Company Database - BankiFi

BANK ACCOUNT-ING FROM GIG TO BIG

BankiFi offers financial institutions technology to enable their business customer with the right Open Banking solutions at every stage of life: from sole-trader/self-employed, microbusiness, or SMEs through large multinational corporations that have very sophisticated requirements. Banks thus monetise their Open Banking infrastructure and so become the platform of choice. New service added recently includes Request to Pay as a service.

Service provider type
Bank in the box (bookkeeping, invoicing, payments send, receive, consolidate, VAT tax submission, virtual accounts, lending/working capital requirements).

API connectivity for payment initiation (Payment initiation is being used as part of multiple business microservices that BankiFi offers. Those microservices include invoice collections (request for payment), cash management (sweeping, automated loan repayments). https://www.bankifi.com/business-micro-services).

Types of supported APIs\API standard supported

We provide a range of APIs covering payments, account information, invoicing, tax digitalisation, cash forecasting, lending, accounting, and request to pay. Our solution integrates with banks through Open Banking UK or Berlin Group-based APIs and with accounting packages through their proprietary APIs..

Do you have redundancy and coverage provided by multiple integrations (APIs & Direct Access)?
No.

How will you handle automated refunds?

Payments are all initiated securely with the bank acting as a PISP under PSD2 and Open Banking, ensuring that any payment is properly authorised by the payer. Refunds are typically settled outside of our solution through the existing dispute management mechanisms.. 

How will you mitigate the risk of bank transactions failing?
All payments are initiated through the Open Banking APIs and the platform will check whether a payment has been properly executed by verifying the transaction details made available through AIS data. When payments initiated by the SME user are not successful, the user can simply re-initiate those payments. For invoice collection, the platform will monitor whether or not the SME’s client has paid their invoice and in case of a non-successful payment, a SME can use the request for payment service to prompt its client to settle the invoice.

How will you reconcile payments efficiently?

Our solution combines own payment data, AIS data, and invoices, and through a sophisticated matching and reconciliation engine ensures those are all matched and reconciled. For those transactions for which the reconcilation could not be automated, it is possible to manually reconcile and define reconciliation rules going forward to further automate (so the system learns as more data becomes available).

How it works

Our cloud-based business microservices cover a range of capabilities, including invoicing, payments, request for payment, account information, cash forecasting, tax returns and lending, and invoice financing. Banks can bundle these business microservices and create relevant packages for their business clients through their existing bank channels or through a standalone app. Request to Pay is a standalone service that offers a fast track to market option through a pure service based model, in which bank/FI and BankiFi partner.

What problem does the company solve?

Urgent needs from small/micro businesses /SMEs by saving them time and money through managing bookkeeping, banking, and tax submissions in one place: through the bank channel they know and like. It so also allows banks to monetise their Open Banking infrastructure by allowing them to offer business customers accounting and banking services wrapped around their professional life through the bank's channel of the customers' choice. This way banks can go beyond Open APIs and offer their customers a full range of services they need to run their business. This means going from silo product push to a business CEX.

Industries/target markets
Global

Business model/pricing

Cloud-enabled, service-based pricing as technology vendor or in partnership model around Request to Pay (RTP4) as a service

Founder(s)

Mark Hartley (UK) and Conny Dorrestijn (NL)

Funding rounds and investors
23 October 2019 - investment by Nationwide Building Society

Geographical coverage (operational areal)

Global

Technology
Reactive Streams, Akka, React, REST, Kafka, Kubernetes, Terraform, Cloud Agnostic 

Software language
Scala, AKKA

Software developement tools
Github, Jira, IntelliJ Idea, Visual Code Studio

When was the core technology developed
2017/18 - ongoing

Partners
Microsoft, Oracle

Customers / Case studies
Confidential UK 

Awards 
2019 Fintech50 Hot Ten - https://thefintech50.com/the-hot-ten-2019 



Contact BankiFi

2 Federation Street
M4 4BF Manchester https://www.bankifi.com/
mark.hartley@bankifi.com | conny.dorrestijn@bankif
United Kingdom