itself on offering a fully digital solution from day one. And this process got a lot better in 2019 thanks to constant product development.

What we achieved in 2019 for our registration process

At the beginning of 2019, a large part of our registration process was still manual. We often had to request additional documents by email and our CRM team had to clarify further questions as part of the registration with our customers. There was also no automated way for customers to upload documents to our platform on their own.

Today it looks completely different: We have automated the entire process and customers can easily carry out all steps themselves.

In addition, if possible, we automatically access the data in the commercial register. this saves our customers having to enter countless data.

For the launch of Penta in Italy, we have adapted the process to the Italian market and the local legislation.

Another highlight at the end of the year was helping individual entrepreneurs from registering to the German IBAN within around 7 minutes. This is particularly important for us, because sole proprietorship is the most common legal form for restaurants, bars, craftsmen, travel agencies, hotels, doctors and care providers.

With this product development, we are now offering most German legal forms a business account and can become the best business banking partner for millions of companies. Since launching a few weeks ago, we've already opened over 1,000 individual entrepreneur accounts.

A brief outlook for the registration process in 2020

In 2020 we will put even more resources into the Login speed invest. We will automate and accelerate internal processes so that the process is even more relaxed for you.

In addition, we are working in product development to give sole proprietorships the opportunity to open their accounts in the mobile app and are planning to offer this service to other legal forms as well.

Furthermore, our focus is on improving the process and leading you to your business account in even fewer steps.

We want to offer SMEs the best product for their financial management - from payments to bookkeeping

We believe Penta is the best business banking solution for you to Save time and money on financial management. This starts with secure payments for you and your team with our Penta company cards and ultimately includes your entire financial management - from payments to bookkeeping.

What we achieved for accounting and financial management in 2019

In addition to our direct integrations of lexoffice and Debitoor, in 2019 we created the option of offering standardized MT-940 (.sta) files for your transaction data for download. With these standardized file formats, you can easily import your transactions into 99 percent of all accounting platforms.

In addition, with product development we have made it possible for you to get your Categorize transactions and attach files such as receipts and invoices. This will make your financial management even easier.

With our new function of downloading all invoices and receipts at once, it is now even easier for your accountant to keep track of things. In combination with the improved filter options for transactions, you can now save up to eleven hours per week in accounting.

In 2018 we launched employee cards with freely selectable spending limits. Last year we fundamentally improved the functions again. Now you can for example Push notifications via payments sent directly to your smartphone in real time. If a payment fails, you will also be informed and find out the reason for it directly.

Push notifications can also be sent to your team members to remind them to attach receipts to transactions if they haven't already.

Efficient financial management

At Penta, this is also how we control our own financial management process: Our product team is always happy when our team members pay with their Penta company cards at home or abroad.

Of course, we also use Penta for our other issues such as the Google Corporate Suite, AWS, technical tools such as Github, Mailchimp or marketing expenses on Facebook, Google Ads and Co:

  • Our employees simply use their smartphone and add a receipt to a transaction.
  • At the same time, our internal finance team receives a notification and can integrate this into your work processes.
  • At the end of the month, our accounting department has all the receipts and invoices in our accounting software.

A brief outlook for accounting and financial management in 2020

In 2020 you can save even more money on bookkeeping and financial management. How it works? With Penta, of course!

It will soon be possible to confirm or reject card payments in the mobile app. This feature of our product development makes the stress of non-payments a lot easier for you.

Other accounting integrations for you and your team are also at the top of our list.

A direct integration with Datev to send receipts and invoices and the use of Datev Company Online are planned for Q1 / 2020.

The possibility of using virtual cards with set limits for teams is already an integral part of our roadmap for product development. We are currently clarifying the final legal details.

In addition, we will continue to improve our business account for medium-sized teams and give administrators better tools to remind employees to attach receipts and invoices.

Offer a smooth payment infrastructure without any obstacles

Offering reliable and stable payment systems is a core issue for every commercial bank. That's why we're working hard to make sending and receiving payments even easier.

What we achieved for accounts and payments in 2019

We have Bulk payments made possible for you. All you need is a .csv file and you can then confirm up to 50 payments with just one TAN. This is perfect for salary payments, social security contributions and much more.

We launched our product for international payments. This allows you to send money outside the SEPA zone and exchange the euro for more than 30 other currencies. If this is of interest to you, please contact us at [email protected]

For growing companies with an increasing number of transactions, we have ours Filter functions vastly improved. This will help you find the right payments a lot faster.

We recently added the download of a payment confirmation for individual outgoing payments, which you can simply download with a click on the transaction.

A brief outlook for accounts and payments in 2020

It is clear to us that Penta is not the perfect solution for you without the option of direct debit. That is why we are working extremely focused so that you can use the direct debit procedure in Q1 / 2020. This will be one of our most important endeavors in product development in 2020. First, the XML format for batch payments is started. This is followed by the XML upload for direct debits.

We will also set up sub-accounts that will help you organize your cash flow better. We are already in the process of clearing the last legal hurdles out of the way and will soon be able to provide an important update.

We are also working in product development on being able to replace the entry of TANs for login with a connection with the mobile app on your smartphone. This type of device binding may also follow later for payment confirmations. The same goes for Google Pay and Apple Pay.

Expand our product range together with our partners

At Penta we are firmly convinced that we can create important added value for you through close cooperation with our innovative partners.

What we achieved with our partners in 2019

In the early days of Penta, most of our customers were pure internet companies such as online shops or digital consulting companies. In the course of time, more and more companies from the traditional offline sector came to us, such as restaurants, doctors or retailers.

Since sole proprietorships can also open a Penta business account, we are in partnership with the mobile point of sale (mPOS) provider SumUp received. This allows our customers to accept card payments offline with the SumUp point-of-sale device.

In addition, we recently met with iwoca teamed up to give our customers flexible access to finance and better credit products. Traditional banks still make it difficult for SMEs to get access to credit and thus hinder strong companies from growing. In the first step of our cooperation, our customers get access to iwoca's loan offers. Further integration will follow soon.

A brief outlook for the cooperation with our partners in 2020

We will expand our cooperation with innovative partners. Soon everyone who is about to start a business will be offered an ingenious package that will contain templates, contracts, legal advice and much more.

In addition, we will work with other credit partners and enter into cooperation with companies outside the traditional banking sector in order to be able to offer you the best business banking.

How you can support us in 2020

Penta was made by founders for founders and we are firmly convinced that our community of now more than 15,000 companies has made a major contribution to steering our product in the right direction. A big thank you for that!

Please keep giving us feedback. Talk to us on social media and use your Penta MasterCard or VisaCard as often as possible. Help us spread the word about Penta and get practical rewards. Participate in product development in our Slack Community and simply use Penta for all of your banking. Feel free to rate us on TrustPilot or on Google - we look forward to your tips and suggestions, so that we can achieve even more together.

To an exciting 2020 with you!