Date30 Mar 2022
AuthorSebastian Morales

Business banking reimagined for the digital age

Integrated banking cover
March 30, 2022
3 min read
Seb Morales
Sebastian MoralesVP of Finance

Rho’s tech-forward, integrated banking platform helps high-growth companies scale and save in a changing economy.

In today’s on-demand, global economy, business leaders need finance solutions that are instant, comprehensive, and collaborative without compromising on quality and security—capabilities beyond what many legacy banks can provide. 

This is especially true in the wake of COVID-19, as e-commerce has soared and remote operations have become not only normalized but expected. Research from McKinsey shows that the pandemic has accelerated the adoption of digital tools and services across business sectors by as much as seven years, and these changes are here to stay.

With that in mind, innovative solutions like Rho have rebuilt a business banking platform from the ground up. Rho’s integrated platform unites commercial banking, corporate cards, AP, global payments, and capital markets in a smart financial ecosystem, streamlining digital finances for the modern corporate team.

Here are some ways solutions like Rho are responding to emerging trends and helping high-growth companies overcome the challenges of doing business in a post-pandemic, digital world.

Fee-free global payments

Increasingly global business models mean more electronic and international payments—and with them, more fees. Typically, every wire, ACH transfer, and foreign transaction carries its own separate fee, not to mention the service fees, late fees, and interest piled on top. These costs add up fast, which is why they’re the bread and butter of traditional banks. It’s not uncommon for businesses to lose tens of thousands of dollars or more each year in fees alone, a sum that can make a real difference for a budding startup.

In a perfect world, you shouldn't have to spend money to manage money. Rho stands behind this principle and doesn't believe in charging companies for service, corporate cards, or payment delays. Rho’s platform also offers no-fee global transactions* and a market-leading 1% foreign exchange rate.

This is ideal. In our truly global system, businesses should be able to pay anyone, anywhere, anytime—without the extra price tags.

*International wires in USD can be subject to additional fees set by recipient, correspondent, or intermediary banks, in addition to the SWIFT network.

Real-time visibility

Remote work was already growing in popularity before COVID-19, and the pandemic has only hastened its arrival into the mainstream. According to the Pew Research Center, 83% of employers have developed a favorable view of remote work over the past year, and the majority of workers expect to keep working remotely post-pandemic.

But in order to operate remotely, companies need a secure and reliable way to share financial data and records between dispersed employees. Historically, this has meant manually typing, scanning, and sending documents—a disorganized process that leads to miscommunication and an inability to thoroughly track and analyze company spend.

Anticipating this shift, Rho designed its platform for maximum visibility, accessibility, and control, making collaborating on finances safer and more efficient than ever before. Rho’s corporate cards, whether physical or virtual, for instance, have preset spending limits.  Charges are reported in real-time on a centralized dashboard—encouraging greater transparency and accountability among business teams, even (or especially) from a distance.

Consolidated tooling

Financial software has grown increasingly specialized in recent years, meaning many companies handle their banking, bills, cards, and accounting functions on separate platforms. But with each new service comes a new set of logins to remember, apps to maintain, and data points to reconcile at the end of the day.

The fewer platforms you have to juggle to settle finances quickly and accurately, the better. Rho understands this and has put a stop to banking in silos, enabling teams to work together on a single platform from which multiple, integrated finance solutions are just a click away. 

That means keeping accounts, cards, budgets, and payables all in one place and syncing directly with external accounting software for easy reconciliation. On an interconnected platform like Rho’s, multi-step workflows like invoice approvals and expense reports are fully automated, taking the friction and guesswork out of corporate finance.

Flexible terms

No two businesses are alike. Companies run differently, manage their cash differently, and have different demands throughout the fiscal year—especially during periods of high growth. But until now, they’ve all been bound by the same rigid credit terms.

Rho offers the first-ever corporate card that lets companies adjust their cashback and credit terms each quarter to account for seasonality and optimize cash flow. Rho’s underwriting process also finds businesses high credit limits that scale along with them, making Rho the solution that truly keeps pace with growing companies.

Personalized support

At big, traditional banks, smaller companies often get lost in the mix and are made to feel their business isn’t lucrative enough to warrant individualized attention. And with many newer platforms going fully digital, it’s easy to think that person-to-person customer service is a thing of the past.

The best banking platforms don't ask companies to sacrifice personalized service for a top-rate digital experience. While Rho is fully digital, a dedicated account manager is still assigned to every client, getting to know their business and ensuring attentive support around the clock.

It’s not just about good service. It’s about putting trust and good faith in growing organizations. While many financial institutions make clients sign a personal guarantee—meaning applicants are personally liable for repaying corporate debt—Rho bases credit limits on company performance, giving every founder and business owner a chance to thrive.

Want to learn more about Rho’s integrated business banking platform?

Visit Rho.co to explore products and partners, check out the Rho blog, and get in touch.