The strictly regulated nature of the fin-tech industry means the stakes for tracking usage, invoicing and revenue data are higher than in many other industries. But at the same time, the explosive growth in FinTech means companies across every sector are having to find a way to maintain airtight security, transparency and accuracy while laying the groundwork to scale quickly.

In short, FinTech organizations’ legacy billing systems can’t keep up with their increasing — and increasingly complicated — billing needs.

So more and more, FinTech companies are turning toward more powerful systems that are built to manage growth while maintaining bulletproof regulatory compliance to keep them audit-ready at a moment’s notice. And in their new, intelligent billing platforms, these companies are looking for three key requirements that their legacy systems can no longer support.

1. Transparency

When it comes to being audit-ready, an organization must be able to pull up complete data on transactions, usage and revenue at the drop of a hat. Unfortunately, legacy billing systems often require a lot of digging to find pieces of key information in various silos, and then extra effort to stitch them together into a coherent story.

However, intelligent billing platforms are designed to provide a single view into customer information, keeping critical details at your fingertips and making it easy to trace exactly where every penny is coming from. While this transparency is a powerful tool for streamlining operations and maintaining strong customer relationships, it’s also critical for maintaining visibility into every step of the quote-to-cash process. This means that finance teams can check up on processes in near real time and catch any red flags before they turn into real problems.

2. Accuracy

As transaction volumes increase and billing models become more complex, so do the processes of converting usage into invoices and reporting revenue. While legacy billing systems may be perfectly equipped to manage a few different billing methods at relatively low volumes, they require more coding and maintenance with every update to the business model. Soon, they begin to buckle under the weight of growth, introducing errors in rating, invoicing and reporting. And those errors compound, leading to accounting nightmares and compliance failures.

Intelligent billing platforms are built to mitigate just those problems, with the processing power to provide accuracy at high volumes and multiple, complex billing models. With the right system in place, FinTech companies can rest assured that their billing and revenue recognition processes are always spot-on.

3. Security

Finally, with customers’ financial data on the line, no FinTech company takes security lightly. Here, too, legacy systems may start to fail under the pressure of growth. But intelligent billing platforms offer peace of mind, as they come equipped with powerful security measures such as data encryption, firewalls and independent, ongoing vulnerability checks. What’s more, as security regulations and measures evolve, the billing providers are on top of updating their platforms, maintaining top-notch compliance and up-to-date security checks.

There’s no doubt that achieving both rapid scale and reliable compliance requires a serious balancing act. But for FinTech companies with high-volume, complex billing needs, Gotransverse is the intelligent billing platform that will keep you audit-ready and ready to grow. Request your complimentary, personalized demo today!