What Bank Does Thriday Use

February 20, 2024
minutes to read
Ben Winford
Table of Contents

In the digital banking era, where fintech innovations are transforming the landscape, Thriday is a new player, offering an all-in-one financial management platform for small businesses. If you are considering signing up for Thriday, one question may linger: "What bank does Thriday use?" In this blog post, we'll delve into the strategic partnership between Thriday and Regional Australia Bank, exploring the history, features, and benefits of this collaboration.

What Bank Does Thriday Use?

Thriday has strategically partnered with Regional Australia Bank, an Authorised Deposit-Taking Institution (ADI) with a rich history and a commitment to serving regional communities. This partnership allows Thriday to offer its users robust banking services, including bank accounts* and Visa Debit cards*, all under the protective umbrella of the Financial Claims Scheme (FCS). This ensures that your deposits are secure, adhering to the highest safety and reliability standards.

Why Did Thriday Partner With Regional Australia Bank?

The decision to partner with Regional Australia Bank was driven by Thriday's commitment to providing users with a secure and reliable banking experience. With its strong foundation and community-centric approach, Regional Australia Bank aligns seamlessly with Thriday's mission to empower businesses with innovative financial solutions.In today's digital economy, collaboration is critical. Thriday recognised the need for a trustworthy partner to issue bank accounts* and facilitate transactions seamlessly. Regional Australia Bank, with its reputation for stability and customer-centric values, emerged as the perfect fit. The partnership aims to leverage the strengths of both entities, combining Thriday's cutting-edge technology with Regional Australia Bank's established banking infrastructure.

What Is The History of Regional Australia Bank?

Understanding the history of Regional Australia Bank provides valuable insights into the institution that stands as Thriday's banking backbone. Established in 1969 and then known as New England Teachers Credit Union, Regional Australia Bank has been a cornerstone of financial services in Armidale and regional NSW for decades. Over the past ten years, the organisation has undergone a considerable transformation to become the robust and customer-focused bank it is today.Regional Australia Bank's commitment to regional prosperity and community well-being has earned it a reputation as a reliable financial partner. As a customer of Thriday, you can take comfort in knowing that an institution with a legacy of trust and integrity supports your banking transactions.

What Is Banking-as-a-Service (BaaS)?

Banking-as-a-Service (BaaS) is a new term describing the solution Regional Australia Bank provides to Thriday. BaaS allows non-banking entities, like Thriday, to offer financial services through the infrastructure of a licensed bank, in this case, Regional Australia Bank.This strategic use of BaaS enables Thriday to focus on its core competencies – user experience, innovation, and technology – while relying on Regional Australia Bank for the regulatory and operational aspects of banking. The result is a symbiotic relationship that creates a win-win situation for Thriday and its members.

What Features Does Thriday Offer?

Now that you know who Thriday's banking partner is, let's explore the features that make Thriday a compelling choice for small businesses seeking a modern and integrated banking experience. Thriday goes beyond the conventional banking services to offer:

  • Expense Tracking and Categorisation: Thriday offers robust expense tracking and categorisation features beyond basic bookkeeping. Easily monitor and categorise your expenses, gaining valuable insights into your spending patterns. Thriday automatically helps you identify tax deductions and ensures accurate financial reporting.
  • Customisable Financial Reports: Thriday understands that every business is unique, and so are its reporting needs. With customisable financial reports, you can tailor your reports to showcase the key metrics and insights that matter most to your business. Whether you need a snapshot of your cash flow or a detailed breakdown of expenses, Thriday's customisable reports have you covered.
  • Invoicing and Payment Reconciliation: Say goodbye to invoicing headaches with Thriday's user-friendly invoicing and payment processing features. Create professional invoices, send them directly from the platform, and enjoy automated payment reconciliation. Thriday's invoicing features streamline your cash flow, reduce payment delays, and enhance your overall invoicing efficiency.
  • Bank Reconciliation Automation: Manual bank reconciliation can be time-consuming and prone to errors. Thriday automates the bank reconciliation process, categorising your bank transactions effortlessly. This saves you time and ensures the accuracy of your financial data, providing a clear and real-time view of your business's financial health.
  • Budgeting and Forecasting Tools: Take proactive control of your financial future with Thriday's budgeting and forecasting tools. Plan for success by setting realistic financial goals, creating budgets, and projecting future cash flows. Thriday's intuitive interface makes it easy to track your progress against budgeted goals, empowering you to make informed decisions for the growth of your business.

What Are The Benefits Of Integrated Banking?

Integrated banking, facilitated by Thriday's collaboration with Regional Australia Bank, comes with a myriad of benefits for users:

  1. Efficiency and Convenience: By consolidating various financial services in one platform, Thriday simplifies banking, making it more efficient and convenient for users to manage their money.
  2. Enhanced Security: The partnership with Regional Australia Bank ensures that Thriday's users enjoy the protection of the Financial Claims Scheme, providing an additional layer of security for their deposits.
  3. Seamless Transactions: Integrated banking allows for seamless and instant transactions between accounts, providing a hassle-free experience for Thriday users.
  4. Innovative Solutions: Thriday's commitment to innovation, coupled with the robust banking infrastructure of Regional Australia Bank, results in a dynamic and forward-thinking financial platform.
  5. Community Impact: Regional Australia Bank's focus on community development aligns with Thriday's values, positively impacting regional economies.

Key Takeaways

The partnership between Thriday and Regional Australia Bank signifies a marriage of cutting-edge technology and established banking infrastructure aimed at providing users with a secure, efficient, and integrated banking experience. Thriday's commitment to innovation, coupled with the community-centric values of its banking partner, results in a collaboration that sets it apart in the world of Fintech. You can join Thriday for free today, and rest assured that your financial journey is supported by the strength and reliability of Regional Australia Bank.

DISCLAIMER: Team Thrive Pty Ltd ABN 15 637 676 496 (Thriday) is an authorised representative (No.1297601) of Regional Australia Bank ABN 21 087 650 360 AFSL 241167 (Regional Australia Bank). Regional Australia Bank is the issuer of the transaction account and debit card available through Thriday. Any information provided by Thriday is general in nature and does not take into account your personal situation. You should consider whether Thriday is appropriate for you. Team Thrive No 2 Pty Ltd ABN 26 677 263 606 (Thriday Accounting) is a Registered Tax Agent (No.26262416).

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