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- Neobank startup Bambu chooses FIS’ next-generation core banking platform to launch mobile-only answer for the unbanked and underbanked within the U.S.
- FIS Trendy Banking Platform’s cloud-native, modular structure positions Bambu to convey new merchandise to market rapidly whereas supporting future development.
JACKSONVILLE, Fla.–(BUSINESS WIRE)–
FIS™ (NYSE: FIS), a world chief in monetary companies know-how, introduced immediately that fintech startup Bambu has chosen FIS’ next-generation Trendy Banking Platform to energy a brand new digital banking answer for U.S. unbanked and underbanked.
Memphis-based neobank Bambu has created a monetary cellular banking utility to offer handy and dependable companies to underbanked Hispanic and different populations within the U.S. who lack entry to financial institution accounts or different conventional monetary companies. Based on the FDIC1, greater than 25% of U.S. households (27.1 million) are both unbanked or underbanked. Bambu’s cellular answer presents FDIC-insured pay as you go accounts, home and worldwide invoice funds and remittances, peer-to-peer transfers, test deposits, retail cash loading and different companies.
As Bambu ready to launch its new enterprise model to serve this shopper group, the startup wanted a contemporary, component-based core banking platform to help its enterprise wants. The just lately introduced FIS Trendy Banking Platform offers Bambu with the most recent know-how that delivers superior digital performance, flexibility and openness together with mission-critical scalability and resiliency.
Via its modular, cloud-native structure and integration with open utility programming interfaces, the Trendy Banking Platform will allow Bambu to convey new banking merchandise to market rapidly and adjust to altering financial institution laws. The FIS answer shall be delivered through a software program as-a-service (SaaS) model that can enable Bambu to hurry deployment whereas minimizing capital investments.
“Our new platform gives us the scalability to adapt to an everchanging fintech landscape and provide critical financial services to previously unbanked and underbanked customers via mobile devices,” mentioned Douglas Quay, Bambu Founder, Chairman and CEO. “Our Bambu mobile banking app delivers a personalized consumer journey powered by cutting-edge technology. We give an overlooked audience a convenient, safe and cost-effective way of handling their banking.”
“We are excited to support Bambu’s mission of serving the unbanked,” mentioned Bruce Lowthers, president, Banking and Service provider Options at FIS. “Our Modern Banking Platform is being chosen by the largest financial institutions as well as new startups to drive their digital banking business, demonstrating the tremendous power and flexibility of the new platform.”
Study extra about Bambu on this video or by visiting Bambu’s web site.
FIS is a number one supplier of know-how options for retailers, banks and capital markets corporations globally. Our greater than 55,000 persons are devoted to advancing the best way the world pays, banks and invests by making use of our scale, deep experience and data-driven insights. We assist our shoppers use know-how in revolutionary methods to unravel business-critical challenges and ship superior experiences for his or her prospects. Headquartered in Jacksonville, Florida, FIS is a Fortune 500® firm and is a member of Commonplace & Poor’s 500® Index. To study extra, go to www.fisglobal.com. Observe FIS on Fb, LinkedIn and Twitter (@FISGlobal).
Kim Snider, 904.438.6278
Senior Vice President
FIS International Advertising and Communications
Supply: Constancy Nationwide Info Providers