Nationwide invests in Business Management Platform BankiFi

Nationwide today announces it is investing in BankiFi, a business banking technology provider that uses open banking to provide a suite of business microservices which plug into banking infrastructure through APIs.
The technology means that providers like Nationwide, who will be launching its own business current account, can offer additional services to businesses as part of the account, such as accounting, invoicing, payments, VAT submission, lending and banking services.

Nationwide invests in Business Management Platform BankiFi

All Posts

Nationwide invests in Business Management Platform BankiFi

Nationwide today announces it is investing in BankiFi, a business banking technology provider that uses open banking to provide a suite of business microservices which plug into banking infrastructure through APIs.
The technology means that providers like Nationwide, who will be launching its own business current account, can offer additional services to businesses as part of the account, such as accounting, invoicing, payments, VAT submission, lending and banking services.

 

BankiFi offers financial institutions solutions technology to enable their business customer with the right open banking solutions at every stage of life, throughout their entire journey: from sole-trader/self-employed, microbusiness through to SME up to large multinational corporations that have very sophisticated requirements. Banks thus become platform players or Third-Party Providers offering orchestration around their business customers’ issues: mobile, agile, fair and relevant to specific needs at a specific moment in time. 

The investment is the latest deal from the £50 million Venturing Fund set up just over a year ago, that is designed to create partnerships in which the Society and start-ups share knowledge and expertise. As part of the fund, Nationwide is making strategic investments in and partnering with early stage start-ups exploring innovative products and services that could provide real benefits for the Society’s members in the future.

Tony Prestedge, Deputy Chief Executive at Nationwide Building Society, said: “The Society continues to invest for the future. Investing in start-ups like BankiFi will help us explore new capabilities and technologies that will help deliver our technology strategy both now and in the future.

Nationwide has announced its intention to launch a business current account later this year and we are exploring how we might work with BankiFi to make additional services available for business customers. This latest investment will allow us to learn from a start-up that already has experience of the services that business want and need, while at the same time sharing our knowledge and expertise from being at the forefront of innovation for over 130 years.”

Mark Hartley, Founding Partner at BankiFi, said: “We truly believe that the value creation in Open Banking centres around the business customer. They deserve financial and banking services that are wrapped around their daily lives, offered by a robust partner that can offer continuity and a flexible approach. Banks and Building Societies can bundle our micro services into any bundle they or their customers might choose and offer it through the channel they know and use. This highly relevant experience is now possible with the latest technology, through one bank cockpit without sending the customers off to meander through a ‘jungle of apps’. Nationwide wants to ensure its business customers get access to the best technology and we look forward to working with them to explore how we might help them with their new business current account proposition.”

 

Media Information

Michelle Slade, 01793 657500 or 07725 680135, michelle.slade@nationwide.co.uk 

Eden Black, 0207 261 6217 or 07793 596317,  eden.black@nationwide.co.uk 

 

About Nationwide Building Society

Nationwide is the world's largest building society as well as one of the largest savings providers and the second largest mortgages provider in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million customers and members.

Customers can manage their finances in a branch, via the mobile app, on the telephone, internet and post. The Society has around 18,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.

Conny Dorrestijn | Founding Partner BankiFi

ABOUT THE AUTHOR
Conny Dorrestijn | Founding Partner BankiFi

BankiFi’s Founding partner Conny Dorrestijn has worked in the international financial technology industry in a wide range of marketing and business development roles, most recently at Clear2Pay / FIS. She is an Advisory Board Member to Holland FinTech and AdviceRobo, Non-Executive Board Member at Arches Capital and Blanco Services and an Associate of the Digital Insurance Agenda (DIA) and the Blockchain Innovation Conference (BIC2019) and a Global Innovation Awards Judge at BAI (US) and Jury Chair of the Dutch NRC FinTech Live Awards. She is a co-host of the regular Fintech Cappuccino podcast. With inclusion across gender, age and culture high on her agenda, she is a Global Ambassador of the EWPN – European Women in Payments Network. She is an Advisory Board Member and mentor for the Money2020 Europe Rise Up programme. Her passion for generation Y and Z is translated in active student mentoring and her voluntary work for the Global Give Back Circle: www.globalgivebackcircle.org, where she is also active as a mentor for Kenyan students.

Upcoming events:

 

Sibos Discover Zone
23-26 September, London

BankiFi - Sibos

 

Fintech Cappuccino

A podcast on fintech and more!
Brewed on Saturdays and bringing you fintech with a twist.

FTC-badge

 

Recent Posts

Nationwide invests in Business Management Platform BankiFi

Nationwide today announces it is investing in BankiFi, a business banking technology provider that uses open banking to provide a suite of business mi...

Read more

Time to trust the cloud

Why banks can trust the cloud and how fintechs can be trusted by deploying bank grade security Although the cloud has certainly been around longer tha...

Read more

Time to embrace the SME customer

Time to focus on the SME – embracing your business customers - the way they want – through your bank The debate around Open Banking and its opportunit...

Read more

Time for banks to BE the platform

On one of the quieter rainy summer days I got the clean-up bug. Time to empty the attic and say goodbye to old files, stuff really. The mobile shredde...

Read more