BankiFi, the banking tech provider, has “supercharged” its service offering with the launch of a new Open Cash Management (OCM) platform.
In response to the needs of enterprise banking providers, the new OCM platform allows businesses, primarily SMEs, to handle invoicing, payments, collections, accounting, forecasting and more, providing an embedded banking service for customers.
It also lets banks launch specialised services to their own customers, helping them accelerate internal modernisation and put their brand at the heart of all relationships with businesses, clients or otherwise.
Marijke Koninckx (pictured), Chief Product Officer at BankiFi, said: “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.”
BankiFi has recently forged partnerships with leading financial services companies including Visa and TSB and in September received £2.2 million in an investment round led by Praetura Ventures. In 2021 it won the Prolific North Tech Award for Innovation of the Year for its work with the Co-operative Bank.