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December 2016

Newly launched BankiFi takes global banks and its business customers ‘Beyond Open’

Categories: Banking and Financial Services

Today BankiFi enters the market with its consent driven multi-bank aggregator platform that forms the foundation for a range of value add business banking solutions. The company, founded by Mancunian Mark Hartley and Conny Dorrestijn (NL), aims to ready banks and other financial institutions for a new open banking world order.

Societal and global regulatory changes form the basis for radical change in the current model of banking. Data and new technologies to distribute these appropriately – in an open, instant and relevant manner - form the basis for a new customer facing model for banking services. BankiFi aims to equip financial services providers with a consent centric platform that enables them to open up their business to external (fintech) partners in a way that is safe, easy to use, monitor and monetise. This way they can extend, in particular their business, customer relationships in a model that is financially sustainable and built for growth. The platform’s launching customer is Nordea’s Open Banking Developer Portal.

“We see a very realistic opportunity in working together with financial institutions to build this new banking world order. Interest income is coming down, banks recognise value add is the only way to build out the trust and relevance with their customers. These are the key ingredients required to create new sources of revenue built around ‘fee for service”, says Mark Hartley, founding partner at BankiFi. “We felt that in particular the business banking customer segment has been hard hit in the last years, so the first solution we launch on our platform is a Pocket Treasurer. We are obviously delighted to work with Nordea on this and future solutions to empower their Open Banking Platform.”

“Together with BankiFi, we have within a short time frame managed to come up with an innovative solution that will be of great interest for many of our customers and by that we have also proven that co-creation with third parties on the Open Banking platform will turbo charge our development of new products. We see this as the first of several things that we can create together”, says Claus Richter, Head of CM Customer Solutions at Nordea.

The company is self-funded with additional co-creation resources from thestartupfactory.tech, a full circle tech and industry scale company in Manchester that builds reactive software applications adopting the latest micro services architecture, and also selects, trains and coaches IT experts for the dedicated BankiFi team and RedCompass, a London based advice and delivery firm to the international payments industry.

Tim Newns, chief executive officer, MIDAS, Manchester’s inward investment agency, said: “The banking sector is going through a period of revolution with technology and regulation helping drive new and innovative business models. Manchester has a rich history of innovation and we’re seeing this continue in the application of technology to financial services which has led to a number of FinTech companies setting up here. “The ecosystem has been complimented by the presence of Barclays Rise, NatWest’s eSpark and The Vault which combined with the diverse workforce, cost-competitiveness and connectivity has made Manchester a truly collaborative place to grow and scale a FinTech business. It’s great to see exciting new companies such as BANKIFI locate their HQ in Manchester and continue the city’s tradition of developing leading innovation solutions.”

David Birch (UK), renowned Author and Advisor, joins the Advisory Board and James S. Greene (US) Founder and Managing Director at Sky D Ventures, Inc. is the Chairman of the Board of BankiFi.

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