MOXY bank, preparing to be one of the first new community banks to launch in the U.S. in decades, has announced that it is working with technology solutions company NYMBUS to integrate its core digital banking and payment services.
Following approval by the Federal Deposit Insurance Corporation (FDIC) and Washington, D.C.'s Department of Insurance, Securities and Banking, MOXY aims to roll out as the region's first new community bank in 20 years, and will adopt NYMBUS's banking, payments and mobile banking tools under the NYMBUS SmartCore platform to build out its own offering, the companies announced in a press release Monday (April 1).
"MOXY's progressive and innovative approach to banking will provide greater digital convenient, advocacy and personalized financial services to its users," bank President and CEO Casey G. Mauldin said in a statement. "Finding a long-term partner with the right technology, culture and vision was one of our most important decisions. We ultimately turned to NYMBUS for its open API architecture and fully customizable software solutions, enabling us to effortlessly adapt and integrate the latest digital products and services that will offer a rich and unique experience to our customers."
The bank is gearing up to launch operations with a focus on under-banked customers and customer relationship building. Subscribers to its services can access a range of on-demand services for both consumers and small businesses, as well as loans, financial wellness support, mobile deposit, P2P payments, ATM access, video banking services, text alerts and other features.
"We are so proud to be supporting MOXY as they strive to improve the financial health and vitality of their community, empowering those that have been overlooked and underserved by offering the financial tools and resources they need to succeed," added NYMBUS president David Mitchell in another statemnet.
Last year, MOXY said its focus will be "to create financial equality throughout the communities serviced by combining the latest technological advancements with community banking." At the time, reports said the company would look to raise at least $25 million before its official launch.
In addition to MOXY, two other community banks, Vision Bank and Trustar Bank, are looking to launch in the area.