BankiFi, a UK embedded banking solutions provider, has expanded into the US with the launch of BankiFi Americas.
BankiFi Americas will support the digitization and payment modernization requirements of small-to-medium-sized businesses (SMBs).
SMBs in the US are facing the same problems seen in the UK and Australia, including late payments and time delays due to financial administration, according to BankiFi CEO and founder Mark Hartley.
Ohio-based BankiFi Americas aims to use technology to transform services available to SMBs within community banking across the US.
Keith Riddle has been appointed to lead BankiFi Americas in his new position as CEO Americas. Most recently, Riddle served as president and CEO of Sherpa Technologies.
During his 35-year career in the financial industry, Riddle has also held executive roles at several firms specializing in digital banking, bill presentment and payment, EFT processing services, wholesale financial services, and cloud computing.
Riddle commented: “I’m delighted to take the reins at BankiFi US and build on what the UK team is doing in terms of digitizing the critical small business workflows and embedding the solution within financial institutions’ digital channels, in what is certainly an exciting time for the sector.”
US financial institutions will be able to use BankiFi’s open cash management platform and architecture to embed a solution that can be tailored to address the segments of their small business portfolio.
According to BankiFi, the platform addresses critical SMB requirements through digital workflows that collect payments faster, automate data integration with accounting platforms, and provide comprehensive insights to optimize working capital.
BankiFi aims to help over 2 million SMBs globally by 2024 through partnerships with banks and financial institutions to provide technology designed to make business banking better.
BankiFi already operates outside the UK in Australia and Belgium.