Payments Processor i2c, App Developer Swell Team to Create Integrated Financial Platform

I2c, which provides digital payment and banking technology, announced a strategic relationship Wednesday (Feb. 23) with Swell Financial, which works in automatic spending control and other such things.

“i2c and Swell believe in the power of technology to accelerate financial inclusion, and this is a big step toward providing equal access to financial products for customers of all types,” i2c President Jim McCarthy said in the release. “We’re thrilled to be leveraging our agile platform to enable Swell as they reimagine financial services with a customer-first mindset.”

Per the release, a survey from Swell found that 99% of respondents didn’t think traditional banks were good to make smart financial moves to cut debt or make better investments. Additionally, 94% trusted financial advice from social media rather than their banks.

Swell’s Shoreline application programming interface (API) infrastructure, built on i2c’s global platform, will allow for tight integration and instant funds transfer between deposit accounts, credit and other financial products.

I2c will also power Swell’s debit and credit products, letting customers move money easily.

“I’ve been in financial services for my entire career and saw a troubling pattern of banks providing great services to wealthy customers only,” said Kevin Dahlstrom, founder and CEO of Swell. “With i2c’s global expertise, we can now help what I call ‘the other 95%’ to make the same smart ‘Money Moves’ as the wealthy.”

PYMNTS wrote that i2c also recently partnered with FinTech KARTY to roll out a digital mobile wallet for customers in Qatar, where KARTY is located.

Read more: i2C, Qatar’s KARTY Form Digital Wallet Partnership

The companies said the cards would be Visa-backed and would come with instant, cashless peer-to-peer (P2P) transaction capabilities.

The release noted that the wallet will come with data-backed financial management tools, letting users budget better and get more transparency into their spending habits on things like groceries, transportation and healthcare.