Digital Banking
Bankjoy | September 13, 2023
Bankjoy, a prominent provider of digital banking services, has officially announced its collaboration with Panacea Financial, a specialized digital financial services firm tailored to medical professionals' banking requirements. With this collaboration, Panacea Financial will enhance the capabilities of its growing clientele, which includes dentists, physicians, and veterinarians, by integrating Bankjoy's advanced digital banking solutions.
Tyler Stafford, CFA, CEO and Co-Founder of Panacea Financial, expressed that physicians, whether during their education, training, or active practice, contend with unique financial challenges. The core mission of Panacea Financial is to alleviate the financial stress experienced by doctors, dentists, and veterinarians while managing their finances, and their partnership with Bankjoy is a pivotal component in achieving this goal.
Bankjoy's digital platform will enable Panacea's clients to easily manage their personal and practice finances anytime, anywhere. This partnership offers tailored financial support throughout their careers, from education to professional practice. Bankjoy's integration with Panacea's core system via Fiserv Communicator's open, user-friendly interface and ability to integrate with various banking platforms make it an excellent fit for neobanks like Panacea.
Michael Duncan, CEO of Bankjoy, highlighted the robust growth in the neobank sector, with transactions expected to hit $4.74 trillion in 2023 and a projected customer base of nearly 377 million by 2027. Panacea Financial is focused on a critical market sector, serving the unique financial needs of healthcare professionals. Bankjoy is proud to partner with them, offering digital banking technology to empower clients to manage their finances and focus on their vital patient care responsibilities.
Panacea operates on a national scale as a digital neobank, offering specialized banking services tailored to the distinct requirements of healthcare practitioners. It functions as a subsidiary of Primis, a publicly traded financial institution chartered by the state and affiliated with the FDIC, ranking among the largest banks in Virginia.
About Bankjoy
Bankjoy, headquartered in Detroit, is a FinTech firm that specializes in providing state-of-the-art banking technology, encompassing mobile banking, online banking, and a banking API, catering to financial institutions of varying sizes, from central banks to credit unions. The company prioritizes crafting aesthetically pleasing products with advanced functionalities, intuitive navigation, a contemporary aesthetic, and world-class user experiences, all meticulously designed through extensive user feedback and interaction.
About Panacea Financial
Panacea Financial, a subsidiary of Primis Financial Corp., operates as a comprehensive financial services firm serving clients in every U.S. state, including Washington, D.C. Panacea specializes in delivering an extensive range of banking solutions designed to cater exclusively to the unique financial needs of medical professionals, an initiative conceived and developed by individuals with medical expertise themselves.
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Payments
Mastercard | September 15, 2023
The Open Payment Network streamlines global SME transactions, ensuring prompt and secure payment processing at every stage.
Despite digital payment growth, SMEs still face transparency and predictability challenges in cross-border transactions, as per Mastercard's 2022 Borderless Payments report.
As per the report, 39% of SMEs cited sluggish cross-border payments as hampering supply chains, with 25% reporting supplier refusals due to payment timing uncertainties.
Mastercard and Paysend have formally solidified their ongoing partnership, marking a significant milestone in their shared commitment to enhancing the efficiency and effectiveness of cross-border payment services explicitly tailored to the needs of small and medium-sized enterprises (SMEs). This renewed collaboration underscores their dedication to addressing the intricate challenges faced by SMEs engaged in global trade, aiming to provide innovative solutions that facilitate seamless international financial transactions, foster business growth, and bolster economic resilience for these vital enterprises.
This initiative, referred to as the 'Open Payment Network,' directly responds to the increasing need from SMEs for reliable and secure solutions that can facilitate prompt international fund transfers and vendor payments. It will manage the entire payment process, from inception to finalization, facilitating instantaneous fund transfers through established connections with local network affiliates and real-time payment systems.
Mark Barnett, President of Mastercard Europe, expressed enthusiasm about strengthening the collaboration with Paysend to enable SMEs to conduct instant transactions globally, regardless of time or location. He emphasizes Mastercard's steadfast commitment to fostering the advancement and success of SMEs in the digital economy.
Abdul Abdulkerimov, Co-Founder and Chairman, Paysend remarked,
With a shared vision to provide innovative financial products and solutions to our customers, Mastercard has been a key partner to us on our journey to improve the efficiency of the financial system and make cross-border payments safe, fast and convenient.
[Source: Cision PR Newswire]
Furthermore, Paysend has become a Mastercard Send Partner Program member, designed to assist fintech companies, acquirers, processors, and platforms in providing nearly real-time digital payments to their clientele. The company will leverage Mastercard's extensive network to establish additional channels for person-to-person transactions connecting Europe with other regions worldwide. This initiative is an essential component of Mastercard's objective to facilitate an all-encompassing digital economy that yields advantages for individuals across the globe.
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Core Banking
Sagent | September 18, 2023
Sagent, a prominent fintech software company specializing in modernizing mortgage servicing for banks and lenders, has announced an extension of its partnership with The Central Trust Bank (Central Bank). Backed by Warburg Pincus, Sagent's mission is to facilitate the transformation of mortgage servicing operations through scalable fintech solutions. This six-year extension signifies their commitment to empowering the Central Bank with cutting-edge technology, ensuring efficient operations, enhancing the customer experience, and addressing the ever-evolving demands of the mortgage industry.
Central Bank's decision to extend its partnership with Sagent underscores the value of Sagent's cloud-based LoanServ system. This system is the cornerstone of Central Bank's mortgage servicing operations, offering agile and highly configurable technology that automates intricate, high-volume tasks and workflows. By leveraging Sagent's fintech solutions, Central Bank aims to deliver an exceptional customer experience while remaining adaptable to the dynamic landscape of customer needs and regulatory requirements. This extension solidifies the role of technology in driving Central Bank's growth and competitiveness within the mortgage servicing sector.
Steve Komaromi, COO of Loan Servicing at Central Bank, commented,
Central Bank remains committed to its strong community roots while embracing growth opportunities through partnerships with industry leaders like Sagent to power ultra-personalized, full-service banking that helps us engage, care for, and retain our customers through every step of the homeownership journey.
[Source –Business Wire]
Central Bank's mortgage servicing technology from Sagent improved operational efficiency, kept them at the forefront of fintech innovation and met customers' expectations for a mobile-friendly banking experience. Steve also expressed Central Bank's enthusiasm for this extended partnership, highlighting the opportunity to expand their servicing customer base and accelerate innovation to serve their customers better.
Central Bank, rooted in community-first principles since its inception in 1902, has left an indelible mark across over 140 locations in the Midwest. With a century of service-driven banking, it has consistently earned accolades such as 'Best Customer Service Bank' by Newsweek and recognition in Forbes' prestigious list of 'America's Best Banks.' Sagent has over $2 trillion in outstanding mortgage balances on its platforms and is the only enterprise, default, and consumer mortgage servicing platform synchronized with real-time data in the industry.
About Sagent
Sagent is the driving force behind America's foremost bank and nonbank lenders, revolutionizing the homeownership experience for millions of borrowers. The company's mission is to empower enterprises and banks that help engage, nurture, retain, and modernize relationships with borrowers. Its flexible, scalable, and highly configurable solutions enable users to engage borrowers and cultivate loyalty effectively. In addition, Sagent's solutions help reduce servicing costs, ensuring compliance and amplifying the value of servicing rights throughout the entire spectrum of market cycles.
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