Synapse and Lineage Bank | August 22, 2022
Synapse Financial Technologies Inc., a banking-as-a-service (BaaS) platform that increases access to best-in-class financial products, and Lineage Bank, a developing, traditional community bank based in Franklin, Tennessee, today announced a partnership to enable fintech companies and other non-banks to build and deliver innovative financial apps and services.
“We are thrilled to welcome Lineage Bank as part of our multi-bank strategy, enabling us to serve fintech customers in faster, highly flexible, and more comprehensive ways, Lineage is a nimble, fast-moving bank that recognizes the power of the BaaS space to serve more customers. This partnership will help both companies deliver on our promise to quickly provide best-in-class solutions to all kinds of fintech innovators.”
-Sankaet Pathak, CEO and co-founder of Synapse
Synapse’s multi-bank strategy uniquely positions the company to make it faster and easier for fintech companies to launch and scale a wide range of financial services and products leveraging multiple bank partners simultaneously. Through Synapse’s bank relationships – as well as the regulated position of its affiliates – it can extend the most flexible and advantageous terms and features and provide a path to market for its customers that can be better, faster and with reduced partner risk, by driving an efficient and frictionless onboarding experience.
Lineage is committed to staying on the leading edge of banking technology to better serve our local customers and reach new ones, This new partnership represents an extension to our BaaS technology partners, further increasing our reach into a digital-first audience of consumers and businesses via neobanks. It also aligns perfectly with our growth strategy by providing new opportunities through embedded, digital-first banking solutions,said Kevin Herrington, CEO of Lineage Bank.
Lineage Bank will serve as a sponsor bank to Synapse and its affiliates, providing core banking services such as FDIC deposit insurance, payment processing, and card issuance.
By working together, Synapse and Lineage Bank will be able to help fintech providers get up and running rapidly in a safe, regulated environment that serves the needs of everyday consumers who need access to all types of financial services.
Synapse was founded in 2014 with the mission to ensure that everyone around the world has access to best-in-class financial products, regardless of their net worth. Synapse’s banking-as-a-service platform provides payment, card issuance, deposit, lending, compliance, credit and investment products as APIs to more than 15 million end users. It has an annualized transaction volume of $67 billion and $11 billion of assets under management across its platform. With white-labeled APIs for developers and bank-facing APIs for institutions to automate their back-end operations, Synapse customers can quickly build, launch and scale innovative financial products and services. The company is backed by more than $50 million in funding from top venture firms, such as Andreessen Horowitz, 500 Startups, and Trinity Ventures. Global cash management services are provided by Synapse Brokerage LLC, a registered broker-dealer and member of FINRA and SIPC. Synapse is not a Bank. Banking and card services are provided by Synapse Financial Technologies Inc.’s partner banks, Members FDIC.
About Lineage Bank
Lineage Bank is a developing, traditional community bank located in Franklin, Tennessee, and is an Equal Housing Lender and Member FDIC. The bank’s focus is serving the everyday banking needs of customers in Middle Tennessee as well as those in other areas through digital BaaS solutions. Lineage Bank is part of the Lineage Financial Network, a bank holding company that empowers community banks with the technology and local customer focus to create a unique banking experience. Lineage Financial Network is headquartered in Franklin, Tennessee, and was founded in 2020.
Jack Henry & Associates | September 23, 2022
Jack Henry™ announced today that Woodsville Guaranty Savings Bank selected Jack Henry to improve efficiencies and user experience for both customers and employees while continuing to provide personal service as the bank grows.
Founded in 1889, Woodsville Guaranty Savings Bank has long served small businesses and retail customers in northern New Hampshire. The $630-million-asset bank selected Jack Henry to improve customer experience while increasing its competitive edge with a full suite of digital features and functionalities. With Jack Henry, the bank will gain scalable and open technology, including core and digital cloud-based solutions such as the Banno Digital Platform™ and gain efficiency from streamlining and automating more processes.
"Jack Henry will bring us the efficiency we need to grow without additional hours and manpower, which is important as the current economic conditions make it challenging to find new talent. We will automate the mundane for speed and scale while providing better service in customers' more meaningful moments. In addition to improving our service, our employees are excited about growing their responsibilities with deeper interactions and more substantial offerings. This new technology plan positions Woodsville Guaranty Savings Bank to grow while protecting the customers, people, and culture that we have been building in our community for the last 133 years."
-James E. Graham, president and chief executive officer of Woodsville Guaranty Savings Bank
With Jack Henry, the bank will have access to over 850 API-integrated, third-party fintechs. Touching on Jack Henry's openness and flexibility, Graham adds, Today, we use several solutions that come from different providers and do not always integrate smoothly with our systems or each other. Jack Henry provides a comprehensive technology suite to meet our internal and customer needs more easily, while giving us the option to hand pick our fintech vendors of choice and integrate them effortlessly into our systems. We are very excited to see all our channels improve and become more effective.
Stacey Zengel, president of Bank Solutions at Jack Henry, said, Longstanding community banks like Woodsville Guaranty Savings Bank are driven by the relationships they have with their employees and communities. By providing a well-rounded technology suite and enabling access to an extensive ecosystem of fintech partners, we are giving them the flexibility to continue to do what's best for their staff and customers, improve efficiencies and user-experience, and continue to grow and compete in their market. We are proud to collaborate with a community bank with such a strong and impactful legacy.
About Jack Henry & Associates, Inc.®
Jack Henry™ is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are a S&P 500 company that prioritizes openness, collaboration, and user centricity – offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For more than 45 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their accountholders. We empower approximately 8,000 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health.
Intrinio | September 16, 2022
Intrinio is proud to announce their partnership with CFRA, a leading provider of independent research and analysis.
Intrinio is pleased to undergo a new partnership with CFRA, an independent research firm that provides financial analysis and data for the global investment community. The partnership will allow Intrinio users to access CFRA’s rigorous standardization methodology, which has been used to provide industry-leading ETF expertise since 2002.
The new condensed version of their ETF endpoints will afford startups and individuals the opportunity to provide their users with increased insights and awareness of thousands of ETFs. A deep understanding of ETF structures and underlying methodologies ensures the robustness and integrity of the hundreds of ETF data points that power all of Intrinio’s ETF endpoints.
Intrinio is a top data provider that specializes in high-quality information and customer service. The company provides modern tools for financial technology platforms (companies whose business relies on the use of electronic transactions) as well as businesses who need real-time access to market data. One of Their most popular offerings is the extensive ETF data package the company provides.
To ensure that all of their users have access to the critical ETF data points they need Intrinio is also releasing a condensed version of their ETF endpoints. This version will afford startups and individuals the opportunity to provide their users with increased insights and awareness of thousands of ETFs.
About the Company:
Intrinio is a full-service financial data provider with a focus on serving the B2B market from startups to enterprise-level customers. Intrinio offers introductory price points and data subscription packages that scale, making it still affordable and accessible for developers and quants. If a customer visits the website, they can sign up, chat with the team, and get an account, API keys, and trial data within minutes. Intrinio offers trials, monthly and annual pricing, full customer support, and co-marketing.
CORE BANKING,FINANCIAL MANAGEMENT
Atomic | August 24, 2022
Atomic, the market-leading provider for payroll connectivity, has been named the winner of the sixth annual FinTech Breakthrough Awards for "Best Banking Transaction Solution". This award comes on the heels of the company's $40 million Series B funding round, further validation of Atomic's cutting edge and consumer-friendly payroll solutions.
"This is an incredible milestone for our company and recognition of our team's hard work creating fairer financial services for all Americans, We are humbled to be acknowledged among technology leaders, partners and Atomic customers."
-Jordan Wright, Co-Founder and CEO of Atomic
Payroll represents a rich store of consumer data. Making it accessible and interoperable allows the potential to drive new, lower-cost financial products for customers. This improves the financial outcomes while providing financial institutions with new tools to reduce fraud, improve privacy and increase customer retention. Atomic's vision and solutions have been embraced by some of the most compelling and innovative neobanks and fintech platforms, reshaping an antiquated financial services landscape. These include Coinbase, Dave, Welcome Tech, and Propel, as well as more than 70 financial institutions and technology partners. Further, Atomic has experienced 100% customer retention since launching.
Atomic's vision is to enable wealth creation for consumers by building more on-ramps to financial services. The company is a member of the Financial Health Network, a nonprofit network of leading-edge financial services and financial technology providers committed to consumer-and-employee-focused financial health innovations. Atomic is also a member of the FIS Fintech Accelerator, in partnership with The Venture Center. The program brings bankers, subject matter experts and financial service executives together with pre-vetted, market-validated fintech companies to advance the financial services industry.
The FinTech Breakthrough Awards receive nominations from the best and brightest fintech companies across the globe. The ongoing goal is to deliver the most comprehensive analysis of the fintech industry each year, and with nearly 4,000 nominations, the industry evaluation was broad and extremely competitive for the 2022 program. Some of the winners from other categories include: Charles Schwab, Afterpay, Northwestern Mutual, Fiserv, MoonPay, FIS, S&P Global, Amount, Quicken, BNY Mellon, Mastercard, NCR, Blockdaemon, Guaranteed Rate, Bread, First Citizens Bank, Blockchain.com, Webull, Experian and an impressive list of top companies and startups in the larger fintech industry.
Atomic is the market-leading provider of payroll APIs, trusted by 12 of the largest fintech firms, including digital-first neobanks, alternative lenders, and digital brokerages, as well as more than 70 financial institutions and partners. Atomic's payroll integrations provide the infrastructure to connect consumers to their financial data for verification of income and employment, automating set-up and updating of direct deposits, repaying financial obligations from their paycheck, optimizing tax withholdings, and accessing earned but unpaid wages.
Atomic simplifies complicated payroll integrations with a single API that covers more than 450 unique payroll connections, including incumbent payroll providers, bespoke enterprise solutions, modern HR tech providers, gig-economy platforms and government systems. Atomic has raised $78.6 million from investors, including Mercato Partners Traverse, Greylock, Core Innovation Capital, Portage, and ATX Venture Partners.