Two of the biggest phenomena in fintech worldwide: the rise of open banking and the growth of digital-first (and digital-only) banking, continue to make an impact on fintech as well. One example of that is today’s news that NYMBUS has partnered with PeoplesBank to help the Massachusetts-area financial institution launch its digital-only extension, ZYNLO.
“Only NYMBUS provided us a comprehensive strategy to quickly introduce a new digital-only effort,” PeoplesBank Brian Canina, Chief Financial Officer said. “Backed by and running in parallel to our established institution with 135 years of experience in creating satisfied customers, ZYNLO delivers the ideal combination of digital banking convenience and security that today’s consumers depend on.”
PeoplesBank’s new offering is a no-fee savings account that includes features like Zyng, a round-up savings benefit that rounds up debit card purchases to the nearest dollar and adds the difference to the customer’s ZYNLO account. The company is currently offering a 100% round-up match for the first 100 days, with a 10% match on debit card transactions afterwards. ZYNLO also offers Early PayDay and daily balance and payment alerts, and all deposits are insured via FDIC and DIF.
Today’s news represents an extension of the partnership between the two companies. At the beginning of the year, PeoplesBank announced that it would deploy NYMBUS’ SmartMarketing and SmartOnboarding platform to boost revenue growth and enhance customer engagement. With more than $3 billion in assets under management PeoplesBank is the largest community bank in Western Massachusetts, with 20 banking centers in Massachusetts and Connecticut.
Founded in 1885 and headquartered in Holyoke, Massachusetts, PeoplesBank recently announced that its latest new branch in South Hadley will feature VideoBanker ITMs, a combination of an ATM and a virtual teller that Canina said mitigates the need for drive-up teller windows. The innovation became a necessity when the municipality issued a zoning restriction that required the new branch building to be located closer to the street, making a traditional drive-up window problematic.
Most recently demonstrating its SmartLaunch digital banking solution at FinovateFall last year, NYMBUS has since inked partnerships to deploy the technology with Centier Bank, BankMD, and Pacific National Bank. Over the summer, NYMBUS secured $12 million in growth funding, taking the company’s total capital to more than $45 million. That same month, NYMBUS added Jim Modak as President and Chief Financial Officer.
In September, the company named former Kony DBX DVP and General Manager Jeffery Kendall as CEO. Kendall replaced former CEO and company founder Scott Killoh, who will continue with NYMBUS as executive chairman of the company’s board of directors.
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