America First Credit Union joins forces with Loquat

Besides new business account opening capabilities, Loquat focuses on offering virtual debit and credit cards, while enabling payment and lending products to be developed leveraging a proprietary process that minimises the time required to onboard additional business members. Also, to increase security and fraud protection, the company delivers unique card details, with each virtual card having a single card number, expiration date, and security code to safeguard the primary account if the physical card is compromised. Additionally, business owners can set specific spending limits and expiration dates for each card, merchant, or user.

Moreover, representatives from Loquat underlined that the company intends to support America First Credit Union in advancing its commitment to delivering improved solutions for small and medium-sized businesses (SMEs). As the number of entrepreneurs who want to open their businesses increases, America First Credit Union focuses on mitigating complex and time-consuming procedures and assisting them in expanding their capabilities.

America First Credit Union is not the first company which partnered with Loquat, with FIS entering a collaboration with the firm back in February 2023. At that time, the alliance was set to accelerate and improve the delivery of Loquat’s digital small business banking platform to credit unions and community banks, with the two companies aiming to enable financial institutions to expedite and minimise the cost of customer onboarding. Their plans included providing Know Your Customer (KYC) and Know Your Business (KYB) solutions, simplifying information flow, maximising data security, and managing information privacy across the customer journey.

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