The Network
Let's learn about the concept of "network", offered by Flick.
In today’s financial landscape, businesses navigate a maze of disconnected systems, complex regulations, and inconsistent data. Our “Network” serves as the Universal Financial Data Layer, ensuring that businesses can seamlessly operate across multiple financial systems, ERP solutions, and regulatory frameworks. It connects and standardises entities, products, taxes, compliances, and financial structures to enable smooth transactions across Flick’s core modules.

Key Components of this NetworkCopied!
1. EntitiesCopied!
Entities represent the businesses, organizations, or institutions operating within our Network. Each entity can be a corporation, a supplier, a customer, or even a regulatory body. Every financial transaction, whether related to invoicing, procurement, treasury, or compliance, originates from or is directed toward an entity.
2. ParticipantsCopied!
An entity is not just a singular, static unit—it is composed of multiple participants. These could be divisions, subsidiaries, branches, or even specific individuals who interact with the system. A multinational corporation, for example, may have different participants representing regional offices, finance teams, or compliance officers, each performing unique roles within this Network.
3. IdentifiersCopied!
Every participant within an entity can have multiple identifiers, which ensure accurate recognition and mapping across different financial systems. These could include tax identification numbers, legal registration codes, supplier/customer numbers, or other unique IDs assigned by ERPs, banks, or governments. Identifiers allow for seamless integration, ensuring that transactions are correctly attributed to the right participant within an entity.
4. ContractsCopied!
Entities within the Network engage in various agreements, either with other businesses or with authorities. These could be supplier contracts, service-level agreements (SLAs), payment terms, or tax settlement arrangements. By structuring and managing agreements within the Network, businesses gain clarity on their financial obligations, reducing conflicts and ensuring smoother collaboration.
5. DocumentsCopied!
Entities and participants within the Network exchange documents at various stages—both pre-award (such as contracts, bids, or proposals) and post-award (such as invoices, purchase orders, tax reports, and remittance advice). By standardizing document formats and ensuring compliance with regulatory requirements, Network facilitates smooth and verifiable document exchanges, reducing disputes and inefficiencies.
6. ProductsCopied!
Rather than treating goods, services, and digital offerings separately, Network unifies them under a single category: Products. This encompasses all tradeable and billable items within an entity, whether it be physical products, professional services, subscriptions, or financial instruments like credits and rebates. Standardizing products ensures accurate categorization, pricing, and taxation in procurement and invoicing workflows.
7. WalletsCopied!
Entities within the Network can have multiple wallets, each representing a distinct financial resource pool. A wallet could correspond to a specific business unit’s operational funds, a department’s budget, or even a stored value account used for specific financial transactions. Wallets serve as an intermediary between an entity’s financial assets and its transactional processes.
A wallet can hold multiple accounts, which could include traditional bank accounts, virtual accounts, or digital payment accounts. These accounts are the actual financial conduits through which payments, collections, and settlements occur. By structuring accounts within wallets, the Network ensures better control, visibility, and reconciliation of financial movements across multiple banking relationships
Financial transactions require structured payment channels, which dictate how money moves between entities. Instead of referring to them strictly as messaging protocols, the Network streamlines these into a broader category known as Payment Channels. This includes SWIFT, SEPA, RTGS, ACH, and emerging digital payment networks, ensuring that every transaction is routed efficiently, securely, and in compliance with financial regulations.
8. CompliancesCopied!
Each authority enforces multiple compliances, which dictate the financial and operational standards that entities must follow. These could include tax laws, anti-money laundering (AML) requirements, e-invoicing mandates, financial reporting standards, and industry-specific regulations. Our Network helps businesses automatically adapt to evolving compliance requirements, reducing manual effort and risk.
Regulatory and government bodies play a crucial role in financial ecosystems, and our Network integrates them as Authorities. These are tax agencies, financial regulators, central banks, or compliance bodies that oversee and enforce financial and legal frameworks within different jurisdictions. Authorities on Network facilitate reporting, taxation, and regulatory compliance, ensuring that businesses remain aligned with legal requirements.
ConclusionCopied!
In an era where financial complexity continues to grow, our Network provides a unified foundation for businesses to seamlessly operate across multiple financial systems, ERP solutions, and regulatory environments. By standardising entities, participants, identifiers, contracts, documents, products, wallets, payment channels, and compliance requirements, our Network eliminates inefficiencies, reduces risks, and enhances transparency. It ensures that transactions flow smoothly, financial data remains consistent, and businesses stay compliant with evolving regulations. Ultimately, Network serves as the backbone of Flick’s core modules, enabling enterprises to navigate the financial landscape with confidence and agility.