SME Bank, the bank making life easier for small- and medium-sized enterprises, has teamed up with “next-generation” payment infrastructure provider kevin. in order to create an easy-access one-stop-shop for digital commerce business owners looking for a suite of online payment capabilities for clients, with payments into a single business account, along with “collateral-free” growth financing.
Until now, merchants had to turn to several different providers in order to assemble these core requirements, resulting in lost time and complex administration.
The combined product offering from SME Bank and kevin. aims to simplify life/everyday tasks for SME owners.
It establishes a single point of entry for payment infrastructure, supporting account-to-account payments across the Baltic region, along with revenue-based financing based on e-retailers’ expenses and profit.
The payment collection options reportedly include an Open Banking-powered Payment Initiation Service (PIS) supporting instant, affordable and end-user-friendly collections from majority of consumers with an account at a bank in the European Economic Area (EEA).
Free-of-cost Open Banking plugins from digital commerce providers, including WooCommerce, Prestashop, Opencart, and Magento, make integration fast — all with zero customized IT development.
As noted in the update, AI-enhanced revenue-based financing decisions are available within just 24 hours and include collateral-free loans without requiring any personal guarantees.
To help with promoting growth, the amount of financing available grows proportionally to the applicant’s business requirement.
Mantvydas Štareika, CEO at SME Bank, said:
“SME Bank exists to make life easier for SME owners and we use technology, where it makes sense, to achieve that. By partnering with fintech kevin. and its open banking integrations we are combining many things that SME owners need into a single platform: fast payments, significantly reduced transaction costs and ultra-fast, AI-guided finance decisions. Our partnership will save owners time, help them grow faster, and reduce costs.”
Tadas Tamošiūnas, co-founder and CEO at kevin., remarked:
“We are delighted that SME Bank opted for our innovative and robust payment infrastructure to enable their clients to make the most out of Open Banking. Here at kevin., we are committed to driving the future of payments and are always thrilled when partners such as SME Bank join us on this mission.”