Banking technology provider Backbase has announced a significant strategic partnership with open finance connectivity specialist Ninth Wave, a collaboration poised to fundamentally transform how commercial banks interact with their business clients’ financial systems. The alliance aims to deliver a seamless, integrated connection between corporate customers’ Enterprise Resource Planning (ERP) and accounting software and their banking data, heralding a new era of efficiency, transparency, and data-driven decision-making for businesses. This move is expected to dramatically enhance the customer experience by providing superior cash flow visibility, streamlining reconciliation processes, accelerating payment execution, and optimizing overall banking operations for commercial clients globally.

The core of this partnership lies in enabling Backbase’s extensive network of bank customers to offer their corporate clients direct, permissioned access to crucial banking data. This data, previously often siloed or difficult to access in real-time, will now flow directly into the financial systems that businesses rely on daily. Ninth Wave’s advanced connectivity layer serves as the indispensable bridge in this ecosystem, facilitating secure and efficient data exchange between the bank’s infrastructure and the corporate client’s ERP or accounting software. This innovative solution encompasses robust mechanisms for managing consent, maintaining detailed activity logs, and ensuring stringent API governance, all within a single, unified platform. The result is accurate, real-time data transfer fortified by comprehensive audit trails and integrated compliance controls, effectively eliminating the cumbersome and often error-prone manual workarounds, batch uploads, and unreliable data scraping methods that have long plagued corporate finance departments.

The Strategic Alliance: Unlocking Commercial Banking Efficiency

The partnership addresses a critical demand within the commercial banking sector for greater integration and automation. Traditional commercial banking often involves businesses manually exporting data from their banking portals and importing it into their ERP or accounting systems, a process that is not only time-consuming but also prone to errors and delays. This disconnect creates significant inefficiencies, hampers real-time financial oversight, and complicates critical functions such as treasury management, payment processing, and financial reporting.

Backbase, known for its AI-native banking operating system, provides a unified front-line platform that brings together customers, employees, and AI agents across digital channels and operations. By integrating Ninth Wave’s specialized open finance connectivity, Backbase’s platform gains a crucial layer of functionality that directly caters to the sophisticated needs of corporate clients. Ninth Wave’s expertise lies in creating secure, reliable, and scalable connections between financial institutions and a myriad of third-party applications, including aggregators, fintechs, and, critically, corporate accounting and ERP systems. This symbiotic relationship ensures that banks can offer a truly embedded banking experience, where financial data is not just accessible but actionable within the systems businesses already use. The technical architecture is designed to prioritize security and data integrity, offering a transparent and auditable pathway for financial information.

Addressing Long-Standing Corporate Financial Challenges

For years, Chief Financial Officers (CFOs) and their finance teams have grappled with the operational challenges presented by fragmented financial data. The typical workflow often involves juggling multiple banking portals, managing various data formats, and undertaking significant manual effort to reconcile accounts, monitor cash positions, and execute payments. These inefficiencies translate into higher operational costs, increased risk of human error, and a lack of agility in responding to market changes.

The Backbase-Ninth Wave collaboration directly confronts these issues. By providing real-time, permissioned access to banking data directly within a company’s ERP or accounting system, the partnership offers several tangible benefits:

• Enhanced Cash Flow Visibility: Businesses gain an immediate and accurate view of their financial position, enabling better liquidity management and forecasting.
• Improved Reconciliation: Automated data feeds significantly reduce the time and effort required for account reconciliation, minimizing discrepancies and accelerating the closing process.
• Faster Payment Execution: Streamlined data flow can facilitate quicker authorization and processing of payments, improving supply chain efficiency and vendor relationships.
• More Efficient Banking Operations: Eliminating manual data entry and batch processing frees up finance teams to focus on strategic analysis rather than clerical tasks.
• Reduced Operational Risk: Automated, secure data transfer minimizes the potential for errors and enhances the integrity of financial reporting.

This strategic integration moves beyond merely providing data; it empowers businesses with actionable intelligence, transforming their financial operations from reactive to proactive.

The Imperative for Open Finance in Commercial Banking

The partnership underscores the accelerating shift towards Open Finance, a paradigm that extends the principles of Open Banking (primarily focused on retail accounts and payment initiation) to a broader range of financial products, services, and data types, including commercial accounts, investments, and lending. Globally, regulatory frameworks like the revised Payment Services Directive (PSD2) in Europe have driven the initial wave of Open Banking, mandating banks to open up customer data (with consent) to authorized third-party providers. While North America has adopted a market-driven approach rather than a regulatory mandate, the demand for open data access is equally strong, particularly within the commercial sector.

Industry reports consistently highlight the growing appetite for Open Finance functionalities among businesses. A 2023 McKinsey report on the future of commercial banking noted that corporate clients are increasingly seeking embedded finance solutions and integrated experiences that seamlessly blend banking services with their operational workflows. Similarly, research by Deloitte indicated that banks that embrace Open Banking principles for their commercial clients stand to gain significant competitive advantages in terms of customer loyalty, new revenue streams, and operational efficiencies. The global Open Banking market size was valued at USD 15.1 billion in 2021 and is projected to reach USD 123.7 billion by 2030, growing at a compound annual growth rate (CAGR) of 26.5%, according to a report by Research and Markets. Commercial applications are a significant driver of this growth.

Voice from the Leadership: Driving Innovation and Customer Value

Executives from both Backbase and Ninth Wave articulated the strategic importance of this collaboration. Mayank Somaiya, Backbase Global VP for Marketplace, emphasized the practical needs of commercial clients. "Commercial clients prefer not to log into a portal and re-enter data that their ERP system already has," Somaiya stated, highlighting a critical pain point. "By partnering with Ninth Wave, we give banks a direct integration path into how their corporate clients actually operate. That’s what keeps relationships sticky and and opens the door to real value-added services." This perspective underscores Backbase’s commitment to delivering solutions that align with how businesses genuinely operate, fostering deeper relationships and moving beyond transactional interactions to truly value-centric partnerships.

Joe Fiorillo, Ninth Wave VP of Strategic Partnerships, echoed this sentiment, emphasizing the complementary strengths of the two companies. "Backbase offers a robust, modern foundation for commercial banking, and Ninth Wave simplifies connectivity by managing API connections, ensuring strong security, and providing a management hub to oversee their open finance operations," Fiorillo remarked. "Together, we are delivering the modern banking services that business clients require." His statement reinforces the idea that the partnership is not just about technology integration, but about delivering a comprehensive, secure, and user-centric solution that meets the evolving demands of today’s business landscape. The synergy between Backbase’s comprehensive banking platform and Ninth Wave’s specialized connectivity hub creates a powerful offering that addresses both the front-end user experience and the critical back-end data infrastructure.

Market Demand and Tangible Benefits: The Ninth Wave Research Insights

The decision to form this partnership was significantly informed by compelling market research conducted by Ninth Wave, which illuminated a strong and growing interest in Open Finance functionality among Chief Financial Officers and their finance teams. A particularly striking finding from Ninth Wave’s 2025 research indicated that a staggering 86% of surveyed CFOs would consider changing banks to access superior open finance features. This statistic is a powerful testament to the strategic importance of integrated financial services in attracting and retaining commercial clients. It signals that open finance capabilities are no longer just a ‘nice-to-have’ but are rapidly becoming a ‘must-have’ for banks aiming to maintain competitiveness and relevance in the corporate banking space.

Furthermore, the research provided quantifiable evidence of the efficiency gains offered by direct bank access. Surveyed individuals who were already connected via open finance solutions reported saving more than five hours a week due to the greater efficiency of direct bank data integration. For a typical finance department, this translates into significant productivity improvements, allowing staff to reallocate time from manual data entry and reconciliation to higher-value activities such as financial analysis, strategic planning, and risk management. This tangible benefit underscores the immediate return on investment for businesses adopting these integrated solutions and for banks providing them. The research highlights that the market is not just conceptually interested in Open Finance but actively seeking solutions that deliver measurable operational advantages.

The Evolution of Fintech Solutions: A Brief History of Backbase and Ninth Wave

Both Backbase and Ninth Wave bring a rich history of innovation and specialization to this partnership, reflecting a broader trend in the fintech industry towards specialized expertise and collaborative ecosystems.

Backbase’s Journey: Founded in Amsterdam in 2003, Backbase has established itself as a pioneering force in banking technology. The company’s core offering is an AI-native banking operating system designed to transform fragmented banking operations into a unified front line. This system empowers customers, employees, and AI agents to work seamlessly across digital channels, front office, and operations, creating a cohesive and efficient banking experience. Backbase has been a prominent figure at Finovate events since 2009, earning four Finovate Best of Show awards, a testament to its consistent innovation and impact. Its technology is currently leveraged by more than 120 banks worldwide, serving diverse segments including retail, small business, commercial, private banking, and wealth management, underscoring its versatility and broad market adoption. Backbase’s vision has always been to enable banks to accelerate their digital transformation, moving away from legacy systems to a modern, agile, and customer-centric architecture.

Ninth Wave’s Innovation: Established more recently in 2018 and headquartered in New York, Ninth Wave has quickly emerged as a leader in secure data connectivity for the financial sector. The company’s mission is to provide robust and reliable data links between financial institutions and a wide array of third-party applications, including aggregators, fintechs, and, crucially, corporate accounting and ERP systems. Ninth Wave demonstrated its technological prowess at FinovateWest 2020, showcasing its open finance capabilities. The company’s flagship offering is an Open Finance Hub that securely links more than 120 bank accounts, providing a scalable and secure conduit to the broader open finance ecosystem. Ninth Wave’s expertise in managing API connections, ensuring strong security protocols, and providing a centralized management hub is instrumental in building trust and facilitating the widespread adoption of open finance solutions across North America. Their focus on permissioned data access and comprehensive audit trails addresses key concerns around data privacy and compliance.

Future Horizons: Expanding Capabilities and Global Reach

Looking ahead, the partnership between Backbase and Ninth Wave is not static; it is built on a roadmap for continuous innovation and expansion. The companies have outlined several key areas for future development, reflecting their commitment to evolving with the needs of the global commercial banking sector:

• Expanded ERP Connectivity Features: The initial integration is a foundational step. Future enhancements will likely involve deeper and broader integration with a wider array of ERP and accounting software vendors, as well as more sophisticated features within existing connections. This could include richer data fields, more granular control over data sharing, and enhanced reporting capabilities.
• Support for Multi-Country Corporate Payments: As businesses increasingly operate across borders, the need for seamless international payment processing becomes paramount. The partnership plans to develop features that simplify and secure multi-country corporate payments, addressing challenges such as varying regulatory landscapes, currency conversions, and cross-border reconciliation. This expansion is crucial for multinational corporations seeking to centralize and optimize their global treasury functions.
• Development of Real-Time Cash Management Dashboards for International Businesses: Building on enhanced data connectivity, the collaboration aims to create sophisticated, real-time cash management dashboards. These dashboards will provide international businesses with an aggregated, immediate view of their global cash positions, enabling more informed decision-making, proactive liquidity management, and optimized foreign exchange strategies. This capability will be invaluable for treasury departments managing complex global financial operations.

These planned expansions underscore a long-term vision to deliver a truly comprehensive and globally capable open finance solution for commercial banking, positioning the partnership at the forefront of financial innovation.

Implications for the Banking Ecosystem and Corporate Clients

The strategic alliance between Backbase and Ninth Wave carries profound implications for various stakeholders within the financial ecosystem.

For Banks: This partnership offers a critical pathway for financial institutions to modernize their commercial offerings and remain competitive in an increasingly digital landscape. By providing seamless ERP integration, banks can:

• Attract and Retain Commercial Clients: Offerings that directly address corporate pain points become powerful differentiators.
• Deepen Client Relationships: Moving beyond transactional services to become a truly embedded financial partner.
• Unlock New Revenue Streams: The ability to offer value-added services based on integrated data, such as advanced analytics, customized credit products, and sophisticated treasury management tools.
• Enhance Operational Efficiency: Streamlined processes reduce internal costs and improve service delivery.
• Mitigate Risk: Secure, permissioned data exchange reduces the risks associated with manual processes and less secure data transfer methods.

This shifts the focus from a product-centric approach to a more customer-centric, ecosystem-driven model, vital for long-term growth and relevance.

For Corporations: Businesses, particularly their finance and treasury departments, stand to gain significantly from this enhanced connectivity. The benefits extend beyond mere operational efficiency:

• Improved Decision-Making: Real-time data provides clearer insights into financial health, enabling more agile and informed strategic decisions.
• Reduced Operational Costs: Automation minimizes manual effort, leading to cost savings in administrative functions.
• Enhanced Financial Control: Better visibility and control over cash flows and payments.
• Greater Agility: The ability to respond more quickly to market conditions and internal financial needs.
• Strategic Financial Planning: Finance teams can pivot from data collection to strategic analysis, becoming more impactful contributors to business growth.

Broader Fintech Landscape: The collaboration also signals the maturation of the Open Finance ecosystem. As specialized fintechs like Ninth Wave integrate with established banking technology providers like Backbase, the industry moves closer to a truly interconnected and interoperable financial environment. This trend fosters further innovation, encourages collaboration over competition, and ultimately benefits end-users by offering more sophisticated, integrated, and user-friendly financial solutions. It validates the ecosystem approach to financial innovation, where different players contribute their unique strengths to create holistic solutions.

In conclusion, the strategic partnership between Backbase and Ninth Wave represents a pivotal moment in the digital transformation of commercial banking. By addressing the fundamental need for seamless, secure, and real-time data connectivity between banks and corporate ERP/accounting systems, this alliance is set to empower businesses with unprecedented financial visibility and operational efficiency. It underscores a future where banking is no longer a separate function but an integrated, intelligent layer within a company’s core operations, fostering stronger relationships, driving innovation, and shaping a more connected and efficient global financial landscape.