iplicit is a London-based cloud accounting platform built for the UK mid-market, serving organisations that have outgrown entry-level tools like Xero but do not need a full enterprise ERP. It serves over 50,000 daily users across sectors, including tech, financial services, property, manufacturing, and nonprofits. This week, it announced iplicitPay, an embedded payments product built in partnership with Crezco, an FCA-regulated open banking payments provider. iplicit claims to be the first mid-market accounting platform in the UK to offer this.
What iplicitPay does
Before iplicitPay, iplicit customers managed invoices, approvals, and matching within the platform, but then had to either export a payment file or log in to a separate banking portal to actually execute the payment. With iplicitPay, payments are authorised directly through the customer's own bank using open banking infrastructure, meaning the money moves account-to-account without leaving the iplicit workflow. The product supports bulk payments to multiple suppliers in a single run, future-dated payment scheduling, and real-time payment status tracking, all within the platform. Because the payment is initiated from the same place the invoice lives, reconciliation is automatic.
Why open banking fits here
Open banking-powered, account-to-account payments are often a good fit for B2B invoice settlement. Crezco's role is to provide the regulated layer that connects iplicit to hundreds of UK financial institutions through a single integration, rather than having to build and maintain individual bank connections itself. Crezco has done this before: it previously replaced Wise as Xero's embedded bill payments partner, giving it a track record in exactly this type of accounting platform integration.
Open banking first, embedded finance later?
iplicitPay is the company's first financial product beyond its core accounting software. Accounting platforms that embed financial services deeply, with their own accounts and payment infrastructure, tend to unlock significant value: they capture more of the transaction flow, increase switching costs, and open up new revenue streams. That said, iplicit has not gone that route yet. Instead, it chose open banking, which sits on top of existing bank accounts rather than replacing them. That is a lower-risk, faster-to-deploy starting point that still solves the immediate workflow problem. It also has a practical upside: running a live payments product generates the usage data and customer feedback that tends to inform what a more embedded solution should look like. Open banking and full embedded finance are not the same thing, but for many platforms, the former is how the journey toward the latter begins.
