Through this collaboration, financial institutions will be able to leverage MX’s Open Finance APIs to bring account connectivity and data access to banking solutions reportedly designed for the needs of small to medium-sized businesses (SMB). The partnership between BankiFi and MX reportedly enables SMB users to securely connect their bank accounts within the BankiFi Open Cash Management platform to gain perspective over their financial data. The partnership will seek to provide SMBs with an overview of their accounts receivable and payment activity, as well as a centralised platform to view operating accounts, as stated by the official press release.
The offering reportedly enables banks to provide improved SMB services, while reportedly building stronger relationships, identifying lending opportunities, and providing a valuable suite of financial workflows. The partnership with MX also provides BankiFi the opportunity to leverage MX’s Instant Account and ID Verifications for various use cases within the Open Cash Management platform, the press release continues.
According to the CEO of Americas at BankiFi, by partnering with MX, the company seeks to strengthen its accessibility to allows it to deliver better financial workflows and banking solutions to financial institutions and their SMB customers. He continued to declare that, by leveraging MX’s Open Finance APIs for improved connectivity and expanded financial data, banks using the BankiFi Open Cash Management platform can reportedly make it easy for their SMB customers to connect all of their financial accounts in one place. Last but not least, he considers this would be of value given a recent American Banker SMB survey indicates nearly 78% of all SMBs who have at least two financial institution relationships, as stated inside the press release.
BankiFi’s Open Cash Management platform has been built to enable a suite of financial workflows to manage invoice issuance and payment collection, matching and reconciliation of invoice data and payments, supplier payments, and cash flow forecasting. Additionally, BankiFi’s Open Cash Management platform manages API connectivity with accounting packages like QuickBooks and XERO to become the SMB’s consolidated platform for financial management functions, the press release continues.
BankiFi is reportedly on a mission to help over two million SMBs globally by 2024 through partnering with financial institutions to provide technology designed to make business banking better. In April 2022, BankiFi launched its Open Cash Management platform to allow SMB customers to benefit from modern solutions.
In July 2022, the company announced its expansion to North America following the launch of BankiFi Americas. In August 2022, BankiFy announced it has raised USD 4.8 million in funding to help the company with its expansion plans. Just before its partnership with MX, BankiFi partnered with Axiom Bank in October 2022, to improve banking for US-based SMBs.
BankiFi has been featured in the mapping of key players from the recently launched Open Banking Report 2022. To find out more about the company we encourage you to download the report and visit its profile in our online company database.
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