From helping banks service legal marijuana firms to connecting financial institutions (FIs) to tech that streamlines business account opening, the latest bank-FinTech pairings target a range of use cases for corporate financial services. Collaborations aren’t just for the largest banks, either, this week’s roundup reveals.
Abrigo Eases Commercial Account Opening
Through a collaboration with workflow management technology provider ProcessMaker, Abrigo is rolling out its Commercial Account Opening solution for community financial institutions. Integrated with account opening and treasury services, the product allows FIs to onboard their commercial clients and open accounts in 10 minutes or less. Abrigo pointed to challenges related to back-office workflows and paperwork that can make the account opening process burdensome and hamper customer acquisition.
Sensibill Collabs With AbbyBank For SMB Expense Management
Sensibill is integrating its spend management technology into AbbyBank for its small business clients, the companies announced in a recent press release. Specifically, AbbyBank is connecting its consumer and SMB customers to Sensibill’s receipt management solution, which can be applied in a variety of use cases, including by gig workers or small businesses for tax and spend management purposes. “This is a time when financial institutions like AbbyBank, which have strong relationships with their customers, can continue to make a huge impact in their financial lives by providing user-friendly tools to conveniently manage finances,” said Corey Gross, Co-founder and CEO of Sensibill.
Spence Labs Pairs For Cannabis Banking
Spence Labs recently announced a partnership with Shield Compliance to launch a solution for FIs looking to service the legal cannabis market. With support for onboarding, underwriting, payments and access to key data about cannabis clients, the tool aims to open up a new revenue stream for FIs with a compliance-first approach. “We believe compliance-first processes are the only way to bring transparency, trust and reliability to cannabis banking and payments,” said Chris Rentner, co-founder and chief executive officer of Spence Labs.
Pelican Boosts Bank Of Montreal’s Payments Infrastructure
Bank of Montreal (BMO) has gone live with payments technology by Pelican, allowing BMO to offer its clients straight-through processing (STP) capabilities that can accelerate transaction speeds. In their announcement, the firms revealed that the collaboration is part of the bank’s broader modernization efforts. “Pelican has delivered a comprehensive, intelligent and cost-effective payment enrichment solution that will improve the STP rate, resulting in a reduction of overall manual repairs and a decrease in operational costs,” said Derek Vernon, head of enterprise payments modernization for BMO Financial Group.
KyckGlobal Modernizes Treasury For Avidia Bank
Avidia Bank, a community bank based in Texas, has tapped KyckGlobal to enhance its treasury management offerings for its business clients, the firms recently announced. KyckGlobal is integrating its API-first technology to facilitate a range of services, including payments, commercial credit and Banking-as-a-Service, for corporates. “Global adoption of digital payment flavors has skyrocketed, and agile businesses will meet consumer expectations in this regard,” said Robert Conery, COO and EVP of Avidia Bank.
Cape Secures Grant To Drive Open Banking For Businesses
With an eye on corporate financial services, corporate card FinTech startup Cape has reportedly secured a government grant aimed at helping the firm fuel the adoption of open banking to support the development of business finance solutions. Based in Australia, Cape offers automated accounting and spend management solutions; open banking, it said, can help organizations access working capital to support growth. “The grant shows how invested the government is in developing the local economy and continuing New South Wales’ reputation as an active FinTech hub,” said Ryan Edwards-Pritchard, CEO of Cape.
CheckAlt Eases mRDC Access To Banks’ FinTech Clients
As more FIs look to offer their FinTech partners a wider range of services, CheckAlt is reportedly teaming up to help those banks streamline access to mobile remote deposit capture (mRDC) technology. In an announcement, CheckAlt said it is working with Synctera to connect community banks to mRDC technology to offer their own FinTech customers. “Simply put: Community banks want to offer more to their FinTech partners,” said CheckAlt Co-Chairman and CEO Shai Stern in the release.