Banking tech startup BankiFi has announced the launch of its new Open Cash Management platform, a fully embedded banking service dedicated to SMEs. The new tool enables businesses to manage a wide range of banking functions -- payments, invoices, collections, cash forecasting accounting, capital optimization, etc., -- from one easy-to-use platform.
The new "banking super app" is similar to BankiFi's already existing service; however, it combines both embedded and open banking capabilities. In addition, the Open Cash Management platform can be integrated with existing bank accounting systems.
“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," said BankiFi Chief Product Officer Marijke Koninckx.
Image Credit: BankiFi
What's Driving This Trend
- Open Cash Management
- BankiFi's new Open Cash Management platform disrupts traditional banking services by combining embedded and open banking capabilities, offering SMEs a comprehensive banking service centered around a bank's brand and digital channel.
- Banking Super Apps
- BankiFi's new Open Cash Management platform is an example of the growing trend of banking super apps that allow businesses to manage multiple banking functions from one easy-to-use platform.
- Capital Optimization
- BankiFi's Open Cash Management platform disrupts traditional banking services by offering SMEs capital optimization tools as part of a comprehensive banking service.
Who This Affects Most
- Banking
- BankiFi's Open Cash Management platform offers a disruptive innovation opportunity for traditional banking services to enhance their SME offerings and retain customers by offering a comprehensive banking service.
- Fintech
- BankiFi's Open Cash Management platform offers a disruptive innovation opportunity for fintech startups to offer comprehensive banking services to small businesses and compete with traditional banking services.
- Small Business
- BankiFi's Open Cash Management platform offers a disruptive innovation opportunity for small businesses to take advantage of capital optimization tools and other comprehensive banking services traditionally only available to larger companies.
