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After partnering with Regional Australia Bank on a new Banking-as-a-Service (BaaS) platform, Thriday has become Australia’s only fully integrated business financial management platform.
A BaaS platform enables end-to-end management of a business owner’s finances. We aim to cover banking, payments, billing and expense management in a single platform.
The agreement between Regional Australia Bank and Thriday means that when a company opens a trading account on the platform, Regional Australia Bank will issue the account. Visa debit card. All income and expense data is analyzed in real time using AI and machine learning (ML). They are used to automate tasks such as forecasting cash flow and scheduling bill payments.
The platform’s AI and ML can also automate bookkeeping and accounting. With these features, Thriday hopes to reduce the need for bank feeds and screen scraping.
Dave HeineCEO of Regional Australia Bank commented on why the bank partnered with the startup. He explains:
Thriday’s platform also offers a variety of features to help small businesses receive payments. Cashflow is often an issue for many startups, so the platform allows users to charge late fees. The BaaS platform also allows business owners to send reminders at any time and offer early payment incentives to their customers.
Michael NuciforoThriday co-founder and CEO explained the positives he feels the partnership will bring. he said:
Being a community-focused bank means they care deeply about their members. I resonate with
A financial management platform aims to stop small business owners from managing their finances. Thriday also wants to tap into his $57 billion SME financial services market in Australia.
