PYMNTS MonitorEdge May 2024

Greenlight and Apiture Team up to Provide Family Banking Solutions

Greenlight, Apiture Team up for Family Banking Solutions

Apiture, a provider of digital banking solutions for banks and credit unions, has joined forces with family FinTech company Greenlight Financial Technology to make family banking available to financial institutions through the Greenlight for Banks program.

The collaboration seeks to equip banks and credit unions with a suite of family banking tools, addressing the need for improved financial literacy among the younger generation, the companies said in a Thursday (Sept. 14) press release.

“Community and regional financial institutions are eager to help families develop healthy financial habits that last a lifetime,” Apiture CEO Chris Babcock said in the release.

Ninety-three percent of parents said financial institutions should offer financial literacy education for their children, but only 16% of parents reported that their current institution provides such services, according to the release.

To help meet this need, Greenlight offers a debit card and app designed to teach kids and teens about earning, saving, giving and spending responsibly, all under the watchful eye of their parents, the release said.

The company’s app lets parents send money instantly, automate allowance payments, manage chores, set spending controls and receive real-time transaction notifications, per the release. Additionally, children gain practical experience in money management and have access to Greenlight Level Up, an in-app financial literacy game featuring a curriculum, educational challenges and rewards.

Recognizing that many banks and credit unions lack the resources to offer a compelling digital banking experience for young individuals, Apiture aims to bridge the gap, becoming the first digital banking provider to offer the Greenlight for Banks solution, according to the release.

Through the partnership, Apiture’s more than 300 financial institution clients can provide their customers with Greenlight’s family banking tools at no cost, the release said.

PYMNTS Intelligence found that younger generations have a lack of financial literacy compared to their older peers because of lower spending power, unfamiliarity with in-branch banking and their coming of age during a global health catastrophe.

In the absence of real-world experience, they are coming to rely on digital banking tools to educate themselves about financial matters, according to the “Digital-First Banking Tracker,” a PYMNTS and NCR collaboration.