BankiFi has announced Axiom Bank as its first US client since the launch of its North American expansion.
The pairing companies are aiming to improve the banking process for SMEs in North America, beginning with merchants of Axiom Bank as BankiFi will enable them to track and manage their business finances using the banking tech firms embedded software.
BankiFi’s Open Cash Management platform aims to deliver a quicker banking experience too, as the system will help Axiom Bank and its associated digital channel ‘back to the heart of relationships with business customers’.
Speaking on the new partnership, Mark Hartley, Founder and CEO of BankiFi, commented: “We are really pleased to announce this new agreement with one of North America’s leading community banks.
“Currently, community financial institutions in the US are facing threats from fintech platforms, national banks and accounting package vendors that are offering a competitive suite of payment solutions to SMBs.
“However, through BankiFi, these valuable institutions can fight back, regaining the trust of North American SMB customers and providing them with the tools that they need.
“The partnership is testament to the power of our service, and the result of much hard work across the entire BankiFi team. It’s a huge step in helping to support banks around the world to fight back, and will provide SMB owners across North America with the banking services they require to thrive.”
The new partnership falls in line with Axiom Bank’s aims to grow its SME client base nationwide. BankiFi will work in tandem with Axiom to update their offerings to customers by adding new functionality to its platform.
The two companies aim to fill in what they deem to be a void when it comes to digital financial workflows for SMEs. The solution allows payments to be collected faster and bolsters automated data integration.
The Open Cash Management can be integrated into recognisable US accounting packaging firms such as QuickBooks and XERO.
“By incorporating BankFi’s innovative Open Cash Management platform within our existing BaaS framework, we’re able to go further than ever before in our support of our SMB customers,” added John Zazzera, Chief Operating Officer at Axiom Bank.
It’s a huge positive for us and supports our drive to attract more SMB customers from across the U.S. We’re excited to work with the BankiFi team and look forward to a highly prosperous relationship.”