Delivering the New-Age Banking Infrastructure at an Overlooked Level

The human arsenal has always been expansive beyond all limits, but it still hasn’t seen an element more significant than that desire of ours to improve at a consistent pace. We say this because the stated desire has already got the world to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it should become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the right goods. The same has grown increasingly evident over the recent past, and assuming one fintech-themed development shakes out just like we envision, it will only make that trend bigger and better moving forward.

Bankjoy, a California-based provider of digital banking services, has officially launched a new banking solution named Business Banking 2.0, which is designed to help banks and credit unions better serve businesses across their local communities. Talk about what sort of features are expected to come into play here, the solution, for starters, will include industry-leading security and fraud prevention tools. This translates to multi-factor authentication services for business owners and their teams, as well as functionalities like positive pay, a feature that can be used to mitigate check fraud by matching company issued checks with those presented for payment. Next up, Banking 2.0 allows you to add accounts from other financial institutions to Bankjoy’s platform, facilitating it through Plaid’s aggression tool. Such flexibility makes for a substantial detail, as it gives business account holders a centralized place to view and manage their finances. Another interesting detail would be how the solution in question is able to ensure access of vendors like Intuit Quickbooks for taxes, payroll, accounting and invoicing needs. Apart from that, the platform will also deliver an AppFolio integration, which will basically help property management companies in processing transactions between owners, renters, and contractors.

“The pandemic changed the business landscape and while it forced many to close, the last few years have seen a surge in new business applications, creating a huge opportunity for banks and credit unions,” said Michael Duncan, CEO of Bankjoy. “In 2020 alone, more than 4 million business applications were filed, up 24% over 2019 and 51% over the 2010-2019 average, according to the U.S. Census Bureau. Bankjoy’s Business Banking platform was thoughtfully designed to help financial institutions support this growing demographic and empower the businesses in their local communities to thrive.”

As for the segments Banking 2.0 is likely to serve, it will let banks and credit unions support a wide range of commercial clients, including retail businesses like coffee shops and apparel stores, small to medium-sized businesses, commercial real estate companies, service organizations such as dental offices and vet clinics, and large agricultural enterprises.

Founded in 2015, Bankjoy has risen up the ranks by servicing its clientele with bleeding-edge banking technology, which covers mobile banking, online banking, a dedicated banking API, and a lot more. However, given the company’s latest brainchild, it will hope to expand that product reach sooner rather than later.