At A Glance
Bank Account-ing from Gig to Big
Manchester, United Kingdom
Banks (business segment), any licensed FI with focus on business segment
Supply Chain Processes:
BankiFi business bank account-ing is delivered through a suite of business micro services. The bank creates its own bundle for a particular segment or solution by combining a set of these services: accounting, invoicing, payments, nudges, lending, virtual accounts, cash management etc.
BankiFi offers financial institutions solutions technology to enable their business customer with the right open banking solutions at every stage of life: from sole-trader/self-employed, microbusiness through to SME up to large multinational corporations that have very sophisticated requirements. Banks thus monetise their open banking infrastructure and so become the platform. The company, founded by Mark Hartley and Conny Dorrestijn operates with a 20+ technical build and delivery team out of Manchester UK with a secondary seat in The Netherlands.
What We Do & How We Do It
BankiFi is a technology company which sells to banks and financial institutions. Our technology enables banks to provide their business customers with the right solutions at the right stage of life, throughout their entire journey. By this we mean supporting businesses from self-trader/self-employed (the so-called Gig economy, or micro segment), through to SME and upwards of 10 staff up to large multinational corporations that have very sophisticated requirements. The idea is that the bank can acquire business customers at the earliest possible stage providing services throughout their life cycle, so that they still have them as a customer when they have become a large enterprise.
The BankiFi business model is a native cloud managed microservices scenario with user subscription whereby the bank subscribes to BankiFi services based on the number of users. This set of consumable services has been designed so as to store as little data as possible outside the bank environment. BankiFi combines the core strength of the bank – customer relationships and a regulated environment – with the fast, agile development skills of a robust FinTech partner.
This article, written by Tom Groenfeldt first appeared on Forbes.
BankiFi is a European fintech startup that offers modern tech services, such as invoicing, payments, nudges, cash management and accounting, to businesses.
But it doesn’t compete with banks — it offers the services to banks which can then create bundles to meet the needs of their customers with such features as bank-branded accounting engines at a fraction of the cost a business would pay to buy the software from separate vendors like accounting package providers and niche banking services apps. This way businesses get accounting and banking services through the channel they already know and use: their mobile bank channel. Think sending invoices and receiving monies, the bank separates out taxes to be paid and puts them in a virtual account, tax submission, invoice lending, loans etc. all supported by timely nudges around actions to take on a busy day…… more on www.bankifi.com
Nationwide, the largest building society in the world, has signed on and invested in BankiFi to create strategic learnings as it develops a new small business proposition it plans to launch soon.