As covered by Forbes: BankiFi Offers Banks Services They Can Bundle For Their SME Customers

This article, written by Tom Groenfeldt first appeared on Forbes.

BankiFi is a European fintech startup that offers modern tech services, such as invoicing, payments, nudges, cash management and accounting, to businesses.

Nationwide invests in Business Management Platform BankiFi

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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:

UK FinTECHTalents

11-12 November, London, UK

Conny Dorrestijn chairs and moderates the Build stage around Open Banking on the afternoon of Monday 11 November.

Lean Innovation Summit

11-12 November, Rotterdam, NL 

In a fireside chat, Conny Dorrestijn will make sure she asks the right questions to Aleksa Vukotic, CTO, thestartuptechfactory.tech on platform innovation in start-ups and large corporates/banks.

Shift Money 2019

18-19 November, Zagreb, Croatia

Conny Dorrestijn speaks on Monetizing Open Banking with the only lasting capital we have... Purpose.

 

Fintech Cappuccino

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

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