CSI Teams With Dragonfly to Expand Digital Banking Offerings

RegTech firm CSI has launched a partnership with treasury management FinTech Dragonfly Financial Technologies.

The collaboration leverages Dragonfly’s Universal Online Banker platform, the companies said in a Thursday (Oct. 26) news release.

This will “enable more than 20 types of automated clearing house (ACH) transactions, positive pay and reverse positive pay services, sweep accounts, and expanded domestic and international wire functionality,” the release said.

According to the release, financial institutions (FIs) gain the flexibility to either adopt CSI’s entire cash management solutions suite or pick individual modules and functionality, letting them customize their offerings “based on specific use cases and customer needs.”

David Culbertson, CEO and president of CSI, said the partnership lets his company provide customers with enterprise-level business banking solutions.

“Institutions requiring greater controller access as well as institutions that need a niche type of cash management solution, will each have the ability to compete and acquire more business accounts,” Culbertson said.

The partnership comes at a time when businesses, particularly small and medium-sized businesses (SMBs) are turning to digital banking solutions as traditional lenders tighten their standards.

“Digital Banking Rises to Meet SMB Needs,” a PYMNTS Intelligence/NCR collaboration. found that 75% of SMBs seeking working capital are the most likely to work with a digital-only bank as their primary financial institute (FI) in this business lending climate.

“The pressure to find the right working capital solution is increasing, with one survey finding that big banks’ approval rate for business loans dipped to just below 15%, a 10-month low,” that report said.

“Alternative lending saw the biggest increase at nearly 2%, meaning small businesses are increasingly looking to FinTechs and digital-first offerings to deal with cost pressures.”

This year has also seen CSI work with Hawk:AI on artificial intelligence (AI)-powered tools to combat financial crimes, in a collaboration that combines Hawk:AI’s anti-money laundering (AML) and fraud prevention technology with CSI’s products.

“Rules and regulations are not necessarily enough to stop fraud and money laundering,” CSI Chief Product Officer Allison Maddock said in a news release. “To avoid human error and employees that spend hours manually monitoring these concerns, all organizations need to consider AI-backed fraud protections and AML support.”