• Quavo Fraud & Disputes has teamed up with Snowflake.
• The partnership between Quavo and Snowflake will allow Quavo to offer its clients access to more extensive datasets, helping them manage their fraud and disputes processes.
• Since it was founded in 2015, Quavo has helped recover nearly $660 million for 6+ million users

Disputes-as-a-Service company Quavo Fraud & Disputes announced that it has teamed up with data warehouse-as-a-service provider Snowflake this week.

“As Quavo has continued to push the limit of automation in the payment dispute management space, data security and flexibility have become increasingly important,” said Quavo Director of Strategic Partnerships Dana Reiner. “I am excited we have formalized our relationship with Snowflake, as they have proven to be a vital part of our analytics and innovation.”

Quavo will integrate Quavo Fraud & Disputes (QFD) with Snowflake’s platform. QFD is Quavo’s SaaS platform that helps issuing financial institutions resolve fraudulent and disputed transactions. Using the tool, banks can manage the entire flow of the disputes process. By partnering with Snowflake, Quavo will be able to offer its clients access to more extensive datasets, which will help them manage their fraud and disputes processes.

Quavo was founded in 2015 to help financial institutions deal with the rising cost of fraud and payment disputes. Since then, the company has helped recover nearly $660 million for 6+ million users who have suffered financial fraud, merchant issues, and identity theft. Quavo counts KeyBank, Galileo, Green Dot, and others among its clients.

Snowflake launched its data platform in 2012 to help businesses load, integrate, analyze, and share their data, securely and at scale. While the California-based company’s solutions span many different verticals, Snowflake’s financial services use cases include quantitative research and trading, personalized investment planning, financial crime prevention, insurance underwriting tools, and more.

Snowflake’s Head of Banking & Capital Markets James McGeehan made it clear that today’s partnership is just the start of the alliance between the two companies. “We look forward to further collaboration with Quavo in an effort to advance fraud resolution capabilities for financial institutions,” McGeehan said. “Our scalable cloud data platform combined with QFD will help to arm issuers with a robust data solution for the fight against fraud, and help customers to safeguard consumers’ financial well-being.”

Photo by Dominika Gregušová

• Busey Bank has selected CorServ to offer a new credit card program for its commercial clients.
• Busey Bank is giving up its Agent Bank program in favor of CorServ’s Account Issuer Program, in which Busey Bank will directly issue credit cards.
• CorServ has been offering card issuing services since it launched in 2009.

Illinois-based Busey Bank announced today it has selected card issuer CorServ to power a a modern credit card program for its commercial customers.

Busey Bank has switched from its Agent Bank program, in which a third party financial institution issued the cards, selecting CorServ’s Account Issuer Program, in which Busey Bank will directly issue credit cards to its customers through CorServ’s program. The bank anticipates the move will make its card solution more comprehensive and will improve the interchange, benefitting both the bank and its clients.

“Busey Bank uniquely knows the financial situation and banking needs of our commercial customers,” said Busey Bank EVP and Director of Treasury Management Andy Santangelo. “CorServ’s commercial card program provides us with tools for credit decisioning, options for local servicing, and custom rebates which empower Busey Bank to better serve our commercial customers compared to what National card issuers can offer.”

Busey Bank was founded in 1868 and serves retail and commercial customers across its 80 branch locations in Illinois, Missouri, Florida, and Indiana. In addition to its commercial card service offerings, the bank also offers commercial clients business planning and business online banking tools.

CorServ has been offering card issuing services since it launched in 2009. The fintech currently offers a turnkey credit card issuing service, a direct credit card issuing service, and a payment cards-as-a-service API. Leveraging CorServ’s Account Issuer Program, Busey Bank will offer its commercial customers better credit card products, a self-service card management interface, customizable reports that include including Level 2 and 3 transaction data, virtual cards, employee spend controls, and expense reporting.

CorServ has raised a total of $2.1 million, according to Crunchbase. Last month, the company was selected by Scale Bank to enhance its commercial lending. Additionally, a month earlier, Gorham Savings Bank announced plans to utilize CorServ’s technology to improve its commercial credit card program.

“CorServ’s program gives commercial customers a modern approach to banking with more capabilities for a convenient and simple experience,” said CorServ CEO Anil Goyal. “We are thrilled to partner with Busey Bank to contribute to their legacy of associate excellence, customer service, community involvement, and expanding shareholder value.”

Photo by Ketut Subiyanto

• Embedded banking software provider Treasury Prime partnered with digital banking solutions company Narmi.
• Banks in the Treasury Prime network will be able to offer their BaaS clients access to a real-time payment platform via Narmi’s FedNow service.
• Under the agreement, Narmi will act as the service provider for FedNow.

Embedded banking software provider Treasury Prime announced today it has partnered with digital banking solutions company Narmi. As a result of the agreement, Treasury Prime will be able to offer its banking customers the ability to send and receive money through FedNow.

Banks in the Treasury Prime network can offer their BaaS clients a real-time payments platform via Narmi’s FedNow service. Narmi supports all of the FedNow offerings, including the ability to receive funds, send money to linked and external accounts, and request for payment (RFP). By adding real time payment capabilities to their BaaS capabilities, banks can help their fintech clients remain competitive, drive engagement, and increase revenue streams.

“Narmi’s FedNow Service Provider capabilities combined with Treasury Prime’s embedded banking platform creates a unique and powerful offering,” said Treasury Prime Chief Platform Officer Mark Vermeersch. “We are excited to partner with Narmi to streamline the integration of FedNow for our financial institution customers, allowing them to stay at the forefront of real-time payments and fintech services.”

To keep things simple for banks, Narmi will act as the service provider for FedNow, handling complex tasks such as connecting directly to the Federal Reserve, posting transactions to the core banking system, and facilitating compliance and operational requirements.

Founded in 2017, Treasury Prime helps banks become partner banks by building an embedded banking platform. The San Francisco-based company helps its bank clients build and deploy a wide range of financial products, including business bank accounts, payment processing, and lending solutions, all integrated with their existing systems.

New York-based Narmi was founded in 2016 to offer banks the digital banking tools they need to increase profitability, deposits, and accounts. In addition to the company’s FedNow service, it also offers commercial and retail digital banking tools, digital account opening capabilities, analytics, and an administrative portal.

“Narmi and Treasury Prime share a common vision to better serve the needs of small to mid-sized financial institutions,” said Narmi Co-Founder Chris Griffin. “This partnership with Treasury Prime represents a significant leap forward for these banks, opening doors to new revenue streams and enabling them to meet the ever-increasing demand for real-time payment solutions in the modern financial landscape.”

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• Galileo has expanded its BNPL tool to allow banks and fintechs to offer cardholders post-purchase installment payment options.
• The new feature works with firms’ existing debit and credit programs and allows consumers to select up to five historical transactions to move into a BNPL payment plan.
• Galileo’s new offering is similar to U.K.-based Curve’s Flex feature that allows customers to move transactions into a installment repayment plans.

Payment processing platform Galileo announced it is expanding its Buy Now, Pay Later (BNPL) offering. The SoFi-owned company launched an API for its bank and fintech clients that will enable them to offer their cardholders post-purchase installment payment options.

The post-purchase repayment options, which work with firms’ existing debit and credit programs, allow consumers to select up to five historical transactions to move into a BNPL payment plan. Once the customer has selected the purchase or purchases they want to move to a BNPL plan, the bank or fintech presents them an offer, along with the terms of agreement. If the customer accepts the terms, Galileo validates that the transactions are settled and not tied to any existing installment loans, and creates the loan for the total transactions.

The post-purchase BNPL plans work differently for purchases made with a debit card than they do with a credit card. For transactions made with a debit card, the bank or fintech disburses the funds to the customer’s Galileo DDA or an external account. And with credit transactions, the payoff amount is shifted to the customer’s credit card payment due date in the agreed upon installments.

“This new offering bridges the gap between cards and loans and allows banks and fintechs to establish and deepen customer relationships with innovative, flexible financing options for both credit and debit customers,” said Galileo Chief Product Officer David Feuer. “By expanding pay over time opportunities, post-purchase financing is ushering in a new era of responsible lending.”

Galileo expects the new offering will help banks and fintechs differentiate themselves in a crowded marketplace, drive revenue through installment fees, and serve as a jumping off point for firms to enter into the lending space.

This isn’t the first time the fintech world has seen post-purchase BNPL. Curve, a U.K.-based fintech, offers a direct-to-consumer credit card with a feature called Flex that allows customers to select transactions they’ve made in the past year and move them into an installment repayment plan. Curve launched its credit card in the U.S. in 2022, but has since paused new accounts in the region.

Galileo was founded in 2001 as a payment processing platform that allows third party fintechs and businesses to build and scale their own financial services offerings. The company was acquired by SoFi in 2020 in a $1.2 billion deal. Earlier this month, Galileo inked a partnership with The Bancorp Bank to offer real-time payments.

Photo by Kindel Media