Automated treasury payments solutions at Banc of California will be powered by Finexio, the companies announced last week.

Finexio, an accounts payable fintech with previous buy-in from Mastercard and communications firm Nordis Technologies, received $1 million from Banc of California during a funding round. Now, Finexio will fuel embedded accounts payables processes the $9.6 billion Santa Ana-based bank virtual card payments, time and cash savings, cashflow visibility, and supply chain financing and credit.

“Utilizing Finexio’s technology will allow us to provide businesses with opportunities for reductions in costs, improved cash flow, and greater internal efficiency in a rapidly evolving payments landscape,” Jared Wolff, chief executive at the bank, said in a release.

Finexio will embed “directly” into existing Banc of California platforms, with use ranging from hospitality and health care to construction and manufacturing, according to a release.

“The turnkey technology we are embedding will enable Banc to further differentiate itself and provide another product built to improve the overall client experience,” Ernest Rolfson, chief executive at Finexio, said in a release.

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Microsoft and PwC make digital banking play with FintechOS

Digital banking from Microsoft and PwC will soon be a reality asthe business and tech giants are tapping digital banking company FintechOS for a new platform, the companies announced last week. The announcement will see FintechOS provide customer-facing banking and insurance capabilities along with customer management and digital integrations.

“FintechOS’ high-productivity fintech infrastructure is integral to our next-generation digital-banking solution,” PwC partner Akhilesh Khera said in a release. “The combination of PwC’s banking knowledge and expertise together with innovative technology, will enable us to design market-leading customer experiences in a lean, technology-enabled operating model.

Microsoft will bring its Cloud for Financial Services offering to support the API-based platform development.

Webster Bank provides savings-as-a-service solution with Save

The $65 billion Webster Bank is making a play at providing a savings-as-a-service solution.

The Stamford, Conn.-based bank will make its savings accounts available to customers of Save, a fintech which guarantees a high return on savings without the need for market investing.

“We’re excited to work with Webster Bank to build an entirely new approach to savings,” Michael Nelskyla, chief executive at Save, said in a release. “By adding the Market Savings program to our platform, we’re able to better support our customers’ financial and savings goals at a time when low rates, high inflation, and market volatility are top of mind.

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