Finadvant, the London-based financial services company, has debuted its new business banking platform for small to medium-sized businesses (SMBs), which works in international trade, according to a press release from Wednesday (April 21).
Finadvant’s program attempts to address what the release said is a “vast and overwhelmingly saturated” field of SMB banking in the U.K., where some of them are not currently accepting new business customers.
Additionally, digital banks are sometimes inefficient when they only target small businesses and freelancers, and it’s more difficult to get personalized banking services from an online bank with a global reach.
The new business banking platform will help with cross-border needs, helping to make international payments more accessible for smaller businesses. The aim is to “set a new standard of trading without borders across the global payments ecosystem.”
Katya Dorofejeva, Finadvant co-founder and CEO, said the company’s goal “is to create a personal banking experience by dealing with our customers as business partners, getting to know their business, understand their needs and offering the best solutions. We aim to create a business banking ecosystem where globally trading companies and their counterparties will be able to deal with their trading operations and money transactions quickly and hassle-free.”
Business banking is getting more play among younger business owners, with FISPAN Co-Founder and Head of Product and Strategy Clayton Weir, saying that corporate banking is getting more attention as business owners are demanding more.
He said the complexity of how the businesses are run factors in with the more tech-focused way that the businesses are run.
To make stronger products, financial institutions have to look at how they can prioritize both what a product can do and how it fits into an ecosystem of technologies. One way to do that includes the use of application programming interfaces (APIs) which can help banks let their solutions interconnect with existing back offices and other platforms.
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