"We are exploring how we might work with BankiFi to make additional services available for business customers."
Nationwide has invested 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.
BankiFi offers financial institutions solutions technology to enable their business customer with the right open banking solutions at every stage of life, from sole-trader/self-employed, microbusiness through to SME up to large multinational corporations.
The technology means that providers like Nationwide, who will be launching its own business current account, can offer additional services to businesses such as accounting, invoicing, payments, VAT submission, lending and banking services.
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 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, commented: “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.”