BankiFi, an embedded banking solutions provider, has announced its expansion into North America with the launch of BankiFi Americas.
The FinTech 50 star aims to support the digitisation and payment modernisation requirements of SMEs, while placing financial institutions at the heart of the relationship.
Currently, community financial institutions in the US are facing existential threat from FinTech platforms, national banks and accounting package vendors that are offering a competitive suite of payment solutions to SMEs.
With BankiFi’s open cash management platform and architecture, financial institutions can embed a flexible solution that can be tailored to address the unique segments of their small business portfolio.
The platform addresses critical SME requirements through digital workflows that collect payments faster, automate data integration with accounting platforms, and provide comprehensive insights to optimise working capital.
“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,” said Mark Hartley, CEO and founder.
“Within our technology, we aim to transform services available to SMBs within community banking, across the US.”
Financial services veteran Keith Riddle has been appointed to lead BankiFi Americas. With more than 35 years of experience in the financial industry, Riddle’s career spans executive roles at Sherpa Technologies and several industry-leading firms specialising in digital banking, bill presentment and payment, EFT processing services, wholesale financial services and cloud computing.
“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,” he said.
“I’m delighted to take the reins at BankiFi US and build on what the U.K. 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.”