BankiFi, the Manchester-based embedded banking solutions provider, is to expand its services across the pond into the North American market with the launch of BankiFi Americas.
Community financial institutions in the US are currently facing an existential threat from fintech platforms, national banks and accounting package vendors that are offering a competitive suite of payment solutions to small and medium-sized businesses (SMBs).
“SMBs in the US are facing the same problems we’ve seen in the UK and Australia, including late payments and time delays due to financial administration,” explains the company’s founder and CEO Mark Hartley.
BankiFi’s expansion of its open cash management platform and architecture will allow financial institutions to embed a more tailored solution that will address the unique segments of their SMB portfolio.
The platform applies digital workflows as a remedy to the critical requirements of SMBs, allowing payments to be collected more efficiently, integrating automated data with accounting platforms while providing working capital-optimising insights.
“Within our technology, we aim to transform services available to SMBs within community banking, across the US,” continues Hartley.
The newly-formed BankiFi Americas will be headed by financial services veteran Keith Riddle, who plans to leverage his experience in digital banking, bill presentment and payment, EFT processing services, wholesale financial services and cloud computing to guide the company’s transition to the continent.
“I’ve been following BankiFi’s incredible success in partnering with financial institutions to serve SMBs in the UK and realised the importance of enabling a comprehensive open cash management solution for financial institutions and their SMBs within the US,” comments Riddle.
“I’m delighted to take the reins at BankiFi US and build on what the UK team is doing in terms of digitising the critical small business workflows and embedding the solution within financial institutions’ digital channels, in what is certainly an exciting time for the sector.”
Image and article originally from thefintechtimes.com. Read the original article here.