BankiFi, a provider of embedded banking solutions for small-to-medium size businesses (SMBs), has partnered with progressive financial institution Axiom Bank to “make banking better”.
BankiFi provides an open cash management platform and architecture that financial institutions embed into their current digital banking infrastructure to address the specific issues of their SMB portfolio.
The partnership will see Axiom Bank’s SMB customers be able to better track and manage their business finances using BankiFi’s leading embedded banking services.
BankiFi’s Open Cash Management platform has been designed with “speed in mind”.The system will help to put Axiom Bank and its associated digital channel back at the heart of relationships with business customers.
The partnership also forms part of Axiom Bank’s plan to grow its SMB client base nationwide.
Axiom Bank and BankiFi will work to continually update their offering to customers by adding new functionalities.
In doing so, the two companies said they aim to fill a void within the suite of digital financial workflows designed for the SMB vertical. The solution allows payments to be collected faster and data integration to be automated and provides valuable business insights.
Keith Riddle, CEO of BankiFi Americas, said, “We are delighted to announce this new agreement with Axiom Bank. Financial institutions in the US are facing existential threat from FinTech platforms, national banks, and accounting package vendors that are offering a competitive suite of payment solutions and financial services to SMBs. Through BankiFi, these valuable institutions can begin fighting back and regain the trust of SMB customers.”
John Zazzera, chief operating officer at Axiom Bank, added, “By incorporating BankiFi’s innovative Open Cash Management platform within our existing BaaS framework, we’re able to go further than ever before in our support of our SMB customers.”
BankiFi recently raised $4.8m for global expansion in North America.
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