First digital banking platform for SMEs

Sasfin is the first listed financial services group to launch an innovative digital banking platform tailored to needs of small and medium enterprises (SMEs).

Through B\\YOND for Business, the group aims to fulfil the banking needs of its own SME clients as well as those of businesses “neglected” by their larger competitors.

“The bigger banks are quite good at dealing with run-of-the-mill small clients –where everything is completely automated – or with very large corporates. They struggle to deal with businesses that have got nuance and small businesses have got nuance.

“Those businesses get stuck in a branch, or get stuck in a retail banking platform.

“We are really focused on that segment of the market, that we think has been neglected for too long in SA,” said Michael Sassoon, Sasfin CEO.

B\\YOND for Business is said to be the first SA digital banking platform through which companies can create and submit account applications for multiple stakeholders, without any of the stakeholders having to set foot in a branch.

The internet banking platform also offers basic analytics functionalities to aid SMEs with cash management, as well as Sars-compliant payroll management services and personalised invoicing capabilities.

Sasfin has also integrated digital investment solutions offered by SIPP, which it recently bought for an undisclosed amount, directly into the banking platform. It also offers direct-feed integration into Xero Accounting Software, through which clients will be able to securely reconcile transactional banking data with their company’s books.