Digital Banking Fintech Bankjoy Unveils New Business 2.0 Platform

Bankjoy, a digital banking provider, has launched Business Banking 2.0, which features new product and service enhancements designed to help banks and credit unions better serve businesses across their local communities.

Bankjoy announced “the launch of Business Banking 2.0 at Corelation’s 12th Annual Client Conference in San Diego, California.”

Bankjoy’s upgraded Business Banking platform “delivers a superior digital banking experience for business and commercial account holders.”

The platform enables banks and credit unions “to support a range of commercial clients, including retail businesses like coffee shops and apparel stores, small to medium-sized businesses, commercial real estate companies, service organizations such as dental offices and vet clinics, and large agricultural enterprises.”

Michael Duncan, CEO of Bankjoy, said:

“The pandemic changed the business landscape and while it forced many to close, the last few years have seen a surge in new business applications, creating a huge opportunity for banks and credit unions. In 2020 alone, more than 4 million business applications were filed, up 24% over 2019 and 51% over the 2010-2019 average, according to the U.S. Census Bureau. Bankjoy’s Business Banking platform was thoughtfully designed to help financial institutions support this growing demographic and empower the businesses in their local communities to thrive.”

Bankjoy has recently expanded the platform’s capabilities with several new features, including:

  • Security and fraud prevention tools, such as multi-factor authentication services for business owners and their teams. The system also incorporates positive pay, which enables businesses to mitigate check fraud by matching company issued checks with those presented for payment.
  • Transaction management capabilities, which allow businesses to seamlessly initiate and manage bulk ACH, wire and internal transfers.
  • An intuitive user interface that enables users to manage a single set of credentials to access multiple businesses and their personal account.
  • Account management features that allow users to seamlessly add accounts from other financial institutions to Bankjoy’s platform with Plaid’s aggregation tool, giving business account holders a centralized place to view and manage their finances.
  • Integrations with a variety of third-party vendors, such as Intuit Quickbooks for taxes, payroll, accounting and invoicing needs. Bankjoy also integrates with leading real estate services, such as AppFolio, which empowers property management companies to process transactions between owners, renters and contractors.

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