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.
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.
Finastra | September 20, 2023
Finastra's new solution merges real-time sanctions screening and AI-powered anti-money laundering for FedNow in the US and TIPS in Europe.
Initiatives are underway to integrate Finastra Compliance as a Service with Finastra Global PAYplus soon.
This comprehensive solution automates compliance for US and European banks by leveraging proven technology to facilitate instant payments.
Finastra, a global provider of financial software applications and marketplaces, has officially unveiled its latest payment solution, Finastra Compliance as a Service, hosted on the Microsoft Azure platform. It will incorporate real-time anti-money laundering (AML) transaction screening from Fincom and AI-powered transaction monitoring by ThetaRay, presenting a pre-integrated packaged solution alongside Finastra Payments To Go.
Mike Vigue, Chief Product Officer for Payments at Finastra, underscored the increased risks associated with introducing a new payment rail, mainly when it operates in real-time. He articulated Finastra's commitment to leveraging the successful track record of 'Payments To Go' for instant payments. He emphasized that the company's objective is to provide financial institutions with precise and efficient compliance capabilities, ultimately reducing the total cost of ownership.
Finastra Compliance as a Service will facilitate banks in capitalizing on and adhering to various instant payment infrastructures, such as the FedNow service in the United States and TIPS in Europe while mitigating the elevated risks associated with financial crime. Through the integration of real-time compliance screening by Fincom and AI-driven transaction monitoring by ThetaRay, this service will empower financial institutions to expedite their business expansion, broaden risk management coverage, and curtail operational expenses.
Mike Vigue further added that through the seamless integration of Fincom and ThetaRay into their solutions, Finastra's clients can expedite the launch of instant payment services while enhancing security, scalability, and flexibility. He concluded that the company remains committed to supporting banks in keeping pace with evolving customer, industry, and regulatory demands through ongoing payment innovation and collaboration with partner ecosystems to provide top-tier services.
Radha Suvarna, Head of BaaS and Value-Added Payment Solutions at Finastra added,
By delivering relevant value-added payment risk solutions as a service, we will help banks to improve speed-to-market and ensure our customers stand to benefit from the ongoing evolution in enabling capabilities like AI and Machine Learning.
[Source - Cision PR Newswire]
'Payments To Go' represents a comprehensive software-as-a-service (SaaS) payment processing solution, empowering banks to expedite the delivery of flexible digital payments with enhanced efficiency. Financial institutions can easily subscribe to this solution via Microsoft Azure Marketplace, streamlining billing under a single invoice.
Oracle | September 25, 2023
Oracle enhances banking cloud services for real-time cash management and transactions.
New services optimize working capital and the customer experience.
Oracle's comprehensive cloud suite offers ready-to-deploy APIs for agile banking.
Oracle has broadened its Oracle Banking Cloud Services portfolio to empower banks in swiftly launching comprehensive transaction banking solutions. These encompass cash management, liquidity management, and virtual account management. Alongside Oracle's real-time payments processing, large-scale account operations, and APIs, these new services aim to enhance banks' visibility and forecasting capabilities, enabling customers to leverage their cash more effectively.
In addition, Oracle has introduced enhancements to its Oracle Banking Accounts Cloud Service and Oracle Banking Enterprise Limits and Collateral Management Cloud Service.
Sonny Singh, Executive Vice President and General Manager of Oracle Financial Services, reportedly emphasized the importance of delivering enhanced customer experiences, stating,
Delivering enriched customer and banker experiences that provide immediate and tangible business value will be the growth lifeline for banks in the near term.
[Source – Cision PR Newswire]
The new solutions are designed to be seamlessly integrated into corporate enterprise resources management systems, facilitating real-time payments, settlements, and cash cycle optimization. The improvements in limits and collateral management streamline credit facility lifecycles, allowing banks to onboard corporate customers in minutes rather than months.
Oracle Banking Accounts Cloud Service has expanded its support to include retail accounts, term deposits, nostro management, and account servicing. Together with the API Cloud Service, banks can swiftly tailor and deploy accounts across various digital channels.
The new and enhanced Oracle Banking Cloud Services include:
Oracle Banking Liquidity Management Cloud Service: Offers higher-yield investment opportunities, pooling, sweeping, and interest optimization for corporations to manage working capital efficiently.
Oracle Banking Virtual Account Management Cloud Service: Provides corporations with capital clarity and effective management of complex global account structures.
Oracle Banking Cash Management Cloud Service: Empowers corporate customers with cash flow forecasting, efficient collections and receivables management, and automated reconciliation.
Oracle Banking Enterprise Limits and Collateral Management Cloud Service: Digitizes and simplifies the credit lifecycle, optimizing credit decisions and accelerating origination and servicing while mitigating risks.
Oracle Banking Accounts Cloud Service: Streamlines account management and operations for both corporate and retail accounts.
Oracle Banking Payments Cloud Service: Facilitates real-time payment processing and offers a one-stop solution for various payment types.
Oracle Digital Banking Experience Cloud Service: Enhances self-service experiences for corporations, providing actionable insights and automation.
Oracle Banking APIs Cloud Service: Offers a range of ready-to-deploy banking APIs to accelerate innovation and improve customer experiences.
These services are part of the Oracle Banking Cloud Services suite, built on a microservices’ architecture, providing flexibility, scalability, security, and compliance with Oracle Cloud Infrastructure.