Thriday is on a mission to eliminate financial admin for small business owners and disrupt the $57 billion Australian SME financial services market.
This Banking-as-a-Service (BaaS) partnership means Thriday is Australia's only fully integrated business financial management platform giving small business owners end-to-end control of their finances, from banking, payments, invoicing and expense management right through to tax. All in one place.
Thriday has partnered with Regional Australia Bank on its newly launched BaaS platform. Under the agreement, once a business opens a Thriday transaction account and Visa Debit card (issued by Regional Australia Bank), all income and expense data are analysed in real-time using Artificial Intelligence and Machine Learning to automate tedious tasks - from forecasting cashflow to scheduling bill payments, and even automating bookkeeping and accounting. There is no need for unreliable bank feeds or low-quality screen scraping - all data is processed in real-time with direct integration into the transaction account.
Regional Australia Bank CEO Dave Heine said he was looking forward to a public launch, and he was pleased to be working with Thriday as it looks to change the landscape for services available for small and medium businesses by making everything available in one spot.
"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 who play such an important role in our economic landscape," he said.
Michael Nuciforo, Co-founder & CEO of Thriday, felt that Thriday and Regional Australia Bank presented a new model for start-up and established industry collaboration, "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."
Ben Winford, Co-founder and COO, added, "We want small businesses to succeed and flourish in what they do - not waste time and money on admin tasks. Essentially, the intelligent automation technology we've developed helps small business owners take back control of their financial admin, giving them more time to enjoy the things they want to do."