BankiFi and progressive financial institution Axiom Bank, N.A. are joining forces to make banking better for small-to-medium size businesses (SMBs) across the United States. The new partnership also represents BankiFi’s first North American client since its stateside launch in July.

As part of its continued efforts to support SMBs around the world, BankiFi has announced the launch of a new partnership with Axiom Bank. Moving forward, Axiom Bank’s SMB customers will be able to better track and manage their business finances using BankiFi’s leading embedded banking services. BankiFi’s Open Cash Management platform has been built with speed in mind. The system will help to put Axiom Bank and its associated digital channel back at the heart of relationships with business customers.

BankiFi’s Open Cash Management platform can be seamlessly integrated with major accounting packages popular across the U.S., including QuickBooks and XERO. In addition, the system can handle the collection, matching, and reconciliation of invoice payments submitted through various payment networks in a quick and efficient manner.

Speaking on the new partnership, Mark Hartley, Founder and CEO of BankiFi commented: “We are really pleased to announce this new agreement with one of North America’s leading community banks. Currently, community financial institutions in the US are facing threats from fintech platforms, national banks and accounting package vendors that are offering a competitive suite of payment solutions to SMBs. However, through BankiFi, these valuable institutions can fight back, regaining the trust of North American SMB customers and providing them with the tools that they need. That's why we're so pleased to have a community bank of the stature of Axiom place its trust in us. The partnership is testament to the power of our service, and the result of much hard work across the entire BankiFi team. It's a huge step in helping to support banks around the world to fight back, and will provide SMB owners across North America with the banking services they require to thrive.”

The new partnership forms part of Axiom Bank’s plan to grow its SMB client base nationwide. Axiom Bank and BankiFi will work to continually update their offering to customers by adding new functionality to an already industry-leading platform. In doing so, the two companies aim to fill a void within the suite of digital financial workflows designed for the SMB vertical. The solution allows payments to be collected faster and data integration to be automated, and provides valuable business insights.

Speaking on the new agreement, Mike Coyne, Chief Information Officer at Axiom Bank, commented: “Many SMBs across the U.S. are struggling right now and need help to keep their heads above water. And many banks are unable to offer this support effectively, having seen their role in the financial ecosystem diminished in recent times. As such, there’s now a real need to put banks back at the heart of business, and to do this, we need to offer SMB owners the services that make a real difference in their lives.”

John Zazzera, Chief Operating Officer at Axiom Bank, commented: “By incorporating BankFi’s innovative Open Cash Management platform within our existing BaaS framework, we’re able to go further than ever before in our support of our SMB customers. It’s a huge positive for us and supports our drive to attract more SMB customers from across the U.S. We’re excited to work with the BankiFi team and look forward to a highly prosperous relationship.”