Source: Narvi Payments
As the business world continues to go global, small and medium-sized businesses need efficient and reliable payment solutions to keep up with the demands of their growing customer base. So, could Narvi Payments be your solution?
Narvi Payments is a powerful integrated platform designed to help businesses work seamlessly with local and international customers and suppliers. With its sleek, minimalist approach inspired by Finnish and Nordic concepts, it’s poised to become a go-to payment solution for businesses looking to expand their horizons and grow globally.
After a quick intuitive 4-step system, you can set up a dedicated business account (IBAN) and start sending and receiving payments to and from 100+ countries around the world. So, without further ado, let’s dive into the review and explore how Narvi could help you handle your financial transactions.
The Onboarding Process
Let’s start off by talking about the onboarding process. With an average of 63% of people abandoning online banking onboarding processes in general, it’s definitely a point of frustration for many. Narvi Payments makes things as smooth and clear as possible and even provides a separate onboarding guide if you’re ever stumped.
Everything is done entirely online and starts with filling out your information and a short 10-minute questionnaire on business activity and financial details. You’ll then have to complete an ID verification complete with a face scan and upload a proof of address.
The Narvi compliance team will then contact you for additional information and documents and approve your account once that’s all settled. From creating your account to verifying your identity, the entire process is designed to be user-friendly and efficient. And not only that, they make sure you’re in the loop about pricing so you’re not met with any surprises.
Notable Features
The innovative features Narvi Payments offers aren’t just for show – they work to truly make a difference in the way you manage your business transactions. Let’s take a look at some of the standout features that make Narvi Payments a game-changer.
Customization Tailored to Your Needs
The platform puts a big emphasis on customization and flexibility. With modern payments infrastructure, APIs, and Open Banking, their user experience can be fully tailored to specific business needs.
Narvi’s vision of strong KYC and compliance with customers enables the integration of multiple banking and payment solutions onto their platform, resulting in a custom and fully flexible solution for all users. They also boast a modular design for their technology, which means as they release new products, they seamlessly fit into the existing platform ecosystem.
This approach ensures that the platform remains up-to-date and continues to cater to your evolving business requirements without any hiccups.
Simple and Sleek User Interface
Drawing inspiration from Nordic minimalism, Narvi Payments has designed a user interface that is both visually appealing and incredibly easy to navigate. Especially if you don’t consider yourself tech-savvy, you’ll certainly appreciate how intuitive and user-friendly it is, making transactions smoother than ever!
Multiple Currency Support for Global Expansion
What sets Narvi Payments apart is its comprehensive suite of international payment services, which includes Dedicated IBAN accounts, Instant SEPA payments, and Global SWIFT wire transfers – all provided in a regulated way.
- Dedicated IBAN Accounts – A dedicated IBAN account ensures that transactions are secure and easily trackable, offering complete control over international finances. As they don’t rely on pool accounts, payments are processed securely and transparently without getting mixed up with other users’ transactions.
- Instant SEPA Payments – Narvi Payments’ smart routing solution enables speedy euro transfers within the EU/EEA (European Economic Area). This means being able to send and receive payments within the European Union without any delays.
- Global SWIFT Wire Transfers – For transactions beyond the EU/EEA, Narvi Payments connects your IBAN to the SWIFT system, allowing you to send and receive euro payments to over 100 countries across the globe. This seamless integration ensures that my business can tap into international markets with ease.
Robust Security Measures for Peace of Mind
It’s safe to say that most people don’t take any chances when it comes to their business finances. Narvi Payments has some impressive security measures in place, such as strong KYC and compliance protocols, so all transactions are protected.
They take security to the next level with their cloud-based platform, constantly improving it to stay ahead of the latest threats. To ensure top-notch quality, Narvi only partners with the best tier-1 providers, such as AWS. Additionally, the platform incorporates two-factor authentication (2FA) for important actions, adding another layer of protection for you and your company.
The platform’s user access management is also worth noting. You can easily add multiple users to your account with varying levels of access – including protected view-only access for your accounting team. They’re also regulated in Finland as an Electronic Money Institution (EMI), giving them passporting rights in 29 European countries and enabling them to do business worldwide.
Responsive Customer Support
Narvi is backed by a team with previous expertise in fintech. Since the company is founded by banking and fintech professionals, they bring years of experience to the table. Their deep knowledge of banking and payments, combined with their experience in building financial technology, means that users can trust the team to guide them through any challenges.
Their commitment to understanding each customer’s unique situation and providing tailored solutions demonstrates Narvi’s dedication to helping businesses of all types succeed.
Extra Features That Make Doing Business a Breeze
Narvi Payments goes beyond the basics by offering a variety of extra perks to make managing your business finances even easier.
- Add Multiple Entities to a Single Account – The ability to add multiple entities to your Narvi Business Bank Account comes with several benefits. Not only does this feature simplify financial management, but it also enhances credibility and may even secure better financing options for your business.
- Easily Downloadable Financial Records – Business owners can download CSVs and PDFs from their business bank account to maintain a record of all their financial transactions and analyze their finances.
- Keep Your Company Address Up-To-Date: As keeping your information up-to-date is important for legal compliance, Narvi makes it simple to change your company’s address in your business account.
- Save Recipient Details for Future Transactions: We all appreciate time-saving features, and Narvi Payments delivers by allowing you to save recipient details in your business bank account for future transfers.
Fees
Narvi Payments’ fee structure is designed with transparency in mind. Users can easily understand the costs associated with each transaction without having to worry about hidden fees or unexpected charges. This level of transparency allows businesses to accurately forecast their expenses and make informed decisions when it comes to managing their finances.
Specific fees vary depending on the transaction and user and are quote-based independent of each account.
The Verdict
Narvi Payments can make a significant impact on the way you do business, especially internationally. The platform’s unique blend of customization, simplicity, and security makes it an indispensable tool in your arsenal. If you’re looking for a payment platform that can grow with your business and adapt to your needs, you can trust them to take care of your money with confidence.
