Financial management fintech Meniga has signed a partnership with Italian PayTech Nexi in a bid to strengthen bank-customer relationships.

As part of the agreement, Meniga aims to use Nexi Open to develop a portfolio of digital financial management services.

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Georg Ludviksson, CEO and co-founder of Meniga, said: “We are very happy to announce our partnership with Nexi. Combining our companies’ individual expertise, and with Nexi’s local network, we can now provide customers right across the region with unrivalled products that we know will excite their end-users, be they businesses and merchants or individuals.

“Providing the right financial management services will help Nexi’s partner banks ensure that their customers get the support they need when they need it – and all within the bank’s own digital infrastructure.”

PFM and BFM solutions 

The move will enable Nexi’s partner banks to offer Meniga’s PFM and BFM solutions. At the discretion of each bank, Meniga’s PFM and BFM services can be integrated directly into a bank’s digital properties or delivered to the clients as standalone solutions.

Credit institutions will be able to provide individual customers with the advanced features of a Personal Financial Manager, while small businesses will be able to access the services of a Business Financial Manager.

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Specifically, the PFM for individuals allows them to have a clear view of their finances, aggregating the transactions from several current accounts into a single view, to categorise income and expenses with specific financial items. It also allows users to top-up their accounts by debiting accounts held at other banks.

The BFM facilitates the financial management of a small business or a small merchant as it allows the aggregation of transaction information in the company’s multiple current accounts.

The aim is to simplify operational and accounting activities, advanced cashflow management, the possibility to manage budgets and savings, and the accessibility to valuable insights.

Renato Martini, head of digital banking solutions at Nexi, said: “The collaboration with Meniga allows us to further support Italian banks that want to offer their customers new digital services of financial management, enhanced thanks to the access to accounts enabled by open banking.

“The institutions of our country, from today, will have a service that strengthens the engagement and relationship with the customer and  offers solutions tailored to the needs of individuals, thus allowing a deeper knowledge.”