SMALL BUSINESS ADVICE

BankiFi and MX Partner to Enable Data Sharing and Account Connectivity for Financial Institutions Serving Small and Medium-Sized Business Customers

BankiFi | November 09, 2022 | Read time : 02:26 min

BankiFi and MX Partner to Enable Data Sharing and Account
BankiFi, a leading provider of embedded banking solutions, has partnered with MX Technologies, Inc., a leader in open finance, to enable secure data sharing and account connectivity for businesses using BankiFi’s platform. Through this collaboration, financial institutions will be able to leverage MX’s open finance APIs to bring account connectivity and data access to a robust suite of banking solutions tailored to the unique needs of small to medium-sized businesses (SMB). This partnership between BankiFi and MX enables SMB users to securely connect their bank accounts within the BankiFi Open Cash Management platform for a more complete picture of their financial data. Coupled with BankiFi’s secure connectivity to leading accounting platforms, this partnership provides SMBs with a holistic view of accounts receivable and payment activity, as well as a centralized platform to view operating accounts. This consolidated offering enables banks to provide more efficient SMB services, while building stronger relationships, identifying lending opportunities, and providing a valuable suite of financial workflows. The partnership with MX also provides BankiFi the opportunity to leverage MX’s Instant Account and ID Verifications for various use cases within the Open Cash Management platform.

“Partnering with MX strengthens our accessibility and allows us to deliver premier financial workflows and banking solutions to financial institutions and their SMB customers, By embracing MX’s open finance APIs for seamless connectivity and expanded financial data, banks using the BankiFi Open Cash Management platform can make it easy for their SMB customers to connect all of their financial accounts in one place, which is of tremendous value given a recent American Banker SMB survey indicates nearly 78% of all SMBs who have at least two financial institution relationships.”

Keith Riddle, CEO of Americas at BankiFi 

BankiFi’s industry leading Open Cash Management platform has been built to quickly and easily enable a suite of financial workflows to manage invoice issuance and payment collection, matching and reconciliation of invoice data and payments, supplier payments, and cash flow forecasting. Additionally, BankiFi’s Open Cash Management platform manages API connectivity with major accounting packages like QuickBooks and XERO to become the SMB’s consolidated platform for financial management functions. Our integration with BankiFi enables financial institutions to bring the power of open finance and data-driven insights to the SMB market,” said Brett Allred, Chief Innovation Officer, MX. “Together, BankiFi and MX help eliminate the barriers between banking, accounting and accounts payable/receivable platforms to make it easier for businesses to manage their cash.

About BankiFi
BankiFi is on a mission to help over two million SMBs globally by 2024 through partnering with financial institutions to provide technology designed to make business banking better. BankiFi’s platform enables financial institutions to provide a set of integrated services – financial account access, accounting, invoicing and payments, and cash flow forecasting – designed around the processes SMB and trade customers use to run their business. It equips financial institutions to become customer centric, rather than product centric, increasing their revenues (direct and through actionable insights) and reducing costs. BankiFi’s offices are in Ohio, Manchester, Sydney and Antwerp. 

About MX
MX Technologies, Inc., a leader in Open Finance, makes data accessible and actionable for everyone. MX is building the largest open finance ecosystem to help drive innovation and improve experiences through secure and reliable access to financial data. MX combines trusted open finance APIs with enhanced financial data to quickly and securely connect to and verify data for hundreds of use cases including account opening, money movement, and underwriting.

Spotlight

U.S. Bank celebrated art, culture and Los Angeles small businesses at the first-ever LA3C festival. U.S. Bank leaders highlight the importance of providing access to small business owners to close the racial wealth gap in America.

Spotlight

U.S. Bank celebrated art, culture and Los Angeles small businesses at the first-ever LA3C festival. U.S. Bank leaders highlight the importance of providing access to small business owners to close the racial wealth gap in America.

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MANAGEMENT

SBA and USRC Announce Collaboration to Create Resilient Small Businesses

Los Angeles Area Chamber of Commerce | December 15, 2022

Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) joined Evan Reis, Executive Director, US Resiliency Council (USRC) at the Los Angeles Area Chamber of Commerce on Thursday, Dec. 1 to announce the creation of the SBA-USRC partnership to promote resiliency to small businesses in California. "Focusing on how small businesses can be resilient during disaster, recover and rebuild their local economy is the most critical work we can do," SBA Administrator Isabella Casillas Guzman. This partnership will provide small businesses targeted education and programming on issues related to mitigation and resiliency from natural and man-made disasters. Topics will include: reducing earthquake risk, disaster mitigation resources (federal and state), insurance and how to finance mitigation projects. This partnership with SBA recognizes years of efforts by USRC and its members to educate businesses on the importance of resilience to mitigate threats from natural hazards such as earthquakes," said Reis. The partnership with the SBA represents another major milestone in the resilience movement involving the USRC during the past year. The USRC and a coalition of supporters are grateful to California Governor Gavin Newsom and the State Legislature for their leadership in recently approving $250-million in State grant funding in FY 2023-24 to assist small business owners of apartment buildings with earthquake retrofitting their buildings," said Reis. In the months since approval of the matching grant program to protect affordable multifamily housing and the many seniors, poor working families, minorities, and students living in older apartments, Reis has spoken about the landmark action at events across the country. He believes the retrofit program for multifamily housing can be a model for the nation because of its unprecedented collaboration between diverse stakeholders such as tenant advocacy groups and apartment owners, as well as environmental interests and the building industry. In the aftermath of the Covid-19 pandemic, California is taking a strong leadership position in the resilience movement," added Reis. "We look forward to our collaboration with the SBA helping to extend the message of the importance of resilience to small businesses in California and across the nation. Small businesses in the L.A. region have faced incredible adversity and seemingly insurmountable challenges over the past few years," said Maria S. Salinas, President and CEO of the L.A. Area Chamber of Commerce. "While we cannot prevent any natural or man-made disasters from happening in the future, we can ensure our small businesses are prepared to withstand them. Now is the time to promote resiliency and preparedness. We look forward to our continuing work with the SBA and the regional small business community to ensure they remain prepared so they can thrive. Ali Sahabi, Chief Operating Officer of Optimum Seismic, Inc., who is a major supporter of the USRC, echoed the positive tone of the announcement ceremony. What is emerging from these milestone achievements involving the USRC's partnership with the SBA and the approval of the State's new grant program for retrofitting multifamily housing can be a model for the nation," said Sahabi. "We are enhancing education for businesses and incentivizing mitigation efforts rather than simply relying on mandating mitigation improvements such as retrofits. This multi-pronged approach can make California businesses safer from earthquakes and other disasters. Major partners in the production of The Resilience Advantage webinar series include: the U.S. Resiliency Council, Los Angeles Area Chamber of Commerce, Los Angeles County Business Federation (BizFed), Los Angeles County Economic Development Corporation, and series sponsor Optimum Seismic, Inc. Scores of other organizations and experts in the resilience field have appeared in Resilience Advantage programming. About US Resiliency Council Created in 2011, USRC is a non-profit 501(c)(3) with a mission to educate, advocate and promote better tools for assessing, designing and communicating the performance of buildings during earthquakes and other natural and man-made disasters. About the Los Angeles Area Chamber of Commerce The Los Angeles Area Chamber of Commerce represents the interests of a broad spectrum of organizations across the private, non-profit, academic, and public sectors, including the business community, job creators, and innovators in the Los Angeles region. Our mission is to design and advance opportunities and solutions for a thriving regional economy that is inclusive and globally competitive. As the oldest and largest business association in the region, the Chamber has a long-standing history of convening business leaders, communities, and policy makers to promote a vibrant economy. The Chamber's vision is A Thriving Region for All. For more information, visit www.lachamber.com. About Optimum Seismic The Optimum Seismic team has been making California cities safer since 1984 by providing full-service earthquake engineering, steel fabrication and construction services for multifamily residential, commercial and industrial buildings. With more than 3,500 earthquake retrofit and renovation projects completed, Optimum Seismic's work includes soft-story multifamily apartments, unreinforced masonry (URM) buildings and tilt-up, non-ductile concrete and steel moment frame buildings.

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FINANCE

Multiple SBA & Valley Small Business Lending Awards for Oak Valley Community Bank

Oak Valley Community Bank | January 10, 2023

On 09 January 2023, Oak Valley Community Bank, a wholly-owned subsidiary of Oak Valley Bancorp, was recognized as the "Most Active SBA 504 Lending Partner" by Success Capital - Certified Development Corporation and the "Most Loan Guarantees Funded & Largest Total Dollar Aggregate Funded" by Valley Small Business Development Corporation during the most recent Success Capital and Valley Small Business fiscal years. Oak Valley’s team offered $13 million in SBA 504 loans through Success Capital, and it aided the funding of $27 million in total projects, resulting in the creation or retention of approximately 100 small business jobs. Oak Valley Community Bank winning the "Most Active SBA 504 Lending Partner" award marks its 7th consecutive win. In addition, senior vice president and commercial banking officer Jeff Hushaw received the accolade of "Most Active 504 Lender" in 2022, both of which cover lending activity in San Joaquin, Merced, Stanislaus, Tuolumne, Mariposa, and Calaveras Counties. It is the first time the bank has received the Valley Small Business accolade. The Oak Valley team funded over $3.5 million in Valley Small Business guaranteed loans for the year. The SBA 504 and Valley Small Business lending programs offer loans to develop small businesses. Success Capital offers low down payment and fixed-rate financing via the SBA 504 Loan Program for business owners to purchase or construct facilities for their businesses. Similarly, Valley Small Business facilitates direct lending and guarantees loans to small businesses or family farms to ensure increased access to capital. About Oak Valley Community Bank Headquartered in Oakdale, Oak Valley Community Bank specializes in commercial lending, commercial banking, SBA lending, business banking, small business lending, agricultural lending, treasury management, commercial real estate financing, CRE lending, and Ag Lending, offering its plethora of products to individuals and small businesses. With 30 years of history, it has transformed from a single-branch operation in Oakdale to 18 locations and nearly $2.0 billion in assets.

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MARKETING AND NETWORKING

GPS Insight Continues to Enhance Fleet + Field Offering Across Small Business, Franchise, and Mid-Enterprise Customers

GPS Insight | December 01, 2022

GPS Insight, a leading provider of SaaS-based fleet and field service management software solutions, today announced enhancements to its integrated Field Service Management (FSM) suite, marking significant strides towards the empowerment of both fleet and field service companies to seamlessly manage their mobile assets and mobile workforces together. Strengthening its position in an FSM market expected to grow 19% annually over the next eight years, GPS Insight laid the foundation for its integrated Field Service Management solution with the 2020 acquisition of ServiceBridge and the 2021 acquisition of FieldAware. Just recently, GPS Insight also acquired Certified Tracking Solutions, a leader in fleet and field services specializing in document digitization. Following recent FSM acquisitions, GPS Insight has demonstrated its value to fleet and field service industries at large through a list of accolades, including the Compass Intelligence 2022 IoT Vehicle Telematics Company of the Year, the Business Intelligence Group 2022 Sustainability Leadership Award, and being named a Construction Executive 2022 Top Construction Technology Firm. "By acquiring existing best-in-class field service solutions and integrating them with our GPS fleet management technology, we're able to bring better visibility and efficiency for our customers to save them time and money, We've created a powerful roadmap that empowers our end-users while boosting our return on investment for both platforms. In short, GPS Insight is bringing fleet and field together like never before." Shay Demmons, Chief Product Officer of GPS Insight. The Field Service Management suite is being tailored to integrate with GPS Insight fleet management, empowering business leaders to ensure alignment among workers across both fleet and field. Significant product enhancements that support the synergy of fleet and field service management include: an app switcher to toggle between fleet and field applications; ability to schedule jobs based on technician working hours, skills, permits, etc.; long cycle crew work such as multi-visit jobs; a live map for a "command center" view of field operations; timesheets showing jobs performed, hours worked, hours traveled, and overtime earned; and to help businesses scale, a rich ecosystem of integrations with best-in-class ERP and accounting applications. In addition to significant product updates across the Field Service Management Suite, FieldAware for Mid-Enterprise is featuring a facelift, modernizing the web app to follow best-in-class practices for displaying menus and options, refreshing web and mobile app branding to align with parent GPS Insight's robust fleet and field portfolio, and paving the way for the future of fleet and field. Effective field service management software is transforming industries, reducing errors and redundant tasks, and giving fleet managers, field technicians, and back-office operations peace of mind," added Demmons. "Companies of all sizes now see the value in digitizing operations to keep up with the competition, as well as the leap in efficiency that creates a better customer experience and boosts retention. About GPS Insight GPS Insight helps fleet and field service businesses by delivering innovative solutions and actionable insights. Organizations across the globe turn to GPS Insight when they have high operating costs, are worried about safety on the roads, and struggle with fleet and field inefficiencies that waste valuable time and money. GPS Insight offers best-of-breed technology for organizations with drivers and technicians in the field, fleets of vehicles, trailers, and other mobile assets. GPS Insight provides many solutions that include vehicle and asset tracking, fleet management, AI-enabled smart cameras, field service management, and regulatory compliance solutions.

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