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Integration enables SMBs to aggregate multiple financial accounts for comprehensive view of financial data and better money management
Columbus, OHIO, Nov. 8, 2022 – BankiFi, a leading provider of embedded banking solutions, has partnered with MX Technologies, Inc., a leader in open finance, to enable secure data sharing and account connectivity for businesses using BankiFi’s platform. Through this collaboration, financial institutions will be able to leverage MX’s open finance APIs to bring account connectivity and data access to a robust suite of banking solutions tailored to the unique needs of small- to medium-sized businesses (SMB).
This partnership between BankiFi and MX enables SMB users to securely connect their bank accounts within the BankiFi Open Cash Management platform for a more complete picture of their financial data. Coupled with BankiFi’s secure connectivity to leading accounting platforms, this partnership provides SMBs with a holistic view of accounts receivable and payment activity, as well as a centralized platform to view operating accounts.
This consolidated offering enables banks to provide more efficient SMB services, while building stronger relationships, identifying lending opportunities, and providing a valuable suite of financial workflows. The partnership with MX also provides BankiFi the opportunity to leverage MX’s Instant Account and Identity Verifications for various use cases within the Open Cash Management platform.
“Partnering with MX strengthens our accessibility and allows us to deliver premier financial workflows and banking solutions to financial institutions and their SMB customers,” said Keith Riddle, CEO of Americas at BankiFi. “By embracing MX’s open finance APIs for seamless connectivity and expanded financial data, banks using the BankiFi Open Cash Management platform can make it easy for their SMB customers to connect all of their financial accounts in one place, which is of tremendous value given a recent American Banker SMB survey indicates nearly 78% of all SMBs have at least two financial institution relationships.”
BankiFi’s industry-leading Open Cash Management platform has been built to quickly and easily enable a suite of financial workflows to manage invoice issuance and payment collection, matching and reconciliation of invoice data and payments, supplier payments, and cash flow forecasting. Additionally, BankiFi’s Open Cash Management platform manages API connectivity with major accounting packages like QuickBooks and XERO to become the SMB’s consolidated platform for financial management functions.
“Our integration with BankiFi enables financial institutions to bring the power of open finance and data-driven insights to the SMB market,” said Brett Allred, Chief Innovation Officer , MX. “Together, BankiFi and MX help eliminate the barriers between banking, accounting, and accounts payable/receivable platforms to make it easier for businesses to manage their cash.”
BankiFi is on a mission to help over two million SMBs globally by 2024 through partnering with financial institutions to provide technology designed to make business banking better. BankiFi’s platform enables financial institutions to provide a set of integrated services – financial account access, accounting, invoicing and payments, and cash flow forecasting – designed around the processes SMB and trade customers use to run their business. It equips financial institutions to become customer centric, rather than product centric, increasing their revenues (direct and through actionable insights) and reducing costs. BankiFi’s offices are in Ohio, Manchester, Sydney and Antwerp. For more information, visit www.bankifi.com.
MX Technologies, Inc., a leader in Open Finance, makes data accessible and actionable for everyone. MX is building the largest open finance ecosystem to help drive innovation and improve experiences through secure and reliable access to financial data. MX combines trusted open finance APIs with enhanced financial data to quickly and securely connect to and verify data for hundreds of use cases including account opening, money movement, and underwriting. To learn more, follow us on Twitter @MX or visit www.mx.com.
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