Published January 24, 2018
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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 Mark Hartley and Conny Dorrestijn, 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.
David Birch, renowned Author and Advisor, joins the Advisory Board: “Authentication, authorisation and consent are at the heart of fundamental change in the financial services industry. Given the complexity of the many sources of the data one can see that a level of standardisation around data and consent is a very real requirement. BankiFi’s approach to these issues is at the core of the platform and philosophy and as such I believe the vision of BankiFi to be a very realistic one with many opportunities for the longer term in areas such as identity and e-commerce”,
James S. Greene, Founder and Managing Director at Sky D Ventures, Inc. is the Chairman of the Board of BankiFi: “With PSD2 and the impending GDPR legislation one could be fooled into thinking this is a European market opportunity, but we see a similar drive towards a truly open and relevant customer experience for banks on a global scale. BankiFi offers a realistic and mature approach and technology for banks ‘who get it’, and I am excited to work with their experienced team in that space”.
Re-disseminated by The Asian Banker