BankiFi, MX to Enable Account Connectivity for Financial Institutions Serving SMBs

BankiFi, a provider of embedded banking solutions, has partnered with MX Technologies, Inc., a key player focused on open finance, “to enable secure data sharing and account connectivity for businesses using BankiFi’s platform.”

Through this collaboration, financial institutions will be able “to leverage MX’s open finance APIs to bring account connectivity and data access to a robust suite of banking solutions tailored to the unique needs of small to medium-sized businesses (SMB).”

This partnership between BankiFi and MX “enables SMB users to securely connect their bank accounts within the BankiFi Open Cash Management platform for a more complete picture of their financial data.”

Coupled with BankiFi’s secure connectivity to major accounting platforms, this partnership provides SMBs “with a holistic view of accounts receivable and payment activity, as well as a centralized platform to view operating accounts.”

This consolidated offering “enables banks to provide more efficient SMB services, while building stronger relationships, identifying lending opportunities, and providing a valuable suite of financial workflows.”

The partnership with MX also “provides BankiFi the opportunity to leverage MX’s Instant Account and ID Verifications for various use cases within the Open Cash Management platform.”

Keith Riddle, CEO of Americas at BankiFi, stated:

“Partnering with MX strengthens our accessibility and allows us to deliver premier financial workflows and banking solutions to financial institutions and their SMB customers. By embracing MX’s open finance APIs for seamless connectivity and expanded financial data, banks using the BankiFi Open Cash Management platform can make it easy for their SMB customers to connect all of their financial accounts in one place, which is of tremendous value given a recent American Banker SMB survey indicates nearly 78% of all SMBs who have at least two financial institution relationships.”

BankiFi’s Open Cash Management platform has been “built to quickly and easily enable a suite of financial workflows to manage invoice issuance and payment collection, matching and reconciliation of invoice data and payments, supplier payments, and cash flow forecasting.”

Additionally, BankiFi’s Open Cash Management platform “manages API connectivity with major accounting packages like QuickBooks and XERO to become the SMB’s consolidated platform for financial management functions.”

Brett Allred, Chief Innovation Officer, MX, remarked:

“Our integration with BankiFi enables financial institutions to bring the power of open finance and data-driven insights to the SMB market. Together, BankiFi and MX help eliminate the barriers between banking, accounting and accounts payable/receivable platforms to make it easier for businesses to manage their cash.”

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