Canopy Servicing announces partnership with CBW Bank
By Edlyn Cardoza
Canopy Servicing, a leading modern platform for managing and servicing loans, recently announced a new partnership with CBW Bank, a historic institution known for its pioneering use of technology. CBW Bank becomes the first Federal Deposit Insurance Corporation member to embrace a fully configurable loan management and servicing platform with the partnership.
Founded in 1892, CBW Bank has been at the forefront as banking technology has evolved.
“Fortune magazine called CBW Bank ‘a secret weapon for Fintechs’ due to their astute grasp of new technologies,” said Canopy Servicing Co-Founder and CEO Matt Bivons. “We are incredibly proud to partner with them to reimagine credit and lending to better meet the needs of today’s borrowers and lenders.”
CBW Bank will integrate Canopy Servicing into its loan repayment and disbursement methods, which currently includes a merchant acquiring system for account funding and instant disbursement, virtual card and instant credit card issuance, Real-Time Payments through The Clearing House, Bill Pay, ACH payments, KYC API services, lending as a service (Bank sponsorship), and blockchain-based securitization and tokenization services.
This partnership will enable Fintechs at all stages, including early-stage Fintechs, to rapidly launch their programs within weeks while working directly with CBW Bank and leveraging Canopy’s technologies.
“We are entering a new era of differentiated credit and lending products that are made possible by modern loan management and servicing,” said CBW Bank President Suchitra Padmanabhan. “With Canopy’s advanced and configurable platform, CBW Bank and our Fintech clients can offer highly personalized and transparent credit and lending services.”