FinTech collaborations can help banks provide offerings that are more tailored to their small to medium-sized business (SMB) clients and speed the development of mobile applications. This week’s roundup includes the embedding of SMB-focused software in a digital banking platform and the introduction of a new mobile app.
Credem Goes Live With App Based On Temenos Infinity
To speed up its digital banking roadmap, Italian bank Credito Emiliano S.p.A. (Credem) has gone live with a new mobile app based on cloud-native Temenos Infinity from banking technology FinTech Temenos.
Temenos Infinity, which operates on the public cloud, will help Credem build “frictionless,” tailored and safe digital banking services that will help it bring in new clients while also striving to boost long-term customer loyalty. In addition, Temenos Infinity lets the bank make digital experiences by the way of a low-code development platform.
Low-code platforms automate the software creation process, saving time in the development of applications.
“Digital innovation in banking is thriving in Italy, and it’s an important market for Temenos where we have a strong and growing presence,” said David Macdonald, President of Europe, Temenos, in a release. As it stands, more than 650 banks throughout the globe harness Temenos Infinity.
Bank-Linked Cash Flow Management Startup Airbank Lands $3 Million
FinTech Airbank, which connects with a company’s bank accounts to categorize transactions, notched €2.5 million (approximately $3 million) in a seed round.
The firm’s first product is a cash flow management offering for startups in addition to small and medium-sized businesses (SMBs) that provides live analysis of a firm’s cash flow. To that end, Airbank simplifies processes like cash reporting, analysis and forecasting.
“Our vision for Airbank isn’t just to monitor your cash flow — it’s to improve it. We purposely decided to build connectivity to any bank account because we consider it to be the central piece in the puzzle of finance operations,” Airbank wrote in a Medium post announcing its seed funding.
Visa To Purchase Tink For $2.1 Billion
Visa is buying the open banking platform Tink for $2.1 billion. Tink, which is based in Stockholm, offers an open banking platform and application programming interfaces (APIs) that let banks, financial technology firms and retailers build tailored financial offerings. “By bringing together Visa’s network of networks and Tink’s open banking capabilities, we will deliver increased value to European consumers and businesses with tools to make their financial lives more simple, reliable and secure,” said Visa CEO and Chair Alfred Kelly.
Liberty Bank Selects Autobooks’ SMB Platform To Embed In Digital Banking System
Liberty Bank has selected Autobooks’ small business platform to include in its digital banking platform. The bank engaged Autobooks as a third-party solution via the Alkami Platform, which helps financial institutions (FIs) with retail and corporate user onboarding, engagement and account servicing. The executive vice president, general manager and chief digital officer of Liberty Bank, David Mitchell, said that the company is not just competing with megabanks — it is competing with challenger FinTechs as well.
“Innovative partners like Autobooks are essential to thwarting their attacks and keeping our small business customers satisfied. We can quickly and seamlessly add features like industry-leading digital payment acceptance into our banking channels to meet and exceed customer expectations,” Mitchell said. Liberty Bank is “Connecticut’s largest mutual bank,” according to an announcement.
Wells Fargo Signs On To Akoya Data Access Network
Wells Fargo has become a part of the Akoya Data Access Network. To that end, financial technology firms, in addition to data aggregators, now have the ability to ask for API-based access to the bank’s client data for mutual customers by the way of Akoya.
“The addition of Wells Fargo to the Akoya Data Access Network is yet another signal marking the industry’s shift toward safer and more secure API-based data aggregation, especially as new FinTechs offer consumers a wide range of innovative services,” said Akoya CEO Stuart Rubinstein.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More