CORE BANKING

First Bancorp Expands to South Carolina, Acquires GrandSouth

GrandSouth | June 22, 2022

First_Ban_corp
First Bancorp and GrandSouth Bancorporation announced a merger where First Bancorp will acquire GrandSouth at a share value of $31.43 per share, or a total value of $181.1 million in an all-stock transaction.

GrandSouth is in great communities with talented bankers. Our cultures are very similar and we are excited to bring our teams together."

Mike Mayer, President and CEO of First Bank

Approved by the boards of directors of both companies, the merger is expected to close in the fourth quarter of 2022 or early first quarter of 2023. On closing of the merger agreement, shareholders of GrandSouth will receive 0.910 shares of First Bancorp. The combined company is also slated to have $12 billion in assets and $7 billion in loans, as well as $10 billion in deposits.

GrandSouth is currently operating through eight branches in key towns and cities in South Carolina. The merger will bolster First Bank’s specialization in small business banking.

We are very excited about this partnership and the unique opportunity it presents. We have long admired First Bancorp, and our combined company will be positioned to capitalize on an enhanced presence in exceptional markets, talent, and financial strength."

J.B. Schwiers, President and Director of GrandSouth

Spotlight

Stay ahead of today’s volatile regulatory environment—explore expert-augmented intelligence for regulatory change management. Download this tip sheet to find out: Why AI is essential in helping you stay up to date with evolving regulatory requirements How to streamline regulatory change management with support from content curat


Other News
PAYMENTS

Aliaswire DirectBiller Modernizes Billing and Payment for Utilities

Aliaswire, Inc. | September 02, 2022

Aliaswire, a provider of bill payment and credit solutions for businesses and banks, today announced new capabilities for utility clients in its DirectBiller platform and reported impressive growth in the number of payments being processed by utilities. The new features address the growing need for utilities to meet customer expectations for more modern and convenient payment methods, while also reducing their operating costs. The company saw a 337% increase in the number of payments processed by utility companies on its DirectBiller platform over the last 12 months, with one natural gas provider processing over one million payments per month and continuing to grow volume at 12% month-over-month. “When you have recurring billing relationships like utilities, the billing and payment experience becomes a critical touchpoint. In many cases, it may be the only one a utility has with a customer each month, Not only does that experience have a huge impact on customer satisfaction, but it can also create big operational inefficiencies without proficient systems and processes in place, as finance teams are then forced to manually handle payment receipt and reconciliation.” -Jed, Rice, CEO of Aliaswire DirectBiller optimizes the billing and payment experience for residential, commercial and non-consumption utility customers. The platform manages the entire end-to-end process from billing through payment reconciliation and encourages on-time payments by providing easy and secure ways for customers to receive and pay their utility bills. DirectBiller enables utilities to consolidate all payment channels on a single platform and integrates seamlessly with utilities’ ERP systems and their banks’ treasury management systems to streamline payment reconciliation. Key features in DirectBiller for Utilities Bill Payment Members of the same household can log in separately to make payments against their shared account Multiple payment options (web, mobile, text, CSR, IVR, kiosk) One-time payment and auto pay Automated payment reminders Multilingual IVR service that follows the same payment flows as web and mobile experiences CSRs can provide one-time payment links via text or email to unenrolled customers Customers can pay directly on DirectBiller’s hosted payer portal, or the payment experience can be embedded within a utility’s existing payment site via single sign-on or API Real-time posting lets the utility and customer know immediately when payments have posted to better manage service levels and terminations Support for Multiple Divisions For utilities with multiple lines of business, DirectBiller can support separate payment flows and websites. Reporting can be provided at the division level as well as a single consolidated view at the corporate level. Flexible Card Processing and Fee Management Support for different fee models for residential, commercial and non-consumption lines of business Patented technology streamlines daily net settlement of surcharges, convenience fees. Competitive “cost plus” interchange pricing, including Level 2/3 processing Support for Non-Consumption Business Full PDF presentment of complex and multi-page invoices Multiple invoices can be grouped into a single payment transaction or processed individually Payers can apply credit memos to invoices and pay net balance due About Aliaswire, Inc. Aliaswire is a fintech company based in Boston with a history of innovation in payments. The company supports leading financial institutions and merchant services providers with bill pay through DirectBiller® and small business credit solutions through Payvus®.

Read More

CORE BANKING

Brankas develops world's first Banking-as-a-Service open source license

Brankas | November 24, 2022

Open Finance technology leader Brankas has developed "Brankas Open", a first-of-its-kind open source license for the next generation of Banking-as-a-Service and Open Finance software. The "Brankas Open" license is meant to encourage digital banking and fintech innovation and lower the cost barriers for startups, neobanks, and even traditional institutions to quickly prototype and launch new solutions, while retaining their own source code. Customers will benefit from more choice and better user experience, as companies have open access to use, modify, redistribute, and collaborate on the publicly available Brankas Open code. The inspiration for Brankas Open came when Brankas received a grant from the Monetary Authority of Singapore in November 2021 to develop Brankas APIX Open Core, a proof of concept open source core banking system. Recognizing the need for a modernized Open Source framework to address new Open Finance technology, Brankas looked to existing open-source licensing frameworks in order to develop Brankas Open. Brankas felt that this framework was necessary to protect community contributions, ensure open access, and comply with financial institutions' data protection and security requirements. "Brankas' Open license allows our team to build and contribute in a way that is fair, equitable, and open to independent developers, FIs, and to our partners. With this license, Brankas is able to continue to invest in the greater open source community, and to share our code freely with the world," - Brankas co-founder and CTO, Kenneth Shaw Brankas has been advised by Ren Jun Lim, Alex Toh and Darren Leong from Baker McKenzie's Singapore-based Intellectual Property and Technology (IPTech) practice group. About Brankas Brankas is the leading Open Finance technology provider in Southeast Asia. We provide API-based solutions, data and payments solutions for financial service providers (like banks, lenders and e-wallets) and online businesses. Brankas partners with banks to build and manage their Open Finance infrastructure, producing APIs for real-time payments, identity and data, new account opening, remittances, and more. With Brankas' secure Open Banking technology, online businesses, fintech companies and digital banks can use Brankas APIs to create new digital experiences for their users. About Baker McKenzie Baker McKenzie provides integrated client solutions that are underpinned by deep practice and sector expertise, as well as keen local market knowledge. These connected solutions provide insight and foresight, empowering business leaders to make the right decisions across siloes. Gain access to seamless legal advice across all your IP and technology needs including protecting and commercialising your intangible assets, advice on licensing and regulatory matters, legal issues in the area of internet of things (IoT), data protection, sector-specific dispute resolution, tax-related issues, labour law, competition and antitrust, commercial contracts and restructuring. Benefit from a team with a unique culture which enables our 13,000 people to work with clients as trusted colleagues and friends to drive innovative growth that is both sustainable — and inclusive.

Read More

FINANCIAL MANAGEMENT

NetReveal® Acquisition by SymphonyAI Launches a New Leader in Financial Crime Prevention Solutions Market

SymphonyAI | October 31, 2022

SymphonyAI, a leader in high-value enterprise AI SaaS for strategic industries, announced today the close of its acquisition of financial crime detection leader NetReveal from BAE Systems. The deal was first announced in July 2021. NetReveal, which is now SymphonyAI NetReveal, brings SymphonyAI its extensive experience and portfolio to fight financial crime across a large customer base. NetReveal is being added to SymphonyAI's finance vertical, joining SymphonyAI Sensa to accelerate innovation for transformative, next-generation AI-based capabilities for financial crime detection. Already, the NetReveal and SymphonyAI Sensa teams have taken a step to reinvent anti-financial crime management with the launch of the NetReveal-Sensa Suite, announced Oct 11. The new solution is a 'no compromise' transaction and behavior monitoring offering that uniquely combines AI detection with intelligent alert management. "We're pleased to officially count NetReveal's world-class platform as part of our portfolio of solutions, deepening our ability to deliver effective crime fighting capabilities to the financial sector and to ease the burden on risk departments, NetReveal's industry-leading anti-money laundering and payment fraud detection capabilities will be further enhanced with AI capabilities and analytics that better uncover anomalous activity, significantly reduce false positives, and more effectively help customers control costs. We're excited to welcome the NetReveal team to SymphonyAI." -SymphonyAI CEO Sanjay Dhawan Financial institutions are facing a rapidly changing environment for financial crime and risk monitoring, and a dynamic regulatory one, As a leader in this space, it's been consistently important that NetReveal grows to meet, and exceed, these changing demands for our customers. Joining SymphonyAI materially accelerates that growth and innovation. We're very pleased to be a part of SymphonyAI,said Mike Foster, president and CEO of SymphonyAI NetReveal. SymphonyAI NetReveal brings over 20 years of industry expertise and 200 of the world's leading financial institutions, including top 100 global banks, as customers. The company has been widely recognized by expert industry analysts for its risk technology and enterprise fraud detection solutions, including its recent listing by Chartis as a 2022 Category Leader in the RiskTech Quadrants® for Sanctions Screening and Transaction Monitoring Solutions. About SymphonyAI NetReveal SymphonyAI NetReveal, part of the SymphonyAI finance vertical, provides financial crime, risk management, and fraud detection and prevention across banking, financial markets, and insurance via a single platform. The platform is adaptable to the evolving and heterogeneous nature of the financial services sector; to deliver power and flexibility in analytics, investigation, integration, security, and total cost of ownership reduction. About SymphonyAI SymphonyAI is building the leading enterprise AI SaaS company for digital transformation across the most critical and resilient growth industries, including retail, consumer packaged goods, finance, manufacturing, media, IT/enterprise service management, and the public sector. SymphonyAI has many leading enterprise customers in each of these industries. Since its founding in 2017, SymphonyAI has grown rapidly, approaching 2,000 talented leaders, data scientists, and other professionals. SymphonyAI is a SAIGroup company, backed by a $1 billion commitment from successful entrepreneur and philanthropist Dr. Romesh Wadhwani.

Read More

CORE BANKING

Treasury Prime Partners with Bangor Savings Bank to Expand Network

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.

Read More

Spotlight

Stay ahead of today’s volatile regulatory environment—explore expert-augmented intelligence for regulatory change management. Download this tip sheet to find out: Why AI is essential in helping you stay up to date with evolving regulatory requirements How to streamline regulatory change management with support from content curat

Resources