Banking technology provider BankiFi has launched an open cash management platform for SMEs.

The Manchester firm, sixth on our FinTech 50 ranking last year, says the new service gives customers access to a litany of modern solutions, making business financial management easier.

Developed with larger, more established SMEs in mind, the platform allows customers to handle invoicing, payments, collections, accounting, cash forecasting and working capital optimisation insights.

Described as a supercharged version of BankiFi’s existing service, it combines the benefits of embedded banking and open banking into one solution. 

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.

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“The open cash management platform is a business banking super app,” said Marijke Koninckx (pictured), chief product officer.

“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 centred around a bank’s brand and digital channel.”

The new solution requires no tech integration as it utilises 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.

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