About November First
November First launched its payment platform in 2016 with the clear objective of making it cheaper for companies to make international payments to foreign suppliers. In collaboration with one of Europe´s largest foreign exchange banks, November First was able to offer companies 20-50% savings on currency margins, as well as significant savings on fees. In addition to this, we now handle Danish account to account payments, FIK-payments, and a whole lot more.
In January 2020, November First finally ended the file uploads and downloads between finance system and bank. November First became the first licensed payment institution to move the transaction capacity completely away from the bank and into the finance/bookkeeping system. Users of November First’s payment modules now benefit from being able to execute supplier payments directly from selected finance systems and automatically return all transaction and posting details in real time and thereby achieving substantial time saving in bookkeeping.
Soon after we launched payment authorisations or procura processing,eliminating unnecessary communication procedures between the bookkeeper and the payment authoriser. The payment authoriser can now see bills or paperwork when a payment is to be either approved or rejected. Postings with payment details will of course continue to be delivered directly to the finance system, so bookkeeping can always be kept up to date.
It is very rare that the least expensive solution is also the best, but that is what we aspire to be. During COVID-19, we realised that November First cannot build integrations to all finance, scanning, approval and payroll systems. Integrations to these systems were needed, and we developed a publicly available API, which we released to selected partners in May 2020. Our API makes our Partners able to accelerate our market presence for mutual benefit. We were able to bring partners on board surprisingly quickly, and four partners had already completed their integration with our API by the end of summer 2021. Thereby successfully integrating November First’s payment and procurations management into their systems.
As a result, companies could already from August 2020 have a payment module in Uniconta, have invoices scanned through Fakturafil and handle invoice and payment authorisations in a single workflow using Futurelink/Batchflow4.
A number of auditing and accounting companies, who focus on being able to offer optimal bookkeeping outsourcing services, have also been able to exploit the opportunities offered by the API to service their customers even more efficiently and transparently than was previously possible.
For all our partners and end users it is a great comfort to know that November First, as all payment institutes in Denmark, is under the supervision of the Danish Finance Supervisory Board – FSA. This means that the company setup, policies, procedures and work flows, security etc. are supervised by FSA. Read more about November First and the FSA inspections here FT 22017
As such, this is an advantage for November First and a major differentiator from other unlicensed payment solution providers, who cannot provide the same security for their Solution towards the End Users. A Licensed solution will always address the changes in the regulations and adapt as these requirements changes. More information about November First license can be found in this Summary
In other words, Partners and End Users can expect the same security by using November First as when using any Danish Bank, and at times even more security as November First is built on the latest technologies, in contrast to some of the established banks, mainly supplied by Microsoft in a close cooperation with November First. Read more about this cooperation from Microsoft and November First
Lately PwC – one of the largest global accountant and bookkeeping service providers – have integrated to November First´s API, and as such used the November First payment infrastructure and Approval handling as the “engine” for their app PwC One View. This app is groundbreaking as the solution within bookkeeping and accounting which contains “embedded banking” services.
And there are even more great things to come, because at November First we are curious, we believe that creative digital solutions can create opportunities and increase efficiency. As such we continue to find new digital paths to follow, to create value for small and medium sized companies in Denmark and abroad.
Used by more than +1000 Danish companies
