Moving forward, Axiom Bank’s SMB customers will be able to better track and manage their business finances using BankiFi’s embedded banking services, as the press release says. BankiFi’s Open Cash Management platform has been built with speed in mind. The system will help to put Axiom Bank and its associated digital channel back at the heart of relationships with business customers.
BankiFi’s Open Cash Management platform can be integrated with accounting packages popular across the US, including QuickBooks and XERO. The system can handle the collection, matching, and reconciliation of invoice payments submitted through various payment networks in a quick manner.
As BankiFi representatives see it, currently, community financial institutions in the US are facing threats from fintech platforms, national banks and accounting package vendors that are offering a competitive suite of payment solutions to SMBs. However, through BankiFi, these institutions can fight back, regaining the trust of North American SMB customers and providing them with the tools that they need.
The new partnership forms part of Axiom Bank’s plan to grow its SMB client base nationwide. Axiom Bank and BankiFi will work to update their offering to customers by adding new functionality to the platform. In doing so, the two companies aim to fill a void within the suite of digital financial workflows designed for the SMB vertical. The solution allows payments to be collected faster and data integration to be automated and provide valuable business insights.
BankiFi wants to help over two million SMEs globally by 2024 through partnering with financial institutions to provide technology designed to make business banking better. The firm’s platform allows financial institutions to provide a set of integrated services – accounting, invoicing, and payments – designed around the processes SMB and trade customers use to run their business.
It helps equip financial institutions to become customer centric, rather than product centric, increasing their revenues (direct and through actionable insights) and reducing costs. BankiFi’s offices are in Manchester, Ohio, Sydney, and Antwerp.
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