Finding alternatives for better-shared fund management
N+1 Financial Management Network
Get and provide access to financial information previously locked away in banks
Recent events have shown how important it is to listen to each other, to hear each other, to play honestly and transparently.?We are introducing a new Social Fintech alternative to the world.
The Cutting-edge N+1 Platform is the First EU Financial Management Network to Discuss Financial Solutions with Members and Deploy the True Power of Financial Information.
New Financial Problems in Newer Times.
One of the biggest issues when working with multiple bank accounts is that not all of your information is centralised. You will find yourself going through several different online portals or mobile applications, while scavenging many different login credentials, just to stay up-to-date on your finances.
The second most significant problem is that not all participants can access required financial data from all bank accounts. If you want to do that, you need to open a new shared bank account and go through a bureaucratic hellscape, especially if you're going to integrate this new financial solution into your company. After the bureaucratic nightmare, you would have to pay plenty of money for each additional user. You have no freedom in your actions. Problems start to arise once we start thinking about if three or more people or separate departments need access to financial data? What if they are located in different countries?
The third difficulty is that sometimes several groups of people (or different financial departments) need to get access or provide access to only part of financial information. It was challenging to organize, granular and safe access to the finance before the arrival of Nplone (N+1). This lack of a single, centralised space for managing all your finances also means that you and your team have no way of truly knowing where you stand financially unless you can put aside time for creating and managing spreadsheets with current data from all of your relevant bank accounts for work and home. This is time-consuming and meaningless work that can be automated.
Just continue reading about the flexibility and convenience of Finance Shared Zones. At nplone N+1, our mission is to reduce the financial management bureaucratic burden and cost of organising for people as much as possible and to help you by delivering meaningful solutions at the frontier of financial research.
More details:
What is shared fund management?
The name speaks for itself - it is financial management in conjunction with others. Furthermore, shared fund management allows you to conduct business and manage your financial resources from a single platform, saving you time, effort, and often transactions costs.
It is the ability to have a unified user interface for all of your transactions. On just one mobile application, you will be able to connect with all of your bank accounts and conduct transactions directly.
Compared to individual banking apps, shared fund management will give you valuable insights into your combined financial data across the board so that you can make better spending decisions in the future. The team’s access to a detailed transaction history across multiple accounts will also help you evaluate gully where your money is currently going and discuss it in the same place to optimise expenditure or meet decisions quickly.. This process is instantaneous and your network of banking accounts will always stay synced on a cloud service to ensure the best user experience, compared to a standard joint account or an online shared account.
Who is shared fund management for?
Many of us tend to compartmentalise our bank accounts. We often use different ones for managing our work- or business-related income and expenditures and a different one for our home-related finances.
For those of us who are well versed in finance, we might have different accounts in different banks depending on their rate of return and interest rates. This could be, in a sense, having one account for managing housing mortgage loans while having another one altogether for improving your credit score and availing bonuses such as flight points.
In contrast, shared fund management allows you to access all your savings, credit, and debit accounts in one place. If you are the kind of person who is struggling to manage your different financial outlets and are completely lost about where your finances stand, shared fund management is the answer for all your troubles.
Why use shared fund management?
As we discussed, the first factor is definitely convenience. Gone are the days of scrambling for your banking credentials to gain a minuscule incomplete picture of your finances. This is one of the biggest factors behind the increased demand for multi-wallet banking, shared fund management, and shared accounts.
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It is also extremely convenient for those who have off-shore international bank accounts. Especially for countries within the European Union where the borders are more porous, those who change countries often have bank accounts in different countries, which can be extremely difficult and arduous to manage without multi-wallet banking and the ability to organize finances for each project - sometimes with several people (shared fund management solution).
Another important factor here is enhanced security. All of the information you enter into the app is encrypted on the bank side, and it is never shared with other parties without your consent. N+1 inherits the security mechanisms of your standard bank accounts and doesn’t conduct any actions without your confirmation, according to the Payment Services Directive Two -?PSD2.
PSD2?focuses on enhancing consumer protection and experience through modernization of the payments market and competition within the European payments industry. At a high level, it has three main goals: improve consumer rights, strengthen eCommerce security, and manage third-party access of consumer financial accounts.
The primary technological requirement for PSD2 compliance is providing an API that allows account information service providers (AISPs) access to customer information when it’s granted by the consumer.
How to choose a shared fund management app?
The first thing to look for is credibility. This can be done by looking up online blogs or user reviews on any given app store. This will not just help you find the best service for your needs but also save you from internet scams that only exist to steal your financial information. Be careful if you come across a completely free solution. If something is free of charge, you are the product, often through your private and financial data.
You should also be looking at their security features. In their terms of service or security statement, if you find that your personal financial information is being shared or sold to third parties, you should usually steer clear.
The problem with most multi-wallet banking solutions
The problem with most multi-wallet banking solutions
The two key players in this field are Numbrs and Financeguru. While they offer convenient and secure multi-wallet services, there is no way to organize finances for each project or to be truly transparent about your transactions and share them with the financial market (other companies, members, or with the general public). You are always out of the loop when it comes to transactions happening within your close circle, and in the workings of the finance industry as a whole.
There is no today collective social space for sharing reliable and up-to-date financial data as most conventional social media networks do not use the last financial technology under the hood. It is almost impossible for multiple people to stay current on what’s happening in the shared financial zone to act immediately, which is where N+1 comes into the picture.
The solution through N+1
One of our biggest standout features is the ability to create shared zones for all your financial activities that you can access alongside our multi-wallet shared fund management facility. N+1’s Shared Zone serves as a common financial space for your organisation, your family members, company departments, or the entire marketplace around your region. From the transaction history across all of your accounts, you can share specific dealings across any of your created zones.
Regardless of which EU country they may be residing in, you can invite anyone to your shared space and allow them to connect their bank accounts and share their financial activity with you. Whether they are your friends, family, partners, employees, or sellers, N+1 has them all covered. This is not just limited to being able to choose whom you are sharing this information with – thanks to our advanced privacy settings - we also allow you to choose exactly what kind of information you would like shared in your spaces.
It could be a detailed description of a certain transaction, allowing you to state its benefits and contextualise it within the realm of all your other financial decisions. You can attach relevant links or media as you would be able to on any other social media network. Furthermore, when you need to make a pressing financial decision that involves other stakeholders or one that you are simply indecisive about, you can use our polling feature to gather votes and democratically make decisions on the go.
We also give you full-fledged control over your space. When you invite a member, you can choose exactly what authorisations they enjoy. This includes what they are capable of sharing, from news to financial transactions, and also what they are capable of accessing and viewing at their end.
This privacy-focused approach is what has allowed us to truly stand out from other shared fund management systems in the market. With this powerful feature, you can ensure that only certain members have sharing capabilities, while others mostly stick to viewing rights or following.
When you are sharing data with N+1 through the Shared Financial Zones, you can choose to publish proof-of-payment documents alongside your posts, you can look at important analytics on each participant and conduct financial operations such as splitting invoices, running close or opened auctions on a live marketplace with active bidding, tenders while running purchases directly from within the application or conduct a financial audit of any department.
Through N+1's platform, you can access the public-open Shared Zones with valuable and reliable financial and statistical information that is shared to be readily available to the public.
Another important new feature that N+1 offers you is the ability to create financial news on the fly. These news publications will be hosted on our Shared Zone and relevant financial activity (statements, reports, or transactions) and documents can be attached to them as well.
The Way Ahead
In a nutshell, shared fund management is a great feature when paired with all the benefits that come with a joint account, but without limitations. The benefits range from convenience to instant access to your financial information to the ability to manage international bank accounts on the go. With N+1, you can enjoy a much greater financial empowerment and improved transparency publicly through features like shared spaces, live content, feeds, and news as well as financial co-management.
Financial shared management becomes increasingly sustainable with N+1. Explore the new approach with N+1 App:?https://nplone.com
Blog: https://nplone.com/blog/finding-alternatives