Author: Julie Muhn (@julieschicktanz)

Congrats to the 2024 Finovate Awards Winners!

Congrats to the 2024 Finovate Awards Winners!
By Julie Muhn (@julieschicktanz) Posted on
Categories: Finovate Awards

Today is the day! We are unveiling the 24 winners of the 2024 Finovate Awards. Each winning company, organization, or individual has proved their worth through a rigerous application process, competing with dozens of other highly qualified candidates.

The Finovate Awards honor both established institutions and rising stars that have made significant strides in delivering cutting-edge products and services to the financial sector. Each winner was selected from the a group of finalists that have each demonstrated exceptional contributions to society and developed groundbreaking solutions that have reshaped the fintech landscape.

Without further ado, let’s celebrate the visionaries and innovators who have earned their place in the spotlight as this year’s Finovate Award winners!

Best Alternative Investment SolutionFrec
Best Anti-Fraud/AML SolutionJP Morgan AWM
Best Back-Office/Core Services SolutionMasterCard Cybersecurity
Best Banking as a Service ProviderPathward, N.A.
Best Consumer Lending SolutionProsper
Best Consumer-Facing Payments SolutionTransact Campus
Best Corporate Payments SolutionBILL
Best Customer Experience SolutionMillennium BCP
Best Digital BankRCBC
Best Embedded Finance SolutionQuickFi
Best Enterprise Payments SolutionAPEXX Global
Best Financial Mobile AppIndustrial Bank of Korea
Best Fintech PartnershipAmerican Heritage CU and Datava
Best Generative AI SolutionSocure
Best Insurtech SolutionKakaopay Insurance
Best RegTech SolutionWinnow Solutions
Best SMB/SME Banking SolutionTD Bank
Best Wealth Management SolutionJP Morgan AWM
Excellence in Financial InclusionOmniscient
Excellence in SustainabilityMPOWER Financing
Executive of the YearRoben Dunkin, PGIM
Innovator of the YearKen Moore, MasterCard
Most Impactful AI-Based SolutionBrex
Top Emerging FintechLettuce Financial

Photo by Quan Nguyen on Unsplash

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PayPal Unveils PayPal Everywhere

PayPal Unveils PayPal Everywhere
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, PayPal
  • PayPal enhanced its rewards program to allow consumers to receive 5% cash back on a spending category of their choice.
  • Shoppers can receive up to $1,000 in cash back in their selected category.
  • PayPal also announced that customers can add their PayPal Debit Card to their Apple Wallet.

Payments pioneer PayPal has spent the year working to make it easier for customers to make transactions. Today, the California-based fintech announced it is expanding its rewards program to incentivize customers to choose PayPal at the point-of-sale.

Under the new, enhanced rewards program, consumers choose a monthly category of spending, such as groceries or clothing, that they want to receive 5% cash back on while using their PayPal Debit Mastercard. Shoppers can receive up to $1,000 in cash back in their selected category.

Users can also stack cash back offers. For example, if a DoorDash customer selected restaurant as their monthly category, they will receive the 5% cash back offer for using their PayPal Mastercard and another 10% cash back if they save the deal from DoorDash in the PayPal app. The 15% total rewards would be automatically applied when checking out with PayPal.

“We know that consumers are looking for smart, simple and safe ways to make their everyday purchases while also getting more value out of every transaction. That’s why millions of customers can now enjoy the trust and convenience they love about PayPal everywhere – both in-store and online, with access to rich rewards that put more money back in their pockets,” PayPal President and CEO Alex Chriss. “It’s a pivotal moment for PayPal and its customers and a significant first step as we bring the power of PayPal to everywhere they shop.”

PayPal also unveiled today that customers can add their PayPal Debit Card to their Apple Wallet, which will offer even more options at the point of sale.

“We’re excited to work with PayPal to bring Apple Pay to PayPal Debit Card cardholders and help deliver a seamless shopping experience to even more users,” said Eddy Cue, Senior Vice President of Services at Apple. “Whether in-store, online or in-apps, PayPal debit card cardholders will be able to enjoy the convenience and security that Apple Pay brings to their everyday lives.”

Photo by Nick Fewings on Unsplash

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3forge Lands Funding from Morgan Stanley

3forge Lands Funding from Morgan Stanley
By Julie Muhn (@julieschicktanz) Posted on
Categories: 3forge, Alumni News, Daily news
  • Low code platform 3forge received funding from Morgan Stanley.
  • The amount of the round, which marked 3forge’s first external investment since it was founded in 2011, was undisclosed.
  • 3forge will use the funds to fuel its global go-to-market strategy and expand its development community. 

Low code platform 3forge has landed its first external investment round since it was founded in 2011. Morgan Stanley invested an undisclosed amount in the New York-based company.

3forge, which counts banks, hedge funds, asset managers, exchanges, and sovereign wealth funds among its clients, offers a low-code platform developers can use to build front-end, enterprise applications. The company is able to reduce development time, minimize maintenance costs, offer scalability and ensure uptime because it built its own web server, database, and messaging layer from scratch in-house.

“We are thrilled to close on an investment by Morgan Stanley, a longstanding partner who truly understands the value and performance of 3forge technology,” said 3forge Founder Robert Cooke. “This is an exciting milestone as we continually expand our capabilities to help enhance client workflows and productivity.”

3forge will use the funds to accelerate its global go-to-market strategy and expand its development community. 

3forge is known for its high-performance data visualization and application development platform. The company’s competitors include companies like Appian and OutSystems, which offer similar low-code solutions designed to streamline the development process. 3forge’s platform, however, differentiates itself because of its ability to handle complex data environments, an attribute that makes it a valuable tool for banks with large data volumes.

Low-code/no-code platforms became popular in fintech in the mid-2010s. Today, their use is changing how banks and developers build and deploy applications. That’s because they enable organizations to create custom solutions quickly– without the need for coding skills. This not only speeds up the development cycle, but it also reduces operational costs.

Banks need to make changes to their applications faster and more frequently than ever before, but there is a talent gap of banks that demand strong developer talent and the availability of developers. The promise of a low-code platform can help banks and fintechs adapt to evolving customer demands and regulatory requirements, while limiting the need to hire new developer talent.

Photo by Sven Piper on Unsplash

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Ncontracts Acquires Third Party Risk Management Company Venminder

Ncontracts Acquires Third Party Risk Management Company Venminder
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Mergers & Acquisitions, Ncontracts
  • Ncontracts has acquired Venminder, a third-party risk management SaaS platform, to enhance its governance, risk, and compliance services.
  • The acquisition will broaden Ncontracts’ expertise in third-party risk management and strengthen its position in both SaaS and knowledge-as-a-service markets.
  • Ncontracts also announced that Hg has acquired Venminder’s previous shareholders and Ncontracts’ investor Gryphon.

Risk management and compliance solutions provider Ncontracts made an acquisition today to help broaden its governance, risk, and compliance capabilities. The Tennessee-based company has bought third party risk management program company Venminder.

Financial terms of the deal were not disclosed.

Kentucky-based Venminder offers a SaaS platform for third-party risk management that helps more than 1,200 customers manage their vendor relationships– from onboarding to offboarding. With Venminder, firms can manage vendors, track contract data, perform due diligence and oversight, send and score questionnaires, conduct risk assessments, systemically monitor risks across domains, order due diligence assessments on vendor controls, and more.

Ncontracts anticipates the purchase will offer it more depth and expertise in third-party risk management, and will enhance its position in the software-as-a-service (SaaS) and knowledge-as-a-service (KaaS) space.

“We are excited to join forces with Venminder,” said Michael Berman, Ncontracts Founder and CEO. “With our teams coming together to help reduce risk, improve compliance and control costs, we will continue to strengthen the financial industry and the communities they serve.”

Also this week, Ncontracts, which demoed its technology at FinovateFall 2022, announced that investor Hg bought out prior Venminder shareholders as well as Ncontracts shareholder Gryphon Investors– which acquired Ncontracts in 2020. With its purchase, Hg will bring both resources and expertise.

“With the investment and support from Hg, we are well positioned to continue our rapid growth,” said Berman. “Gryphon has been a valuable partner, and I want to thank their outstanding team of operating partners, operating advisors and investment professionals.”

Third party risk management is a hotter topic than ever in today’s banking and fintech landscape, especially as the number of banks hit with consent orders rises due to regulatory breaches and compliance issues. With the increasing reliance on third-party vendors for technology, payment processing, and other services, the potential for vulnerabilities and risk has grown significantly.

Exacerbating the issue, regulatory bodies are tightening scrutiny on how banks manage their third-party relationships, ensuring that banks maintain strict oversight, due diligence, and risk mitigation strategies to safeguard sensitive data and operational resilience.

Photo by Edmond Dantès

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Experian to Offer Debt Consolidation in Partnership with Paylink Solutions

Experian to Offer Debt Consolidation in Partnership with Paylink Solutions
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Experian
  • Experian has partnered with affordability software and payments company Paylink.
  • Experian will leverage Paylink’s ReFi solution, which will validate and repay consumers’ outstanding debts by consolidating them into a new loan with better terms.
  • ReFi will allow consumers to conduct a financial reset, while offering lenders the assurance that the new loan is affordable.

Data analytics and consumer credit reporting company Experian is broadening its services this week by expanding its debt consolidation offering. The Ireland-based company is leveraging a partnership with affordability software and payments company Paylink, which will help work around affordability restrictions with debt consolidation loans.

Experian reports that the number one reason consumers search for loans on its marketplace is for debt consolidation. However, lenders are unable to directly pay off customers’ debts when they take out a debt consolidation loan. This means that, during the underwriting process, lenders need to double count both the new loan and existing debts. As a result, some consumers are unable to qualify for debt consolidation loans, since the new loan is considered ‘unaffordable.’ This can result in consumers borrowing from an unlicensed lender, loan shark, or friends and family.

“The benefit of this partnership is twofold, as the ReFi solution offers a valuable tool for lenders to expand their offerings and reach a broader customer base that may have originally been overlooked,” said Experian Consumer Services Managing Director Eduardo Castro.

In today’s partnership, Experian aims to promote financial inclusion and improve access to credit using Paylink’s ReFi tool. ReFi validates and repays consumers’ outstanding debts by consolidating them into a new loan with better terms. After validating a consumer’s card, loan, and overdraft accounts, ReFi confirms balances and settlement amounts, pays creditors, and offers evidence that the accounts are closed.

“ReFi enables a financial ‘reset,’ potentially leading to significant savings and quicker debt repayment,” said Paylink CEO Jake Ranson. “It also provides lenders with assurance that the new loan is affordable and will be used to clear previous debts, helping customers achieve their financial goals. With unparalleled access to data, analytics and market insight, Experian is singularly placed to help ReFi reach thousands more people seeking to realize the opportunities access to reasonably priced credit brings.”

Experian and Paylink are not alone in trying to help consumers struggling with debt. There are a handful of other players in fintech seeking to help consumers solve their debt burdens. Finovate alums Peach, Payitoff, and Debbie, which demoed their technologies at FinovateFall last year, each bring a fresh approach to debt management and payoff. These platforms are not just about numbers; they aim to empower consumers with tools that simplify debt repayment, offering tailored strategies to help users regain financial stability.

Photo by Monstera Production

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Community Bank & Trust Leverages ValidiFI to Verify Bank Account Information

Community Bank & Trust Leverages ValidiFI to Verify Bank Account Information
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, ValidiFI
  • Community Bank & Trust selected ValidiFI to help verify bank account ownership and possession for prospective borrowers.
  • Community Bank & Trust will leverage ValidiFI’s vAuth to verify bank account status and account ownership and possession for its Tax Refund Advance loan program.
  • ValidiFI was acquired by alternative bank and payment data firm Ribbit last June.

Risk mitigation and compliance solution provider ValidiFI announced this week that Community Bank & Trust selected its technology to help verify bank account ownership and possession for potential borrowers.

Community Bank & Trust will leverage ValidiFI’s vAuth to verify bank account status and account ownership and possession for its Tax Refund Advance loan program. Using vAuth will allow Community Bank & Trust to make real-time, accurate approval decisions. The bank will also have more visibility into scams from fraudulent bank accounts, and will ultimately allow Community Bank & Trust to meet customer lending needs quickly.

“Partnering with ValidiFI and implementing their vAuth technology is a natural progression in enhancing our Tax Refund Advance loan program,” said Community Bank & Trust President & CEO Steve Jefferies. “This collaboration allows us to verify account ownership and possession with unparalleled accuracy and speed, ensuring our customers can access their funds quickly and securely while we mitigate the risks associated with fraudulent accounts.”

ValidiFI was founded in 2014 to offer predictive bank account and payment intelligence. The Florida-based company leverages workflow automation company Omni Platform to offer organizations and financial institutions actionable insights. ValidiFI analyzes connections between bank accounts, consumers, and payment performance to help validate bank accounts, detect fraud, and assess credit risk.

“We are excited to be able to help Community Bank & Trust ensure applicants have current authorized access to an account leveraging our real-time microdeposit solution,” said ValidiFI CEO Greg Rable. “This cutting-edge technology enhances the accuracy and security of the verification process, helping to ensure that every applicant is properly validated.”

ValidiFI was acquired by alternative bank and payment data firm Ribbit last June. Greg Rable is CEO.

Photo by Monstera Production

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PayPal and Fiserv Tighten Ties for Faster Checkout

PayPal and Fiserv Tighten Ties for Faster Checkout
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Fiserv, PayPal
  • Fiserv is tapping PayPal to help its merchant clients offer faster checkouts through PayPal’s Fastlane.
  • Fastlane recognizes returning customers via email, allowing them to autofill payment details and complete purchases in as little as one click.
  • PayPal estimates Fastlane users convert more than 80% of the time, with a 50% higher conversion rate and a 32% faster checkout process compared to non-users.

After first partnering more than a decade ago, PayPal and Fiserv have furthered their partnership to help Fiserv’s merchant clients leverage PayPal to offer shoppers a faster checkout experience.

Specificaly, Fiserv will allow its merchant clients to connect to PayPal’s Fastlane, which will ultimately help speed up guest checkout flows in the U.S. Fiserv joins BigCommerce, Bold, Adobe, and Salesforce, which also offer PayPal’s Fastlane.

“We’re excited to deepen our collaboration with Fiserv and extend our innovative products and solutions to a broader audience,” said PayPal Executive Vice President and General Manager Large Enterprise and Merchant Platform Group Frank Keller. “This partnership reinforces our commitment to driving excellence in checkout convenience by partnering with leading payment service providers and e-commerce platforms.”

Fastlane, which PayPal first launched in January and then made generally available earlier this month, recognizes customers early in the checkout process by their email. After customers receive a one-time passcode sent via email, Fastlane allows shoppers to access their saved information by autofilling the fields in the checkout flow. Once verified, customers can complete their purchase in as little as one click. If Fastlane does not recognize a shopper by their email, it allows them to create a Fastlane profile by opting in during their purchase process, enabling faster transactions in the future.

Because the tool does not require users to fill out forms or remember passwords, PayPal estimates that guest shoppers using Fastlane convert more than 80% of the time, have up to 50% higher conversion rates compared to non-Fastlane users, and reduce the time to checkout by 32%.

“Fiserv is committed to simplifying the complexities of commerce, creating value for our clients by making it simple for businesses to enable new, engaging experiences for their customer base,” said Fiserv Head of Merchant Solutions Jennifer LaClair. “Our expanded partnership with PayPal supports our mission to enhance client value by providing simple, cutting-edge solutions to our clients that elevate and accelerate the commerce experience.”

Photo by David Rado

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Practical AI Applications in Banking and Finance

Practical AI Applications in Banking and Finance
By Julie Muhn (@julieschicktanz) Posted on
Categories: Streamly

In today’s Streamly Snapshot, we’re bringing you two conversations that offer a view into real-life AI use cases in the financial services space. While it is seemingly impossible to do business without running into a discussion on AI, separating what is hype from what is practical and useful can be difficult. And because AI development is rapidly and constantly changing, leaders have an even bigger challenge when using AI to get ahead.

Today, we’re featuring two conversations from experts in both AI and fintech who offer their perspectives on how firms can apply AI in practical use cases.

First, Sarah Hinkfuss, Partner at Bain Capital Ventures, talks about how banks are currently leveraging AI to solve actual problems, offers examples on how AI is improving the customer journey, looks at how firms can ensure transparency when implementing AI, addresses misconceptions around AI, and discusses how to navigate the challenges around using AI.

Next up, Vivian Yeung, Executive Vice President, Chief Digital & Technology Officer at Fremont Bank, examined what AI in action looks like. Yeung offered examples on how AI is being used to improve the customer experience across different industries and how financial services are being used to personalize the customer experience. She also takes a look into the future of the customer experience and considers the ethical implications of AI implementation.

For more of these types of insightful videos, check out Streamly.com.

Photo by Wallace Chuck

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Shift4 to Acquire Gift Card and Loyalty Company Givex

Shift4 to Acquire Gift Card and Loyalty Company Givex
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Mergers & Acquisitions
  • Shift4 is acquiring gift card and loyalty solutions Givex for an undisclosed amount.
  • The deal will expand Shift4’s client base by 130,000+ locations across 100+ countries.
  • The acquisition is expected to close in Q4 2024, and follows Shift4’s recent acquisitions of Revel Systems and Vectron Systems.

Payments processing technology company Shift4 announced plans to acquire gift card and loyalty solutions company Givex. Financial terms of the deal were undisclosed.

Givex was founded in 1999 to help businesses launch and manage gift card and e-gift solutions, loyalty programs, point-of-sale (POS) systems, and more. The company’s clients include Nike, Marriott, 7/11, Wendy’s, Best Western, Texas Roadhouse, and others.

Founded in 1994, Shift4 offers a range of in-person and online payments solutions, including physical point-of-sale, mobile ordering, and contactless payment solutions. The Pennsylvania-based company also offers fraud prevention and business intelligence tools, as well as a gift card platform to help clients manage, sell, and redeem gift cards. “By combining Shift4’s end-to-end payment solution with our value-added engagement services, we can deliver an unparalleled package to both of our customer bases,” said Givex CEO Don Gray.

Once it is finalized, today’s deal will offer Shift4 an additional 130,000+ client locations across more than 100 countries where Givex’s solutions are implemented.

“Givex has a considerable footprint around the world which will dramatically increase Shift4’s overall customer base,” said Shift4 President Taylor Lauber. “At the same time, their gift card and loyalty solutions are second to none and will add significant value for our current customers, creating stickier relationships and enhancing our overall value proposition. Similar to other deals we have recently completed, this acquisition aligns perfectly with how we like to deploy capital – adding blue-chip merchants at a low customer acquisition cost while delivering additional benefits to our customer base.”

As the -as-a-service economy in fintech picks up, companies have been increasingly integrating digital gift cards into their existing apps apps, making them more accessible and easier to manage. The rise of e-gift cards has also been fueled by the post-2020 increase in online shopping, with consumers opting for digital solutions that can be easily redeemed at a wide range of retailers, both online and in-store. Financial services platforms also leverage gift cards to promote customer engagement with personalized rewards and loyalty programs that drive consumer spending.

Moving forward, as firms continue to leverage consumer data we will likely see further data-driven marketing and personalization efforts that will allow companies to tailor gift card offerings to consumer preferences and enhance the user experience.

The deal, which is subject to closing conditions, is expected to be completed in the fourth quarter of this year.

Shift4 has made a total of 14 acquisitions, including Revel Systems and Vectron Systems earlier this summer. The company went public in 2020 under the ticker symbol FOUR on the New York Stock Exchange and has a current market capitalization of $7 billion.

Photo by Suzy Hazelwood

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Visa and Revolut to Offer Real Time Cross-Border Transactions

Visa and Revolut to Offer Real Time Cross-Border Transactions
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Alumni profile, Revolut, VISA

Financial services giant Visa and Revolut have teamed up to offer real-time cross-border transactions for Revolut’s business customers.

Specifically, Visa’s Visa Direct will enable Revolut’s business customers to initiate instant card transfers. Visa launched Visa Direct in 2011 to serve as a real-time payments platform that enables both retail and commercial customers to send money across the globe to cards, bank accounts, and other end points. Customers can use Visa Direct to send person-to-person payments, business payouts, and cross-border remittances.

“We’re delighted that Visa Direct’s global reach, security, and reliability will enable Revolut’s business customers to move money worldwide with speed and confidence,” said Visa Senior Vice President, Global Clients Mark Jamison. “This step deepens our collaboration with Revolut to continue their impressive track record of growth and product differentiation.”

By leveraging Visa Direct, Revolut can now allow its commercial clients to send money across international borders in real time. With only their card number, business customers can send funds to payees in 78+ countries and in more than 50 currencies in 30 minutes or less.

“We’re excited to launch Instant Card Transfers in the U.K. and E.E.A., providing businesses with a simple, instant, and secure way to pay employees, contractors, and customers globally by supporting major card schemes,” said Revolut Business General Manager James Gibson.

Originally founded in 2015, Revolut launched its Revolut Business product in July 2017. Today, the commercial banking platform offers businesses a range of financial tools and solutions, including multi-currency accounts, payment processing, treasury management, and expense management aimed at helping businesses manage their finances more efficiently on a global scale.

U.K.-based Revolut has had a summer full of milestones. In July, the fintech earned its banking license from the U.K. Prudential Regulation Authority after first applying for the license in 2021. Then, earlier this month, Revolut signed agreements with investors to provide liquidity to its employees through a secondary share sale that valued the company at $45 billion.

Photo by Nothing Ahead

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Spend Management Platform Coupa Unveils a Slew of New Features

Spend Management Platform Coupa Unveils a Slew of New Features
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • Coupa announced a handful of AI-powered product enhancements this week.
  • The updates will help Coupa clients leverage their data to simplify workflows, save time, and improve collaboration.
  • The updates will go live next month for select Coupa clients.

Spend management platform Coupa announced its new product enhancements this week. The California-based company recently unveiled more than a dozen innovations that it says will help companies create efficiencies, improve productivity, and free up their employees to work on more important tasks.

Coupa was founded in 2006 to offer businesses spend management solutions that help them view and control their indirect spending. Some of the company’s business spend management tools include e-invoicing, travel and expense management, spend analysis, treasury management, and more. Since launch, Coupa has created an AI-driven platform that helps businesses leverage their data by extracting insights, simplifying workflows, and improving collaboration without requiring new code or change management. 

“Our goal to be a margin multiplier for every business large and small worldwide requires a relentless focus on co-innovation with our customers. As market dynamics continue to shift and operating capital becomes more limited, companies are searching for more ways to drive profitable, sustainable growth. Coupa’s leading total spend management platform underpinned by our community-generated AI gives customers predictive insights, prescriptive decisions, and automated actions needed to drive smarter and more profitable decisions,” said Fang Chang, Chief Product Officer, Coupa. “By replacing archaic processes with Coupa’s AI-driven solutions, businesses will run more efficiently, grow more effectively, and operate more confidently.”

The four major enhancements the company unveiled include:

  • Coupa Navi, which aims to increase productivity by helping customers find document status and approvals faster, accelerate requests, and access Navi’s knowledge base for instant answers to questions.
  • Contract Intelligence, which provides customers with risk-informed clause recommendations that can help reduce exposure to potential issues. The tool also offers generative AI-generated legal agreement summaries.
  • The Coupa Advantage Marketplace, which offers businesses quick access to goods from a range of suppliers. Coupa’s marketplace offers pre-negotiated rates and financial benefits and helps teams identify savings opportunities and improve visibility into their spending.
  • Service Maestro helps customers create, view, and manage contingent worker records and assignments.

The updates will be available to select customers starting in September.

“Our September release, and each of our product releases, drives the Coupa platform forward so our customers can reach their ambitious goals,” said Chang. “We continue to invest in new and powerful AI use cases, which gives our customers a disproportionate advantage to achieving top-line growth and bottom-line performance gains.”

Coupa went public in 2016 and was acquired by Thoma Bravo for $8 billion in 2022. Earlier this month, Coupa partnered with communications platform RingCentral, which deployed Coupa to improve its spend and business operations. 

Photo by Nataliya Vaitkevich

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Apiture to Power Commercial Digital Banking for FORUM Credit Union

Apiture to Power Commercial Digital Banking for FORUM Credit Union
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Apiture, Daily news
  • FORUM Credit Union has selected Apiture’s Business Banking solution to enhance its commercial digital banking experience.
  • FORUM Credit Union anticipates the move will expand its commercial member base.
  • “The comprehensive functionality available in Apiture’s Business Banking solution coupled with the company’s commitment to innovation made Apiture the right choice for our members and employees,” said FORUM Credit Union Chief Technology and Risk Officer Cameron Piercefield.

Digital banking solutions provider Apiture announced today that FORUM Credit Union will use the fintech’s digital banking capabilities to power its commercial digital banking suite.

FORUM, a $2.1 billion, not-for-profit cooperative based in central Indiana, selected Apiture’s Business Banking solution to enhance the online and mobile banking experience for its commercial members. The credit union is also hoping to expand its commercial member base. FORUM was interested in Apiture’s ability to create a customized tool that integrates with its existing retail banking solution.

“As a member-owned organization with the mission of ‘helping members live their financial dreams,’ FORUM is committed to providing technology solutions that optimize our members’ banking experience,” said FORUM Credit Union Chief Technology and Risk Officer Cameron Piercefield. “The comprehensive functionality available in Apiture’s Business Banking solution coupled with the company’s commitment to innovation made Apiture the right choice for our members and employees.”

Apiture was founded in 2017 to help credit unions compete with larger banks and credit unions when it comes to digital banking experiences. The company’s solutions, which work with more than 40 cores, offer both consumer and commercial banking experiences, along with account opening, embedded banking, and data intelligence tools. Powering these capabilities are Apiture’s network of more than 200 pre-vetted fintech partners, including Glia, Deluxe, MX, Mambu, and DefenseStorm.

“We are proud to partner with FORUM Credit Union to support its growth objectives and drive member satisfaction,” said Apiture CEO Chris Babcock. “With integrations to more than 200 best-of-breed fintech partners and an API-first approach that enables rapid innovation, our Business Banking solution will empower FORUM to deliver a fully featured banking experience that supports businesses of all sizes.”

Headquartered in Wilmington, North Carolina, Apiture also has offices in Austin, Texas. The fintech has raised $69 million from investors including T. Rowe Price, Live Oak Bank, and others.

Photo by Alesia Kazantceva on Unsplash

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