Somerset Trust Company is one of the first takers of Retail+

US-based digital banking technology vendor, Malauzai Software, has launched a new offering for small business banking, Retail+ Small Business Banking. The product is an extension of the vendor’s existing online and mobile offering.

Retail+ Small Business Banking was officially introduced at the BAI Retail Delivery conference in Las Vegas.

The vendor has also unveiled a fresh taker of the system, Pennsylvania-based Somerset Trust Company.

Commenting on the importance of all things digital, John Gill, COO and risk officer at Somerset Trust, noted that ‘leading in technology, especially in the mobile space’ enables the company to ‘control its own destiny’.

Malauzai’s solution will replace six legacy systems at Somerset Trust, providing a single log-in through which a customer will be able to manage both personal and business accounts on any device. Functionality includes moving money (unified payments and collections, ACH and wire) from any location and device, and the ability to synchronise transactions through integration with customers’ accounting software. There are also real-time alerts, and capabilities to set user permissions and entitlements.

At the back-end, it will interface to Somerset Trust’s core banking system, DNA, supplied by Fiserv (DNA stems from Open Solutions, acquired by Fiserv in early 2013).

Robb Gaynor, Malauzai’s founder and chief product officer, emphasises that Retail+ Small Business Banking is core banking and accounting software agnostic, ‘which makes conducting business a seamless and simplified experience’.

Malauzai Software: a brief overview

Malauzai was set up in 2009 to offer native mobile apps to the banking and credit union sector, and today has 350 customers of which over 300 are in live production.

Its software also underpins BankMobile, the first mobile-only bank in the US.

To date, the vendor has garnered experience of integrating with around 24 different core banking systems, including those of D+H, FIS, Fiserv and Jack Henry.

In 2012, CSI partnered with Malauzai (and it also has an investment in it). CSI chief sales officer, George McGourty, said at the time that one of the attractive features of the Malauzai platform has proved to be the card on/off facility which allows customers to deactivate their cards if they are lost or not using them.

In 2014, Malauzai joined forces with Jack Henry’s credit union software division, Symitar, to launch Episys Anywhere, a native app that enables credit union employees to conduct common branch activities on a tablet.

Earlier this year, Malauzai has struck a strategic partnership with D+H to jointly develop, market and deploy mobile banking solutions to D+H’s core banking software clients.

By Tanya Andreasyan

by IBS Intelligence