Download our new solution brief: Powering Smart Agreements with Fintech—Reducing Costs While Accelerating Customer Transactions

Bringing new technology to markets is tough for an array of reasons like technical execution and timing. It can also be difficult to explain, in concrete terms, the lofty thing that is the vision. With smart agreements, I’ve seen no better messenger of the practical value and business application of smart agreements than the examples of our customers using modern financial technology to enrich their contractual documents. Fintech expands access to financial data. Smart agreements make use of such critical data, which allows businesses to speed up payments, verify identities, reduce fraud, and connect disjointed billing and other systems to create better customer experiences.

The joint venture between smart agreements and fintech is a necessary, if early, development, and we, at Clause, are making headway with the commitment of our ecosystem, customers, and partners. Fintech’s foray into the agreement starts with enriching agreements with signers’ verified bank information in real time (read about our work with Plaid). The next milestone of business value is in the use of this data to accomplish key tasks like getting paid, disbursing loans, and generating invoices.

Our new solution brief highlights the emergence of Clause smart agreements integrated with leading fintechs, Plaid and Stripe. At its core, this enables faster, more reliable, and more cost-effective customer transactions. An example use case is customer onboarding, where we see businesses from diverse industries like SaaS to private aviation turn to Clause to implement instant verification of ACH data within their agreements during signing, which helps them process ACH payments immediately upon signature, avoiding exorbitant credit card fees, and keeping all their systems automatically updated.

Smart agreements provide value by combining the power of our partners, while also making those platforms more valuable to their existing users. The solution brief features the example of smart agreements that cause action within Stripe Billing, Stripe’s invoicing product that has over 100,000 customers. Companies use Stripe Billing because they know implementing and managing billing systems at any scale is costly. Inefficiencies are added when data from the contractual forms that underpin invoices need to be stitched together manually (or with expensive development). Smart agreements with pre-built connections to Stripe can be configured, in a matter of hours or days, to take custom action that speed up customer transactions and, ultimately, help grow business.

Read the solution brief here.