CORE BANKING
Treasury Prime and Bangor Savings Bank | September 30, 2022
Treasury Prime, a leading Banking-as-a-Service (BaaS) company, today announced a partnership with Bangor Savings Bank to deliver its award-winning BaaS offerings to the bank and companies it partners with in the financial services industry.
By partnering with Treasury Prime, Bangor Savings Bank will be able to work with businesses to allow them to embed financial services into their platforms. For the Bank, this translates into expanded revenue opportunities and low-cost deposits. The addition of Bangor Savings Bank brings the total banks in the Treasury Prime bank network to 14, a key differentiator in the crowded BaaS market.
"Bangor Savings Bank's long-held culture of innovation and deep technical experience makes them an ideal partner. By adding Bangor Savings to our one-of-a-kind network of banks, we'll be able to help them quickly and cost-effectively support financial service partners, For enterprises, this partnership means even greater flexibility as they look to innovate and scale."
-Chris Dean, co-founder and CEO of Treasury Prime
Bangor Savings Bank is one of first banks on the Jack Henry core to leverage Treasury Prime's BaaS offerings. News of this partnership comes just days after Treasury Prime announced similar relationships with another Jack Henry core bank, FB Financial Corp (FirstBank) and Third Coast Bank.
We are thrilled to be part of the fintech movement and support the innovation and value they provide, while playing a vital part to ensure their success, Through this relationship the Bank can further support the good work of these financial partners by providing them with banking services to have an even broader community impact through their efforts,said Jamey Doughty, Chief Innovation Officer of Bangor Savings Bank.
About Treasury Prime
Treasury Prime is building the future of finance. Leveraging its award-winning APIs and versatile Banking as a Service (BaaS) products, Treasury Prime enables fintechs, banks and corporate partners to innovate, adapt, grow and scale to stay competitive in a rapidly changing marketplace. The company helps fintechs with a range of complex services including money transfer, risk mitigation and access to a chartered bank's infrastructure. Treasury Prime works with forward-thinking banks to extend their boundaries, helping to grow topline revenue and lower the cost of deposits. Treasury Prime was named Best Banking-as-a-Service Platform in the Tearsheet Embedded Awards 2021 and named to CB Insights' annual 2021 Fintech 250 list.
About Bangor Savings Bank
Bangor Savings Bank, with more than $7 billion in assets, offers retail banking to consumers as well as comprehensive commercial, corporate, payroll administration, merchant services, and small business banking services to businesses. The Bank, founded in 1852, is in its 170th year and currently has more than 65 branches in Maine and New Hampshire and business and/or loan production offices in Maine, New Hampshire, and Massachusetts. Bangor Savings Bank and The Bangor Savings Bank Foundation have invested more than $3.4 million into the community in the form of sponsorships, grants, and partnership initiatives last year.
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CORE BANKING,PAYMENTS
Bank of America | September 27, 2022
Bank of America today announced the launch of QR sign-in for CashPro, a development that makes it easier for companies to access their payments, cash management and trade finance operations. The bank's 500,000 CashPro users now have the option to sign into the website using their mobile device by scanning a QR code and their biometrics via the CashPro App, replacing the need to manually enter password credentials.
"QR sign-in is a technology that's familiar to our clients from their personal lives, and now they can use it to seamlessly access CashPro, The technology kicks off a schedule of enhancements we plan to introduce to CashPro over the next 18 months that will further improve the simplicity and security of our award-winning platform."
-Tom Durkin, global product head for CashPro Platform in Global Transaction Services
Mobile authentication is a natural extension of the ubiquitous worldwide adoption of mobile devices and the increasing comfort clients have in using them for business purposes. QR sign-in is powered by patented technology that allows a mobile device to be used as a method for computer authentication. It is the first of a series of enhancements for CashPro aimed at reducing the reliance on traditional forms of user credentials and making the user experience simpler and more secure.
Bank of America listens carefully to its client users through the CashPro Client Advisory Boards that represent companies of varying size and complexity as the bank designs and implements new security and innovation features.
The CashPro Advisory Boards generate invaluable dialogue that help ensure the enhancements we make to the platform fuel our clients' own growth objectives, QR sign-in is the latest example of the collaboration achieved through the Advisory Boards,said Ken Ullmann, co-head of GTS for Global Commercial Banking at Bank of America.
Bank of America has been named the World's Best Bank for Payments and Treasury by Euromoney magazine for the past two years. Additionally, CashPro and the CashPro App consistently receive third party recognition such as:
Celent Model Bank 2022 Award for Corporate Digital Banking, Celent
Best Mobile Cash Management Software, Best Treasury and Cash Management Providers 2022: Systems and Services, Global Finance magazine
Best Mobile Technology Solution, Technology & Innovation Awards 2021, Treasury Management International (TMI)
CashPro Forecasting named Best Cash Management Project for 2022, The Asian Banker
Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,000 retail financial centers, approximately 16,000 ATMs and award-winning digital banking with approximately 55 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange.
Bank of America is the marketing name used by certain Global Banking and Global Markets businesses of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. © 2022 Bank of America Corporation. All rights reserved.
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FINANCIAL MANAGEMENT
PNC | September 27, 2022
The PNC Financial Services Group, Inc. today announced it has acquired Linga, a point of sale (POS) and payments solutions firm providing an industry-leading, cloud-based restaurant operating system. The acquisition of Linga and its technology will further expand PNC's digital resources and enhance the bank's capabilities to better serve its hospitality and restaurant industry clients.
"This acquisition reflects our continued commitment to expanding our corporate payments capabilities, as well as investing in the solutions and tools our clients need to run their businesses more effectively, Leveraging Linga's proprietary solutions and PNC's competitive treasury management platform, we will be able to provide our restaurant and retail clients with the tools they need to keep up with ever-changing consumer expectations."
- Emma Loftus, executive vice president and head of PNC Treasury Management
Founded in 2004, Linga developed its restaurant operating system, Linga rOS®, which was the first all-in-one, cloud-based operating system introduced to the marketplace. Today, Linga remains an industry-leading provider across the hospitality industry, offering restaurateurs, retailers and others a way to leverage technology to streamline their operations, increase revenue and improve customer experiences. Over the years, Linga has added new functionalities to its operating system to support the needs of today's business owner, including online ordering, payments, QR code-based menus, and virtual kiosks, among others. The company currently serves clients in 48 countries and as of today, will be seamlessly integrated into PNC's existing digital solutions ecosystem.
We believe this is an exciting opportunity to continue to grow our business and support our existing channel partners and clients, and to do so with a company that shares our vision of delivering innovative and high-quality solutions, As we've worked with PNC over the last several years, we've had incredible success with our combined payments capabilities and we look forward to continuing this strategic collaboration as we move forward together,said Onur Haytac, founder and CEO of Linga.
Linga will retain its founder and CEO, Onur Haytac, its existing management team, and U.S. and Canada-based employees, and will continue to operate out of Naples, Fla., and Toronto. Linga will continue to manage its portfolio of channel partners and clients.
About Linga
Linga is an industry-leading point of sale (POS) and payments solutions company offering a cloud-based, platform-as-a-service solution for the hospitality industry, specifically restaurants. Founded in 2004, Linga was the first processor agnostic, cloud-based POS system designed specifically for the hospitality industry, and remains one of the most sophisticated restaurant operating systems on the market. The Linga cloud-based platform is completely customizable and includes user-friendly functionalities such as online ordering, payments, QR code-based menus and virtual kiosks, among others.
About PNC
The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.
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