Studio Bank, a digital bank in Nashville, has implemented a credit card program to offer new payment solutions through fintech Corserv’s Account Issuer program.

Corserv’s integration process uses an Agile methodology to develop Java software components accessed through RESTful Webservice APIs. This minimized the work for the $800 million Studio Bank, allowing the bank to add the program without the need for additional employees, a Corserv spokesperson told Bank Automation News.

“The main point of integration is a file for settlement, balance and status of credit card accounts that were mapped to our core system during implementation for easy ingestion during daily processing,” the spokesperson said.

“Our program is designed to enable banks, like Studio Bank, to own their credit card financials without the need to add expertise, infrastructure or staff,” Corserv Chief Executive Jerry Craft said in a release.

Looking ahead, the bank can expect to benefit from the Account Issuer program as other banks have, the Corserv spokesperson said. For example, in 2022, “Account Issuer programs have experienced a 25.9% total yield from interchange and interest and fees was well as a 7.6% net operating margin.

Bangor Savings Bank selects Treasury Prime

Banking-as-a-service (BaaS) provider Treasury Prime is partnering with the $7 billion Bangor Savings Bank to deliver its services to the bank’s customers and partners.

“By adding Bangor Savings to our one-of-a-kind network of banks, we’ll be able to help them quickly and cost-effectively support financial service partners,” Chris Dean, co-founder and CEO of Treasury Prime, said in a release. “For enterprises, this partnership means even greater flexibility as they look to innovate and scale.”

The Bangor, Maine-based bank is one of the first financial institutions on Jack Henry’s core platform to leverage Treasury Prime, following First Bank Financial Corp and Third Coast Bank.

“Through this relationship the bank can further support the good work of these financial partners by providing them with banking services to have an even broader community impact through their efforts,” Jamey Doughty, chief innovation officer at the Maine bank, said in the release.

Battle Financial chooses fintech Savana

Vail, Colo.-based challenger bank Battle Financial has selected financial software provider Savana to automate processes between its core products and customer channels and to leverage its online and mobile banking capabilities. The bank is expected to launch in early 2023.

Savana’s API-driven digital solution is designed for online and mobile banking with real-time processing, according to a release.

The partnership has been in the works since early 2022, with the bank building its digital platform from the ground up in conjunction with Savana to assist with meeting customers’ mobile banking needs, Battle Financial President Frank Trotter told BAN.

“[The new platform] provides us a single servicing platform for both our back office and our customer service representatives as well as our clients,” said Trotter. “It’s exciting to us that Savana is going to be able to support materially all of our planned products and account types through the digital account opening process, at or near our opening date.”

Drip Capital partners with fintech Onfido

Cross-border digital trade finance platform Drip Capital has partnered with digital identity verification provider Onfido for streamlined onboarding.

The Palo Alto, Calif.-based finance platform will leverage Onfido’s identity platform to verify documents in real time, eliminating the need for manual document submission, according to a release.

“AI-driven document verification and facial biometrics can greatly help sellers and buyers minimize the risk of miscommunication and fraud, thus resolving a major source of friction,” Pushkar Mukewar, chief executive at Drip Capital, said in a statement.

Mastercard, Inswitch bring embedded payments to Latin America

Mastercard has partnered with fintech Inswitch to offer embedded payments across Latin American countries.

“Now our clients can issue branded cards to support different use cases: digital wallets, buy now pay later, supplier payments, working capital for corporate expenses or cash managements necessities,” Ronald Alvarenga, chief executive at Inswitch, said in a statement.

The two companies will also work to support B2C, B2B and C2B payments, according to a release.