BankiFi and Axiom Bank, N.A. partner for expansive SMB offering in the US

By Edlyn Cardoza

BankiFi and financial institution Axiom Bank, N.A. are partnering to make banking better for small-to-medium size businesses (SMBs) across the United States. The new partnership also represents BankiFi’s first North American client since its stateside launch in July.

As part of its continued efforts to support SMBs around the world, BankiFi has announced the launch of a new partnership with Axiom Bank. Moving forward, Axiom Bank’s SMB customers can better track and manage their business finances using BankiFi’s leading embedded banking services. BankiFi’s Open Cash Management platform has been built with speed in mind. The system will help to put Axiom Bank and its associated digital channel back at the heart of relationships with business customers.

“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,” said Mike Coyne, Chief Information Officer at Axiom Bank. “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 platform can seamlessly integrate major accounting packages popular across the U.S., including QuickBooks and XERO. In addition, the system can handle the collection, matching, and reconciliation of invoice payments submitted through various payment networks quickly and efficiently.

Speaking on the new partnership, Keith Riddle, CEO of BankiFi Americas, commented: “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 new partnership forms part of Axiom Bank’s plan to grow its SMB client base nationwide. Axiom Bank and BankiFi will work to continually update their offering to customers by adding new functionality to an already industry-leading platform. In doing so, the two companies aim to fill a void within the suite of digital financial workflows designed for the SMB vertical. The solution allows payments to be collected faster and data integration to be automated and provides valuable business insights.

“By incorporating BankiFi’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. 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,” said John Zazzera, Chief Operating Officer at Axiom Bank.