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BankiFi launches Open Cash Management Platform for SMBs

Wednesday 6 April 2022 10:46 CET | News

Banking technology provider BankiFi has launched its Open Cash Management platform to give customers access to modern solutions. 

The new Open Cash Management platform provides a fully embedded banking service for BankiFi’s customers. Developed with larger, more established small and mid-sized businesses (SMBs) in mind, the platform allows customers to handle:

  • Invoicing;
  • Payments;
  • Collections;
  • Accounting;
  • Cash Forecasting;
  • Working Capital Optimization Insights.

The Open Cash Management platform represents a ‘supercharged’ version of BankiFi’s existing service. Built with speed and compliance in mind, the platform combines the benefits of embedded banking and Open Banking into one accessible and effective solution. As such, the new service can help banks to put their brand and associated digital channel at the heart of all relationships with business customers, regardless of whether that customer has an account with the bank or not.

The solution requires no tech integration, as it utilises a suite of pre-existing bank connectors in several geographies, which enables it to be onboarded by banks in an efficient manner. Likewise, the platform can function alongside existing accounting packages without causing disruption. 

BankiFi’s Open Cash Management platform allows banks to launch a service to their customers reportedly more cost-effectively than they could do themselves. The platform can help banking companies to harness the advantages of the embedded banking and Open Banking trends. In doing so, the solution can help banks to accelerate the process of internal modernisation.

This need for modernisation within the banking sector was recently discussed in BankiFi’s latest whitepaper, entitled ‘Embedded Banking: Time to Reverse the Trend’. The whitepaper unravels the current state of SME banking and included a list of evidence-based findings. Ultimately, the analysis concluded that there was a need for a ‘radical overhaul’ within the sector, which the Open Cash Management platform goes some way to providing.


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Keywords: Open Banking, embedded finance, product launch, digitalisation
Categories: Banking & Fintech
Companies: Bankifi
Countries: United Kingdom
This article is part of category

Banking & Fintech

Bankifi

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