Banking App Nerve Broadens Reach Across Creator Economy With Embedded Banking

Banking app Nerve on Wednesday (Feb. 23) unveiled public application programming interfaces (APIs) that will broaden its reach beyond music creators to the entire creator economy and allow users to make instant, low-cost payouts.

Platforms and service providers who make payouts, advances or royalty splits can reduce their transaction fees using Nerve’s public API and give their customers instant access to their funds, while giving free digital banking services for the creators’ businesses.

There are more than 50 million creator-based businesses encompassing musicians, authors, entertainers, filmmakers, makers, podcasters, social media content creators and songwriters, among others. Nerve offers them a free business banking account with a paperless account signup that can be embedded inside of any app or website.

“For too long, creators have been underbanked and overcharged,” said John Waupsh, co-founder of Nerve, in the company announcement. “Every creator deserves financial dignity, and we believe that this begins with a business checking account and collaboration tools that meet their everyday needs.

“They are businesses and should be afforded those same benefits. Companies that pay creators deserve the best, fastest, and least expensive way to pay those they serve, and our APIs open up win-win options for all in the ecosystem. Companies providing distribution, licensing, advances, credit, marketplace or other services are now able to use Nerve’s APIs to deliver instant, lower-cost payouts to creators,” he said.

Related: Credit Unions Partner With FinTechs to Compete Like One

Elsewhere in the digital banking world, credit unions (CUs) face the dual challenge of finding ways to offer the latest digital banking tools to their members and offering something extra that differentiates them from neobanks and larger, traditional financial institutions.

FinTech partnerships help CUs offer the latest in online and mobile banking experiences while enabling them to focus on delivering the personalized service and community connection.

In the February 2022 edition of its Credit Union Tracker®, PYMNTS examines how FinTech partnerships can help CUs beat the competition and keep their members satisfied.