Nationwide announced on Tuesday it is investing in BankiFi, which is a business banking technology provider that uses open banking to provide a suite of business microservices which plug into banking infrastructure through APIs.
Founded in 2018, BankiFi revealed it offers financial institutions a consent centric platform with business and corporate solutions that enables the banks to go ‘beyond an open experience’ promise with relevant offerings to their client base in terms of time, location and context. The company’s description further reads:
“BankiFi and its solutions are offered as a managed service that can run either in a private or public cloud. 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.”
Speaking about the investment, Mark Hartley, Founding Partner at BankiFi, stated:
“We truly believe that the value creation in Open Banking centres around the business customer. They deserve financial and banking services that are wrapped around their daily lives, offered by a robust partner that can offer continuity and a flexible approach. Banks and Building Societies can bundle our micro services into any bundle they or their customers might choose and offer it through the channel they know and use. This highly relevant experience is now possible with the latest technology, through one bank cockpit without sending the customers off to meander through a ‘jungle of apps’. Nationwide wants to ensure its business customers get access to the best technology and we look forward to working with them to explore how we might help them with their new business current account proposition.”
More information about the investment, including the amount, has not been disclosed at this time.