The company, which provides a platform and solutions to help banks and other financial institutions to get ready for a world defined by open banking, rolled out the solution that allows businesses to streamline issuing invoices, payments, and collections.
PocketCollector can be used as a stand-alone or in combination with Bankifi’s platform, which is a consent-driven business banking solution.
The solution allows business customers of banks to use a request to pay service. Businesses can benefit from the service because it gives them a central location for invoice generation, payments, collection, reconciliation, and even sending reminders. The solution can also easily integrate into accounting packages or ERP systems.
Mark Hartley, founding partner at Bankifi, says that banks can immediately benefit from open banking because their customers can digitise information exchange with their own customers via mobile banking, SMS, or email. He also says that the solution is a value-add for banks and their business customers because it shows the latter care about the former’s needs and help them “automate the very necessary, but time consuming task of collecting money”. “This is exactly what open banking is designed to do,” he says, “create benefits for all parties”.