Scred Launching A 'Smart Bank' For Communities To Manage Their Money

PRLog (Press Release) - Mar 02, 2010 -
Scred (http://www.scred.com), the Finnish startup which is managing money for communities, has opened up features for groups to comprehensively manage payments and transactions in a smart way. Now groups can for instance send bills, track and pay expense claims, sell items and manage registration fees -- all with full integration into an accounting backend. Payments can be sent and received directly from within the service, and everything is automatically record and accounted. No manual accounting is required.

Scred describes the service as a kind of smart, community-oriented Internet bank, where, in addition to sending payments, money is given meaning. The service is built on top of the newly released PayPal X APIs.

The target audience includes bands, indie film crews, event organisers, associations and hobby groups. These groups can together manage their financial matters, easily and naturally. Members of the group can come from all round the globe, and collaborate together with their projects.

"This is the kind of service we always wanted to do," says Scred's Head of Product and Co-Founder, Kristoffer Lawson. "Naturally there is still a lot of work ahead, and our ambitions do not end here, but as event organisers ourselves, this is something we have really been eager to get out there".

Scred is competing with about 50 other companies for the PayPal X Developer Challenge main prize, which is $50000. The companies come from all round the planet, although Scred is the only Finnish one. More information and voting takes place at http://www.x.com/

http://www.youtube.com/watch?v=andbOZhRpYk