The digital age has heralded a wealth of new technological innovations and developments, especially in relation to business finance. In fact, business finance in the digital world is now a major part of many business’s daily operations.

As such, there are plenty of ways for business owners and startups to easily manage and access the funding they need very quickly. Here is a look at how technology is changing how money is moved in today’s business sphere.

Digital revolution

Digital technology has transformed the speed at which people can move money, whether it be next door or across the world. There is no doubt that it will continue to evolve over the coming years, making the process of managing and moving money much easier and more transparent.

Since digital transactions are almost instantaneous, virtually no time is lost actually having to manage/track them, and businesses can free up time as a result. This is why most businesses have shifted away from traditional methods of moving money and switched to digital transfers/transactions instead.

Online banking

The introduction of online banking has undoubtedly revolutionised the way businesses move money, as it allows them to make payments at the click of a button.

Before digital technology came about, business owners/financial directors would have had to make frequent trips to the bank in order to make the payments they needed to. Now they can cut this process out completely, and invest more valuable time elsewhere in the business.

Cloud technology

As one of the most significant developments of the 21st century, cloud technology now supports business finance in the digital world in a number of different ways, and allows businesses a transparent and easy to use way of speeding up payments and managing all the admin involved.

The cloud allows data to be shared across the world, meaning that businesses who have an ocean between them can easily share payment details and increase the speed at which they conduct transactions. It also presents an effective means of ensuring that all the necessary transaction information is securely stored and easy to find again in the future.

Invoice finance with Kriya

At Kriya, we have harnessed the power of digital technology to make accessing funding much easier for UK businesses. Our smart online platform makes it quick and easy to use our invoice discounting solution.

After receiving your online application, we can advance you a large proportion of the value of your outstanding invoices. This allows you to avoid the lengthy payment waiting times of between 30-120 days.

You can use the funds accessed through our invoice discounting solution to improve cash flow and invest in the growth of your business.