Manchester’s BankiFi has teamed up with US bank Axiom to make banking better for small-to-medium size businesses (SMBs) across the United States.
The partnership represents BankiFi’s first North American client since its stateside launch in July.
Under the partnership, Axiom Bank’s SMB customers will be able to better track and manage their business finances using BankiFi’s embedded banking services. BankiFi’s Open Cash Management platform has been built with speed in mind, and 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 seamlessly integrated with major accounting packages popular across the U.S., including QuickBooks and XERO. In addition, the system can handle the collection, matching, and reconciliation of invoice payments submitted through various payment networks in a quick and efficient manner.
Mark Hartley, Founder and CEO of BankiFi commented: “We are really pleased to announce this new agreement with one of North America’s leading community banks. 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 valuable institutions can fight back, regaining the trust of North American SMB customers and providing them with the tools that they need. That’s why we’re so pleased to have a community bank of the stature of Axiom place its trust in us.”
The new partnership forms part of Axiom Bank’s plan to grow its SMB client base nationwide. Axiom Bank and BankiFi will work to continually update their offering to customers by adding new functionality to an already industry-leading platform.
Mike Coyne, Chief Information Officer at Axiom Bank, added: “Many SMBs across the U.S. are struggling right now and need help to keep their heads above water. And many banks are unable to offer this support effectively, having seen their role in the financial ecosystem diminished in recent times. As such, there’s now a real need to put banks back at the heart of business, and to do this, we need to offer SMB owners the services that make a real difference in their lives.”
