Nationwide 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 business current account later this year, 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.”