Flyfish has developed a unified platform for SMEs to access banking services , as traditional infrastructure struggles to meet increasing cross-border needs
FLYFISH LTD
Flyfish has developed a unified platform for SMEs to access banking services , as traditional infrastructure struggles to meet increasing cross-border needs
The fragmentation of business banking services has long been a friction point for small and medium enterprises ( SMEs ) operating in global markets . Companies typically maintain relationships with multiple financial institutions , payment processors and foreign exchange providers to conduct their operations , leading to increased administrative overhead and reduced operational efficiency .
This fragmentation has particular impact in the UK and European markets , where cross-border trade requires businesses to navigate complex regulatory environments and maintain banking relationships in multiple jurisdictions . Traditional banks have been slow to address these challenges , creating space for financial technology firms to develop alternative solutions .
The emergence of Banking-as-a- Service ( BaaS ) platforms and embedded finance solutions has begun to reshape how businesses access financial services . These platforms enable companies to integrate banking services directly into their operations without establishing separate relationships with multiple providers . However , many of these solutions remain limited in scope , focusing on specific services rather than providing comprehensive financial infrastructure .
Aimed at tackling this issue , Flyfish – a financial technology company that operates a platform for business banking services – has developed a marketplace model that aims to consolidate access to multiple financial services
14 December 2024