BankiFi announces the launch of its new Open Cash Management Platform

By Joy Dumasia

BankiFi has announced the launch of its Open Cash Management platform. The innovative new service gives customers access to many modern solutions, making business financial management easier. The new Open Cash Management platform provides a fully embedded banking service for BankiFi’s customers. Developed with larger, more established small and mid-sized businesses (SMBs) in mind, the platform allows customers to handle:

• Invoicing
• Payments
• Collections
• Accounting
• Cash Forecasting
• Working Capital Optimization Insights

The Open Cash Management platform represents a ‘supercharged’ version of BankiFi’s existing service. Built with speed and compliance in mind, the platform combines the benefits of embedded banking and open banking into one accessible and effective solution. As such, the new service can help banks put their brand and associated digital channel at the heart of all relationships with business customers, regardless of whether that customer has an account with the bank.

Marijke Koninckx, Chief Product Officer at BankiFi, commented: “The Open Cash Management Platform is a business banking super app. 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.”

The Open Cash Management platform has further unique selling points, making it well-suited to the demands and rigors of modern business activity. Notably, the new solution requires no tech integration. It utilizes a suite of pre-existing bank connectors in several geographies, enabling it to be onboarded by banks efficiently. Likewise, the platform can function alongside existing accounting packages without causing disruption. 

Significantly, BankiFi’s Open Cash Management platform allows banks to launch a highly relevant service to their customers more cost-effectively than they could do themselves. The platform can help banking companies to harness the advantages of embedded banking and open banking trends. In doing so, the solution can help banks accelerate the long-overdue process of internal modernization.