BankiFi launches new solution for business banking customers

The PocketCollector solution is available as a stand-alone service or as part of BankiFi’s consent driven multi-bank aggregator platform that forms the foundation for a range of value add business banking solutions. The company aims to ready banks and other financial institutions for a new open banking world order.

BankiFi aims to concentrate on bringing tangible value to the banks by offering their business customers solutions to everyday issues such as the issuing of invoices and collection of payables. PocketCollector offers banks the ability to service their business customers with a Request to Pay service.

Businesses benefit in terms of time and cost savings from a straight through process from invoice generation to sending to reminder, payment, collection and reconciliation, all automatically integrated with their accounting package or ERP system. This information exchange allows better communication between buyers and sellers including the ability to negotiate more favourable payment terms, partial payments and recurring payments. Billers can therefore collect payments without needing a direct debit by overlaying the request to pay service on top of the existing instant payment schemes. One further benefit is the fully automated integration with the billers chosen accounting package preventing the need for any manual reconciliation.

With the PocketCollector service based model banks instantly benefit from open banking as their business customers can digitise the information exchange with their customers using mobile banking, SMS or email. 

BankiFi offers financial institutions a consent centric platform with business and corporate solutions that enables the banks to go ‘beyond an open experience’ promise with offerings to their client base in terms of time, location and context. BankiFi consists of a data driven distributed banking model that allows financial service providers to manage, consume, distribute and monetise data through a suite of API driven micro services.

BankiFi and its solutions (ConsentBox, PocketTreasurer, PocketCollector, and PocketConsent) are offered as a managed service that can run either in a private or public cloud. This set of consumable services has been designed so as to store as little data as possible outside the bank environment.