Embedded finance platform BankiFi announced Tuesday that it is partnering with open banking fintech MX to provide data sharing and account connectivity for businesses within BankiFi’s platform. 

The partnership will allow small to medium-sized businesses (SMBs) to securely connect their external bank accounts in one place, Keith Riddle, chief executive of the Americas at BankiFi, told Bank Automation News.

“The MX integrations enable access to an expansive portfolio of secure data connections, encompassing the ability to request and display account information from financial institutions in the U.S. within our open cash management solution, without the need to pursue direct core integrations,” Riddle said. 

The $649 million Axiom Bank will be the first deployment of the enhanced BankiFi solution to allow SMB clients to have multiple accounts linked to Axiom for account management purposes, Riddle added. 

“The ability to access multiple bank accounts allows the business to evaluate their financial position and total operating capital,” he said, noting that pairing access to multiple bank accounts though MX with the businesses’ invoice data enables SMBs to take stock of their revenue and expenses to make decisions about borrowing funds. 

“The [business] can arrive upon an accurate depiction of their cash flow forecast and work with their FI on customized lending solutions to drive continued growth for the [business],” Riddle said.  

The MX integration with Bankifi is expected to fully launch in Q1 2023, he added.  

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