Newtek selects Apiture’s digital banking platform to power Newtek Bank

By Edlyn Cardoza

Newtek Business Services Corp., an internally managed business development company, announced it has selected the Apiture Digital Banking Platform to support the digital capabilities of Newtek Bank, pending regulatory approvals and the close of the acquisition of the National Bank of New York City. Newtek plans to leverage Apiture’s Business Banking and Account Opening solutions in combination with Newtek’s existing business and finance solutions and the Newtek Advantage^™ to deliver a comprehensive suite of financial and business solutions and services to independent business owners.

Newtek previously announced an agreement to acquire NBNYC, a nationally chartered bank, and to reposition Newtek as a bank holding company with financial holding company status, pending regulatory approvals. As part of this transition, Newtek sought a digital banking partner, Apiture, to power online and mobile banking for its new digital brand as it creates an industry-leading, technology-enabled bank for independent businesses. Newtek has been working with Apiture for several months to prepare for the opening of Newtek Bank, subject to regulatory approval and the close of the acquisition.

Barry Sloane, Chairman, President, and Chief Executive Officer of Apiture, said, “We believe Newtek Bank will become a true bank of the future, offering all our business customers the banking and business services they need in a branchless environment. By partnering with Apiture, we will be able to deliver the comprehensive digital banking capabilities our customers will require along with the outstanding customer experience they expect online today.”

“In addition to the Apiture partnership, the Newtek Advantage^™ will underscore the Company’s mantra that Newtek is the ‘One Solution For All Your Business Needs^TM.’ The Newtek Advantage™ needs to be understood as part of the Newtek ecosystem that deploys more than 20 years of experience developing an all-encompassing ‘process, people and a technological system’ that improves the lives of our business clients. The repositioning of Newtek as a bank holding company, owning a nationally chartered regulated bank, will give us the central point that our business clients come to daily, weekly and monthly to manage their business,” continued Sloane.

“Newtek’s desire is to transform itself into the primary trusted partner for its business clients, as opposed to the historic nature of the bank/client relationship where the bank gladly takes deposits, but may or may not offer loans and other services to its clients. We will look to continuously grow and develop our banking platform with Apiture and industry providers. We chose Apiture as our initial digital platform provider and integrator into Newtek Bank due to its commitment to deliver on-time digital account opening, and rebranding our technology (The Newtek Advantage^™) through NBNYC’s existing core operating system without having to go through a core conversion with when we open. We believe utilizing great technology providers like Apiture to integrate our offerings all together will help us to become the bank of choice. Apiture has historically successfully provided its technology and solutions to hundreds of U.S.-based financial institutions,” concluded Sloane.

“Apiture is thrilled to support Newtek as it reinvents how it will deliver services to its business customers,” said Chris Cox, chief operating officer, Apiture. “Given our breadth of experience helping financial institutions create digital-only brands, we are uniquely positioned to support this innovative endeavor and look forward to our new partnership.”