Manchester-based tech firm BankiFi has joined Visa’s ‘fintech partner connect’ programme with a concentrated effort on helping Small and Medium Enterprises (SMEs) improve their ‘digital propositions’.
The partnership will allow SMEs and larger businesses customers to embark on frictionless customer journeys whilst the company saves time on administrative work by using BankiFi’s automated technology.
Nick Reid, Head of Sales Europe and North America at BankiFi, commented: “Amidst growing competition and disruption from digital challengers, many banks are suffering from an erosion of their business banking market share.
“BankiFi empowers banks to protect and grow SME market share and preserve the relevance of digital business banking channels.”
Visa launched its fintech partner connect programme in 2020, offering its partners open dialogue and future collaborations with Visa clients to help open banking technology develop and benefit businesses and customers alike.
BankiFi CEO, Mark Hartley, spoke to PaymentExpert recently about the troubles that SMEs face after the effects of the COVID-19 pandemic.
“Even prior to the pandemic, small businesses faced two major challenges – time that they face on administrative tasks and the second one being late payments,” stated Hartley.
“They don’t have the people around to do the things that larger businesses would normally have.”
Visa’s fintech partner connect focuses on delivering the ‘next generation of digital banking’, using advanced software such as BankiFi’s, in order to make the customer and business to make flexible payments as secure as possible.
Reid concluded: “We are excited to partner with Visa, who are at the forefront of innovation in digital solutions for SMEs. Through Visa’s partnership and support, we are eager to bring our solutions to banks in additional European markets.”