back Back

4 FinTech deals that occurred in the Americas in October 2022

By Edlyn Cardoza

October 13, 2022

  • Axiom Bank
  • BankiFi
  • Business Finances
Share

 FinTech, BankiFi, Axiom Bank, SMBs, Financial Services, Business Finances, Embedded Banking Services, Open Cash Management Platform, ELGA Credit Union, Scienaptic AI, Farmers State Bank, Teslar Software, UT Federal Credit Union, Lumin Digital North America, USAFinTech describes new tech that seeks to improve and automate the delivery and use of financial services. At its core, FinTech is utilised to help companies, business owners, and consumers better manage their financial operations, processes, and lives by utilising specialised software and algorithms that are used on computers and, increasingly, smartphones. FinTech, the word, is a combination of ‘financial technology.’

The COVID-19 pandemic has accelerated the process of digitalisation for the financial services industry. Amidst the unprecedented market volatility, the industry’s appetite for digital technology has increased. The last month saw some significant deals being undertaken by FinTech companies.

The following are 4 FinTech deals that occurred in the Americas in October 2022:

BankiFi and financial institution Axiom Bank, N.A. partnered to make banking better for small-to-medium size businesses (SMBs) across the United States. The new partnership also represents BankiFi’s first North American client since its stateside launch in July.

Moving forward, Axiom Bank’s SMB customers can better track and manage their business finances using BankiFi’s leading embedded banking services. BankiFi’s Open Cash Management platform has been built with speed in mind. The system will help to put Axiom Bank and its associated digital channel back at the heart of relationships with business customers.

Founded in 1951, ELGA Credit Union is a not-for-profit cooperative; formed, owned, and operated for a single purpose: members helping members. ELGA Credit Union had a humble beginning, helping Consumers Energy employees that were paid below the average of other industrial workers in the 1940s and 50s. Today the credit union has $1.25 billion in assets and serves over 85,000 members. The deployment empowers the credit union to streamline its credit decisioning and drive higher approvals and automation.

Scienaptic AI, a global AI-powered credit decision platform provider, announced that Michigan-based ELGA Credit Union has completed implementation and gone live on its platform. Integrating the platform with ELGA Credit Union’s LOS (Symitar ELA) and going live enables the credit union to make automated, AI-driven, smart credit decisions while enhancing credit access to members.

Farmers State Bank and Teslar Software announced their partnership to automate the bank’s commercial lending processes. Teslar’s technology will help the bank efficiently manage its loan portfolio as they continue to grow.

The Quinton, Oklahoma-based bank partnered with Teslar Software after being impressed by the sophisticated technology and hearing many positive experiences from peer banks. Farmers State Bank plans to first leverage Teslar to manage exceptions and past-due loans better and then gradually add other modules.

Lumin Digital had announced that Tennessee-based UT Federal Credit Union (UTFCU) had signed a multi-year agreement for Lumin Digital’s cloud-based online and mobile digital banking platform. Lumin will support UTFCU’s more than $460 million in assets and 26,000 plus members when the platform is launched in May 2023.

A cloud-native digital banking platform, Lumin Digital will provide UTFCU members with an integrated, customised experience that matches larger financial institutions’ offerings. Focusing on service, user experience, safety, and security through sophisticated automation, the digital banking platform helps credit unions and financial institutions drive better user engagement through personalised recommendations. These include everything from spending insights and financial advice to fraud alerts and help with savings goals.

ALSO READ: Sales League Table Report 2022

Previous Article

October 13, 2022

PayerMax partners with Shoplazza to secure cross border payments for e-merchants

Read More
Next Article

October 14, 2022

UBCI selects Profile Software’s Treasury Management solution

Read More








IBSi Daily News Analysis

Fraud

February 23, 2024

Axiom Bank

Regulated firms battle surge in financial crime attempts, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 23, 2024

Vencora acquires CREALOGIX to expand its banking technology services

Read More

February 23, 2024

Axway to buy most of Sopra Banking Software activities for €330m

Read More

February 22, 2024

Kani Payments taps Pismo for data reconciliation and reporting

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023