BankiFi, which offers banking-as-a-service solutions to help financial institutions, has partnered with Axiom Bank.
In Brief:
Axiom Bank will improve its offering for small and medium sized businesses across the UK.
BankiFi’s embedded finance services will help Axiom Bank customers to better manage their finances.
They'll be able to use the digital channel to track their financial situation, such as managing invoice payments.
What does this mean?
Mark Hartley, CEO of BankiFi says that it’s important banks partner with technology companies to better serve their customers.
“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,” says Hartley.
He also thinks bank and FinTech partnerships aren’t as difficult as they’re made out to be – more on that here.
