BankiFi expands to Australia

BankiFi’s technology platform ensures banks remain relevant by offering SMEs an innovative solution to operate their business, whilst avoiding common challenges like late payment. The new country manager declared that ‘a combination of both regulation and advances in technology have lowered the point of entry enabling new entrants such as non-bank platforms like Stripe, Square, and Shopify to erode bank revenues. For these new entrants, small businesses are the low hanging fruit, because they contribute massively to the economy, there are lots of them, and they have been underserviced thus far. However, making payments is actually just a seat at the table. Small business owners now also expect reduction of the time they spend on manual administration and chasing late payments’, the BankiFi official concluded.

The platform allows users to send secure, real-time payment requests via text, email, and WhatsApp, as well as QR codes for simple face-to-face transactions. It ensures that funds are transferred into a chosen account immediately, boosting cash flow. It also generates invoices, streamlines the process of chasing late payments and automates financial admin by integrating with all the major accounting applications.