Simplify vendor payments with Wafeq x Wio Integration



Managing vendor payments can quickly become one of the most time-consuming and error-prone parts of financial operations. From entering invoice details manually to logging into multiple platforms just to authorize a single transfer, the process often slows down teams and increases the risk of mistakes.

To address this challenge, Wafeq, a leading accounting software platform and WIO, a forward-thinking digital bank based in the UAE, have collaborated to launch a fully integrated solution. Their joint offering brings real-time banking and automated accounting in a unified experience that streamlines vendor payments from start to finish.

This article explores the full scope of the integration, highlighting its key features, benefits, and real-world application as presented in a recent webinar led by Nadim, Founder and CEO of Wafeq, and Ankit Agrawal, Head of WIO Business.

About Wio

Ankit Agrawal introduced Wio as a digital financial platform launched in September 2022 to accelerate the UAE economy. In just two and a half years, Wio has become one of the largest digital banks in the country. It is backed by major investors, including Abu Dhabi Development Holding Company (ADQ), e& (formerly Etisalat), and First Abu Dhabi Bank.

Wio offers a comprehensive operating system for SMEs, not just traditional banking services. Their fully digital onboarding process allows customers to open an account within 72 hours. Key offerings include:

• Saving Spaces: Up to 4% interest on business savings, the highest in the market.
• Multicurrency Accounts: Free accounts in USD, EUR, GBP to help businesses avoid FX losses.
• Multi-Signatory Support: For businesses with layered organizational approval structures.
• Dual-Function Card: One card for both debit and credit functions.

Beyond traditional banking, Wio also provides:

• Expense Management: Virtual cards are assigned to employees with limits and usage controls.
• Invoicing Management: Tools to create, send, and get paid for invoices.
• Local and International Payments: Send payments to over 100 countries at competitive rates.
• Financing Solutions: Including business loans, lines of credit, credit cards, and POS-based loans.
• Collections Tools: Payment gateway via Stripe and POS devices.
• Cash Management: Free deposits, checks, and transfers for SME clients.

About Wafeq

Wafeq was launched in 2019 as an accounting software company supporting businesses in the UAE and Saudi Arabia. Our mission is to help businesses operate more effectively through robust financial software. We are fully compliant with local regulations, including Saudi Arabia’s ZATCA requirements, and we’re preparing for e-invoicing compliance in the UAE next year.

From the beginning, our vision was to automate as much of the accounting process as possible. However, due to a lack of open APIs from banks, automation of vendor payments had been difficult until now. Our collaboration with Wio, which started over a year and a half ago, has made this possible.

Watch the Full Webinar here

The Problem with Vendor Payments Today

Whether you're a business owner or a finance manager, you know how tedious vendor payments can be in the UAE. Banks here are generally behind their counterparts in more developed markets when it comes to API availability, which means automation options are limited.

The result? Businesses are stuck with manual processes, increased risk of human error, and a lack of visibility. Even simple tasks, such as paying a vendor, involve multiple steps, from entering details in your accounting software to logging into the bank portal and manually re-entering data.

Moreover, without proper approval flows, there's a risk of unauthorized or fraudulent transactions. There’s also the added complication of maintaining a digital trail for compliance purposes.

Addressing SME Pain Points for Finance Teams

Before launching Wio Business, Ankit's team spoke with many SMEs to identify their biggest challenges. The feedback highlighted five core issues:

1. Multiple Platforms: SMEs were juggling payroll, accounting, and banking systems separately, leading to inefficiencies.
2. Delayed Payments: Late payments hurt vendor relationships and can lead to penalties.
3. Lack of Payment Context: Vendors often receive payments without details, making reconciliation difficult.
4. No Approval Flows: Manual systems lack the necessary checks and balances.
5. Poor Digital Footprint: Manual transactions are hard to track and report for compliance.

The solution is to integrate banking and accounting in a single, unified platform.

The Need for Integration

The initial vision behind Wafeq, as shared by Nadim, was to automate as much of the accounting workflow as possible. However, limited API access in the banking sector posed challenges early on. This changed when Wafeq partnered with WIO, which provides the necessary APIs to enable real-time and secure automation.

Manual vendor payments have been a persistent pain point for SMEs. Business owners and finance managers often deal with separate systems for accounting and banking, which results in:

• Tedious manual processes.
• Frequent human errors.
• Delays in vendor payments.
• Poor visibility over payment approvals.
• Weak internal controls.

The Wafeq-WIO integration addresses all these issues by automating the workflow from invoice receipt to payment reconciliation.

Simplifying Vendor Payments Through Wafeq and WIO Integration: A New Era of Accounting Automation

Vendor payments, in particular, often represent a significant administrative burden for businesses. Recognizing this, Wafeq, a leading accounting software platform, and WIO, a digital bank based in the UAE, have joined forces to introduce an innovative solution that automates and streamlines vendor payments.

Key Features

• Live Balance & Statement Fetching: Wafeq displays real-time balances and fetches transaction statements automatically.
• Payment Creation: From Wafeq, users can make direct payments or pay recorded bills with just a few clicks.
• Approval Workflows: Define roles for accountants and approvers, and route payments through the right chain.
• Audit Trail: See who prepared, approved, and released payments.
• Auto-Reconciliation: Once the bank reflects a transaction, Wafeq automatically matches it to the bill or direct payment entry.
• Beneficiary Management: Beneficiaries in Wio are synced with Wafeq and can be linked to vendor records.

The Need for Integration

The initial vision behind Wafeq, as shared by Nadim, was to automate as much of the accounting workflow as possible. However, limited API access in the banking sector posed challenges early on. This changed when Wafeq partnered with WIO, which provides the necessary APIs to enable real-time and secure automation.

Automating the Vendor Payment Workflow

The core of the integration lies in automating accounts payable (AP) from invoice receipt to payment and reconciliation.

Receiving Invoices 

• Invoices can be forwarded to a dedicated Wafeq inbox.
• OCR (optical character recognition) scans and extracts invoice data.
• Contextual emails are preserved for clarity.

Converting to Bills

• Wafeq auto-detects suppliers or helps create new contacts.
• VAT details are populated.
• Bills are created and stored in the accounting ledger.

Initiating Payments

• "Pay through bank" option becomes available once WIO is connected.
• Wafeq auto-fetches WIO beneficiaries.
• Payments can be initiated directly from Wafeq.
• Users can attach payment advice and notify suppliers.

Approval Workflow

• Payments go through a role-based approval matrix.
• OTP-secured release step handled on WIO’s secure site.
• Streamlined collaboration between accountants and business owners.

Reconciliation

• Payment shows up in the WIO bank statement.
• Wafeq fetches the transaction and matches it to the bill.
• Payment is marked as reconciled with full visibility.

Direct Payments

• For scenarios without linked bills (e.g., reimbursements).
• Users can classify expenses and release payments immediately.

Security and Compliance

Security is paramount. Payment releases are confirmed through an OTP sent directly via Wio’s secure portal. Only pre-approved beneficiaries within Wio can be paid, further protecting against fraud. The integration ensures robust security through:

• Emirates ID face verification when adding beneficiaries.
• OTP-based authorization for payment release.
• Role-based access and transaction limits.

Beneficiary Management and Real-Time Data

Users can sync and manage their WIO beneficiaries from within Wafeq. While beneficiary creation must happen in WIO for security reasons, Wafeq allows mapping beneficiaries to suppliers. Once mapped, recurring payments become faster and more reliable.

Real-time bank data from WIO means businesses always have a live view of their available cash and ledger balances.

Bulk Payments and Advanced Features

While current payment flows are single-transaction based, Wafeq supports batch creation of multiple payment requests. A future update may allow direct bulk payment release.

Additionally, advanced features like authorization matrices allow businesses to define thresholds for who can approve and release payments, by amount and role.

Additional Capabilities

• Authorization Matrix: Set limits on who can approve or release payments based on the amount or currency.
• Batch Preparation: While release is currently single-payment only, multiple bills can be prepared for payment at once.
• Multi-Currency Support: Currently, only AED payments are supported. However, you can connect accounts in other currencies for statement syncing.
• Invoicing & Payment Links: While Wafeq invoices do not sync with Wio, you can embed Stripe payment links into invoices through Wafeq.

Know more about: Connecting your WIO Business account to Wafeq.

Subscription Offers and Promotions

A special promotion is available for new Wio account holders. Use the coupon code to get six months free on Wio’s Grow plan (worth approximately AED 1,500). You'll also receive AED 125 in account credit for Wafeq subscription payments. This offer is valid until June 30. Wio’s regular plans start at AED 99/month for the Essentials plan and AED 249/month for the Grow plan. Wafeq’s integration with Wio is available on all Wafeq plans, starting from the Basic plan.

Also read: How Wio and Wafeq are Building the Future of Banking for SMEs?

The integration between Wafeq and WIO sets a new standard for how businesses in the UAE manage their vendor payments. By merging banking with accounting in a seamless interface, it eliminates inefficiencies, reduces risks, and unlocks a new level of productivity for finance teams. If you're ready to transform your vendor payment experience and streamline financial operations, this solution offers a powerful, secure, and user-friendly pathway to do just that.