UK-based technology platform BankiFi has entered the Australian Financial Services market to provide quick payment transfer, allowing small and medium-sized enterprises (SMEs) and avoid issues like late payment and other cashflow-related woes.
The company has already been engaging with Australian financial services organizations from its UK headquarters for 18 months. In addition, the fintech has opened an office in York Street in Sydney offering financial services with an API-first solution.
BankiFi, which is growing its small business client base, has appointed Lloyd Parata to expand into the Australian financial services market.
New BankiFi Australia and New Zealand country manager Lloyd Parata said in a statement that the company’s technology platform means banks stay relevant by offering innovative solutions to SMEs.
The company wants to provide an SME banking portal (mobile or internet) that allows any SME of any size to run their business from their bank portal, rather than partially from their accounting package and partially from their bank portal.
Small business is the backbone of Australia’s business landscape, accounting for 98 percent of all businesses and employing over 4.7 million people. Through BankiFi small business owners can expect a reduced amount of time spent on manual administration and chasing late payments.