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Transactions: Del-One FCU selects Alkami for digital banking

Fintech Remitly to acquire Rewire for $80M

Whitney McDonald and Henrik NilssonbyWhitney McDonald and Henrik Nilsson
August 17, 2022
in All Posts
Reading Time: 4 mins read
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The $680 million Del-One Federal Credit Union, located in Dover, Del., was one of three credit unions that selected Alkami’s ORB digital banking platform in July, according to an FI Navigator report provided to Bank Automation News. The other credit unions include:

  • $584 million Maine State Credit Union, based in Augusta, Maine; and
  • $48 million LOC Credit Union, based in Farmington, Mich.

$335M Farmers & Merchant Bank of Colby, Kan., and others select Fiserv Mobiliti for mobile banking:

  • $324 million CIBC National Trust Company, based in Atlanta;
  • $308 million First Bank Blue Earth, based in Blue Earth, Minn.;
  • $171 million HarborLight Credit Union, based in Whitehall, Mich.;
  • $87 million WestEdge Credit Union, based in Bellingham, Wash.; and
  • $22 million Chattahoochee Federal Credit Union, based in Valley, Ala.

Three banks leverage Computer Services Inc.’s CSI Mobile Banking

  • $370 million Dolores State Bank, based in Dolores, Colo.;
  • $285 million First National Bank and Trust, based in Okmulgee, Okla.; and
  • $251 million Farmers State Bank, based in Jacksonville, Ill.

Remitly to acquire Rewire

Remittance fintech Remitly announced that it will acquire Israeli-based Rewire, a financial services provider for migrant workers, for approximately $80 million in cash and stock.

The transaction, which is intended to expand Remitly’s geographical footprint, is expected to close in the second half of 2022 subject to regulatory approval of Israeli and Dutch authorities, according to a release.

“Rewire’s product enhances Remitly’s world-class remittance platform to support our shared mission to transform the lives of our customers,” Josh Hug, co-founder and chief operating officer at Remitly, said in a statement. “Rewire’s product team has focused on solving complementary problems remittance customers have, and we look forward to partnering with them to deepen Remitly’s customer relationships by solving these problems in a high-quality way.”

Rewire, which was founded in 2015, has offices in Amsterdam and Tel Aviv. The company has raised $57 million over four funding rounds, according to CrunchBase.

ReceiptHero joins Visa fintech program

Receipt platform company ReceiptHero has joined the Visa Fintech Partner Connect program, which is designed to help financial institutions and merchants connect with select fintech partners, according to a release.

“The opportunity to strengthen our relationship with Visa and unlock new markets around Europe was an opportunity we could not miss,” Chris Moore, chief operating officer at ReceiptHero, said in a statement. “Partnerships is a core part of what we do, and Visa’s Fintech Partner Connect program allows us to reach more Visa clients and partners in achieving next-level platform growth.”

Visa and ReceiptHero expect the partnership to expand to new Visa issuers and merchants in the next few months, according to the release.

WebBank adds AmEx to its fintech credit card network

WebBank, which partners with fintechs to offer debit and credit cards from Mastercard and Visa, announced that it will add the American Express network to its payment solutions.

Under the new collaboration, $1.63 billion WebBank will begin issuing American Express credit card and payment solutions with benefits such as loyalty points through fintechs later this year, according to a release.

“Our collaboration with WebBank is another step toward empowering more fintechs to innovate the American Express network,” an American Express spokesperson told BAN.

In addition to WebBank, American Express is working with payment platforms i2c and Cardless to expand the scale of its global payments network, according to the spokesperson.

Great Southern Bank chooses Fiserv to overhaul CX

Great Southern Bank has selected core provider Fiserv to overhaul its digital banking and payments experience.

The partnership allows $5.6 billion Great Southern Bank to use DNA, Fiserv’s real-time account processing platform, to streamline customer interactions with tellers, allow mobile deposits through the bank’s app, and use its open APIs to integrate the bank’s internal processes, Eric Johnson, vice president and chief information officer at Great Southern Bank, told BAN.

“I think there’s plenty of opportunity for us to improve our existing digital delivery,” Johnson said. “The technologies and solutions we’re on are starting to get a little bit long in the tooth.”

Included in the expanded suite of DNA services are digital banking, debit card, checking and enterprise content management (ECM) solutions from Fiserv, according to a release.

Bank Automation Summit Fall 2022, taking place Sept. 19-20 in Seattle, is a crucial event on automation and automation technology in banking.  Learn more and register for Bank Automation Summit Fall 2022.

Tags: American ExpressCSIFiservPremiumtransactionsVisa
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