According to a press release, Churpy has officially launched its first product - an aggregated financial data API that allows enterprises to manage payment operations. The API platform will enable businesses to connect easily with their bank accounts and pull in statements and transaction data.
The newly launched product will help resolve non-scalable and clunky payment operations, which is currently a significant challenge for most medium to large businesses.
“It typically takes 4 or more receivables accountants to fully reconcile 100 invoices daily with just one dedicated collection bank account, making it hectic, non-scalable and clunky…Churpy is changing this experience to be smoother, scalable and simpler, just to name a few value additions on the customer journey.” Churpy CEO, John Juma
Churpy's product is a cloud-hosted engine empowering finance teams and developers to manage their finance operations effectively. It is developer-friendly, easy to use with well documented APIs, simplifying integrations with multiple large banks and major ERP platforms.
Founded by John Juma (formerly at Citibank) and Kennedy Mukuna (formerly at World Bank), Churpy is a Fintech enterprise Software-as-a-Service (SaaS) company, backed by pre-seed investment from Antler East Africa VC and currently in working partnership with large banks and businesses.
According to the press release, the fintech startup said that its AI-enabled SaaS product would soon empower businesses to reconcile their books automatically, monitor all their bank account balance positions, process payments, and allow their customers to view and pay pending invoices directly through our platform.
"Businesses will optimize working capital by reducing days-sales outstanding and save costs by automating manual steps involved in payment operations such as downloading bank statements, data file preparations, reconciliation, payables and exception handling," Churpy further said.
Churpy claims to have connected with some of the largest commercial banks in Kenya via APIs, "we securely pull transactional statements data and reconcile these against pending invoices from various ERPs," Churpy said in a press release.