Regional Australia Bank Joins Forces with Thriday to Support Australian SMEs
In an huge step towards further supporting small Australian businesses, Thriday partners with Regional Australia Bank. The news also brings a range of new features to Thriday’s financial management platform.
Thriday has become Australia’s only fully integrated business financial management platform, following a partnership with Regional Australia Bank on its new Banking-as-a-Service (BaaS) platform.
The BaaS platform looks to provide end-to-end control of business owners’ finances. It aims to cover banking, payments, invoicing and expense management on a singular platform.
The agreement between Regional Australia Bank and Thriday means that once businesses open a transaction account on the platform, the Regional Australia Bank issues the account alongside a Visa Debit card. All income and expense data is then analysed in real-time using AI and machine learning (ML). These are then used to automate tasks, including forecasting cash flow and scheduling bill payments.
The platform’s AI and ML are also able to automate bookkeeping and accounting. Using these features, Thriday hopes to reduce the need for bank feeds or screen scraping.
Dave Heine, CEO of Regional Australia Bank, commented on why the bank partnered with the startup. He explained: “As a customer-owned and focused bank, we are always looking at creating and delivering value to our members and this partnership allows us to help support small and medium businesses that play such an important role in our economic landscape.”
Supporting small business owners
Thriday’s platform also offers a variety of features to support small businesses in receiving payments. With cash flow often becoming an issue for many startups, the platform allows users to charge late payment fees. The BaaS platform also enables business owners to send reminders at any time and offer customers early payment incentives.
Michael Nuciforo, co-founder and CEO of Thriday, explained the positives he feels the partnership will bring. He said: “As soon as we met the team at Regional Australia Bank, we were impressed by their start-up friendly culture and member-first approach.
“Being a community-focused bank means they care deeply about their members, which resonates with our own philosophy of having a complete focus on what our small business customers need.”
The financial management platform aims to put a stop to financial admin for small business owners. Thriday also hopes to take advantage of Australia’s $57billion SME financial services market.