PYMNTS-MonitorEdge-May-2024

Bank-FinTech Tie-Ups Target Businesses’ Working Capital Management

Digital Banking

With smaller banks embracing the FinTech collaboration model, financial institutions (FIs) are looking toward new partners to enhance the business banking experience. This week’s roundup of the latest teammates finds a focus on working capital improvement for businesses, from trade finance to commercial cards.

Synctera Secures Funding To Fuel Bank-FinTech Collaborations

Embracing FinTech collaboration can present financial institutions with many competitive advantages, and smaller FIs like community banks want in on the action. But discovering the right partners, facilitating due diligence, mitigating risk and managing an ongoing relationship can be resource-intensive tasks. One startup, Synctera, recently secured $33 million in funding to help community banks more securely and efficiently strike and manage FinTech collaborations. Fin VC led the Series A round, reports said, with investors backing the company’s online marketplace for banks and FinTechs to match up.

Wipro, Finastra Team On Corporate Banking

With a focus on corporate banking across the Asia Pacific (APAC) region, IT company Wipro revealed a partnership with Finastra to help banks elevate their digital offerings to business clients. Wipro will integrate Finastra’s trade finance and cash management technology for FIs looking to keep pace with intensifying corporate customer demands. Finastra pointed to its own market research that revealed a growing requirement among business clients for real-time capabilities, access to online solutions and more value-added products.

Tyfone Adds Allied Payments Tech To FI Offering

Tyfone, which connects financial institutions to digital banking technology, is ramping up its offering for FI partners with its own collaboration with Allied Payment Network. With a focus on small business as well as consumer payments, Tyfone has integrated Allied real-time digital payments technology into its digital banking platform, allowing bank customers to make real-time payments within the FI’s online or mobile banking portals. In a statement, Allied Founder and CEO Ralph Marcuccilli said the partnership aims to provide a better end-user experience with real-time payment functionality.

Ujjivan SFB Chooses Progcap For Trade Finance

While Wipro and Finastra collaborate on bringing trade finance tech for banks, India’s Ujjivan Small Finance Bank (Ujjivan SFB) announced its own trade finance FinTech partnership with Progcap. Reports said Progcap can facilitate end-to-end invoice financing for the bank and its corporate customers, targeting micro, small and medium-sized businesses in need of working capital. Their tie-up marks the addition of supply chain finance to the bank’s lending unit, reports noted, adding that the FinTech can support lead generation and underwriting, through to document management and repayment workflows.

Bank Of Clarke County Ties Up With Corserv

With investors backing Syncerta’s efforts to connect smaller FIs to FinTech partners, Bank of Clarke County proves that regional banks are eager to embrace FinTech collaborations. The financial institution recently revealed a partnership with Corserv to revamp its commercial card offerings. Bank of Clarke County, which is based in Virginia and has $1.1 billion in assets, is integrating Corserv’s card program with support for virtual cards, ePayables and connected expense management for business clients.

PYMNTS-MonitorEdge-May-2024