BankiFi announces the launch of new Open Cash Management platform
Banking technology provider BankiFi has launched its Open Cash Management platform. The innovative new service gives customers access to a litany of modern solutions, making business financial management easier.
The new Open Cash Management platform provides a fully embedded banking service for BankiFi’s customers. Developed with larger, more established small and mid-sized businesses (SMBs) in mind, the platform allows customers to handle:
- Invoicing
- Payments
- Collections
- Accounting
- Cash Forecasting
- Working Capital Optimization Insights
The Open Cash Management platform represents a ‘supercharged’ version of BankiFi’s existing service. Built with speed and compliance in mind, the platform combines the benefits of embedded banking and open banking into one accessible and effective solution. As such, the new service can help banks to put their brand and associated digital channel at the heart of all relationships with business customers, regardless of whether that customer has an account with the bank or not.
Speaking on the launch of the Open Cash Management platform, Marijke Koninckx (pictured), Chief Product Officer at BankiFi commented, “The Open Cash Management Platform is a business banking super app. With Open Cash Management, banks can offer their small business customers a full embedded banking service, which revolves around procure to pay and order to cash workflows. Instead of offering a banking channel for simple tasks, such as checking account balances and making payments, banks can instead offer a rich and comprehensive service to their SMBs centered around a bank’s brand and digital channel.”
As well as offering several highly relevant business banking services, the Open Cash Management platform has further unique selling points, which makes it so well-suited to the demands and rigors of modern business activity. Notably, the new solution requires no tech integration, as it utilizes a suite of pre-existing bank connectors in several geographies, which enables it to be onboarded by banks in a highly efficient manner. Likewise, the platform can function alongside existing accounting packages without causing disruption.
Significantly, BankiFi’s Open Cash Management platform allows banks to launch a highly relevant service to their customers more cost-effectively than they could do themselves. The platform can help banking companies to harness the advantages of the embedded banking and open banking trends. In doing so, the solution can help banks to accelerate the long overdue process of internal modernization.
This need for modernization within the banking sector was recently discussed in BankiFi’s latest whitepaper, entitled ‘Embedded Banking: Time to Reverse the Trend’. The whitepaper unravels the current state of SME banking and included a list of evidence-based findings. Ultimately, the analysis concluded that there was a need for a “radical overhaul” within the sector, which the Open Cash Management platform goes some way to providing.
For more information about BankiFi, please visit: www.bankifi.com
