BankiFi, a company providing banking solutions, announced its expansion into North America with the launch of BankiFi Americas. The growth and expansion of the organization into the United States market will now support the unique digitization and payment modernization requirements of small and medium businesses, while placing financial institutions at the centre of the relationship.
Currently, community financial institutions in the United States are facing an existential threat from the fintech platforms, accounting package vendors, and national banks that are offering a competitive suite of payment solutions to small and medium businesses.
With the open cash management platform and architecture of BankiFi, financial institutions can possibly embed a flexible solution that can be tailored to address the unique segments of the small business portfolio. The platform also addresses critical requirements of small and medium businesses through digital workflows that collect payments faster, automate data integration with accounting platforms and provide comprehensive insights into working capital optimization.
Mark Hartley, chief executive officer and founder of BankiFi, said small and medium businesses in the United States are facing the same problems they have seen in Australia and the United Kingdom, including late payments and time delays because of financial administration. He also said that within their technology, they aim to transform services available to small and medium businesses within community banking across the United States.