Magnolia Bank, which belongs to the category of community-driven financial institutions and has more than a century of experience in the industry, announced the launch of LiaFi, a fintech platform designed to support small and medium-sized businesses.
As part of the operation of the mentioned platform, companies representing the small and medium-sized business space will be able to earn interest on their business accounts and will have access to a unique tool to increase the stability of cash flow. It is noteworthy that in this case, there are no changes to the existing practice of firms. This means that companies will be able to interact with the platform and receive all the available benefits of this process without having to adjust the algorithms of their operations.
Magnolia Bank stated that the development of LiaFi was carried out as part of the pursuit of a simple, but at the same time, effective goal, which is to provide business owners with a better way to manage funds and earn income from cash. As part of the practice that has been formed over many years, companies belonging to the category of small and medium-sized businesses hold cash in non-interest-bearing checking accounts.
LiaFi will provide consumers with a business account that allows them to earn interest income for as long as necessary. In this case, it can be drawn as an analogy with the practice used by large corporations.
LiaFi will also allow consumers to transfer funds to an interest-bearing account insured by the FDIC. In this case, users will not face the need to switch financial institutions.
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