B2B Payments

FinTechs Unite With Common Goal Of Banking-as-a-Service

With bank-FinTech tie-ups growing more popular, FinTechs themselves are similarly discovering value in collaborating with each other to elevate their value proposition for joint financial institution (FI) clients.

This week’s roundup of bank-FinTech partnerships examines how FinTechs are working together to build out-of-the-box solutions for banks. Plus, one bank-servicing FinTech sets its initial public offering (IPO) expectations even higher.

NYMBUS, Payrailz Link For Bank Services

As two FinTechs partnering up to service joint bank customers, NYMBUS and Payrailz are wielding the spirit of bank-FinTech collaboration to enhance FIs’ digitization initiatives. Financial services platform provider NYMBUS and digital payments firm Payrailz announced their collaboration this week in an initiative that will see NYMBUS connect bank clients to Payrailz’s billing and payment technologies that can extend to FI’s own clients, with a key focus on enabling banks and credit unions to more quickly launch support for contactless payments and other digital payment tools.

Mambu, Currencycloud Target Global B2B Payments

Cloud banking technology provider Mambu is another bank-servicing FinTech turning to a fellow FinTech to augment its offerings. The company recently revealed its partnership with Currencycloud, a cross-border B2B payments technology provider, to connect clients with tools that can more quickly deploy virtual accounts, funds collection, foreign exchange services and other global payments offerings. In a statement, Currencycloud Head of Strategic Partnership and Co-Founder Stephen Lemon highlighted the synergies between the two FinTechs, saying, “We are both trying to help eliminate challenges for the same customers and provide them with banking-in-a-box capabilities.”

Pintec Progresses With ICBC Collab

In China, financial services technology company Pintec offered an update to its ongoing collaboration with the Industrial and Commercial Bank of China (ICBC), which has implemented Pintec’s small business risk management technology to augment its own small-to medium-sized business (SMB) lending operations. The collaboration sees the FI wielding Pintec’s machine learning (ML) offering to strengthen underwriting and accelerate decision-making. While the adoption of the technology marks the completion of the first phase of the FinTech-bank partnership, the collaborators did not reveal what the next step of their joint initiative may be.

nCino Ups IPO Expectations

In a move that reflects the current value of bank-FinTech collaboration, cloud software provider nCino recently revealed that it is raising its fundraising expectations ahead of its IPO, with trading expected to begin this week. The company said in a filing with the Securities and Exchange Commission (SEC) that it plans to raise up to $253.5 million by floating 7.6 million shares. An additional 1.1 million shares are expected to become available to underwriters, with the result being that the company could raise 21 percent more than previously anticipated. In its prospectus, nCino highlighted its technology to facilitate a range of vital banking offerings to FIs, including customer onboarding, loan origination and deposit account opening.

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New PYMNTS Study: Subscription Commerce Conversion Index – July 2020 

Staying home 24/7 has consumers turning to subscription services for both entertainment and their day-to-day needs. While that’s a great opportunity for providers, it also presents a challenge — 27.4 million consumers are looking to cancel their subscriptions because of friction and cost concerns. In the latest Subscription Commerce Conversion Index, PYMNTS reveals the five key features that can help companies keep subscribers loyal despite today’s challenging economic times.

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