BankiFi and Axiom Bank, N.A. are collaborating to improve banking for small-to-medium-sized businesses (SMBs) across the United States. This alliance also marks BankiFi’s first North American customer since its July launch in the United States.
BankiFi has announced the launch of a new partnership with Axiom Bank as part of its ongoing efforts to support SMBs worldwide. Moving forward, Axiom Bank’s SMB customers can use BankiFi’s leading embedded banking services to better track and manage their business finances. The Open Cash Management platform from BankiFi was designed with speed in mind. The system will aid in repositioning Axiom Bank and its associated digital channel at the center of business customer relationships.
Mike Coyne, Chief Information Officer at Axiom Bank, stated,“Many SMBs across the U.S. are struggling right now and need help to keep their heads above water. And many banks are unable to offer this support effectively, having seen their role in the financial ecosystem diminished in recent times. As such, there’s now a real need to put banks back at the heart of business, and to do this, we need to offer SMB owners the services that make a real difference in their lives.”
BankiFi’s Open Cash Management system can integrate major accounting packages used in the United States, such as QuickBooks and XERO. Furthermore, the system can quickly and efficiently manage the collection, corresponding, and reconciling of invoice payments requested via different payment networks.
Keith Riddle, CEO of BankiFi Americas, said, “We are delighted to announce this new agreement with Axiom Bank. Financial institutions in the U.S. are facing existential threat from fintech platforms, national banks, and accounting package vendors that are offering a competitive suite of payment solutions and financial services to SMBs. Through BankiFi, these valuable institutions can begin fighting back and regain the trust of SMB customers.”
The strategic agreement is part of Axiom Bank’s strategy to expand its SMB client base across the country. Axiom Bank and BankiFi will work to continuously enhance their service offering by adding additional features to an existing industry-leading platform. The two companies expect to address a gap in the suite of digital financial workflows designed for the SMB vertical in this manner. This further enables faster payment collection, automated data integration, and profitable business insights.