KANSAS CITY, Mo.–(BUSINESS WIRE)–UMB Bank, n.a., a subsidiary of UMB Monetary Company (Nasdaq: UMBF) declares the development of a phased method to being a “one-stop shop” of Banking as a Service (BaaS) choices, making it a singular and worthwhile associate for monetary know-how (FinTech) firms all through the U.S. This array of choices differentiates UMB from different banks within the BaaS house in that it could meet the complete set of FinTech wants.
Companies offered embrace:
- Core platform
- Actual-time account opening
- Account sorts – particular person, joint, belief accounts
- FDIC sweep
- Test companies
- Debit card
- Tax paperwork
- Distant deposit
- Invoice pay
Of specific observe is UMB’s FDIC Sweep program, as it’s a key service for FinTech purchasers that allows them to supply a aggressive yield to prospects whereas increasing FDIC insurance coverage.
“We’ve been taking a strategic, step-by-step method to constructing our BaaS capabilities so our purchasers can have all their service wants met by one supplier,” stated Doug Pagliaro, senior vp and govt director of the FDIC Sweep program, UMB Bank. “We’re excited to assist our purchasers streamline and enhance their operations by being a complete options supplier.”
UMB’s development of its BaaS capabilities suite has enabled the corporate to develop into a brand new market and has additionally led to a brand new income stream. One of the current partnerships has been with Unifimoney, a FinTech enterprise that integrates and automates saving, spending and investing. UMB’s BaaS choices enable Unifimoney and different FinTech companions to supply banking services and products at scale, all below their model identify. UMB additionally supplies greater than a century of regulatory and compliance experience.
As the quantity of FinTechs grows and their shopper base continues to extend, so will the necessity for BaaS companies. Given UMB’s vary of choices for FinTechs, it’s uniquely positioned to develop into a frontrunner within the BaaS space.
UMB Monetary Company (Nasdaq: UMBF) is a monetary companies firm headquartered in Kansas Metropolis, Missouri. UMB provides business banking, which incorporates complete deposit, lending and funding companies, private banking, which incorporates wealth administration and monetary planning companies, and institutional banking, which incorporates asset servicing, company belief options, funding banking, and healthcare companies. UMB operates branches all through Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, and serves enterprise and institutional purchasers nationwide. For extra data, go to UMB.com, UMB Weblog, UMB Fb and UMB LinkedIn, or comply with us on Twitter at @UMBBank. For details about UMB’s operations, method and aid measures through the COVID-19 pandemic, please go to umb.com/COVID-19.