Following this announcement, FinTech Automation (FTA) and Stearns Bank National Association combined their solutions and expertise, aiming to improve the overall landscape of banking services and products.
The collaboration is set to leverage FinTech Automation’s technology infrastructure in order to give Stearns Bank the possibility to deliver efficient, secure, and improved banking solutions, with a focus on optimising correspondence banking products, as well as overall bank sponsorships.
Stearns Bank and FinTech Automation built the partnership while aiming to underline their commitment to fostering and accelerating the evolution within the financial sector. Fintech companies and financial institutions will be given the capability to integrate with Stearns Bank. At the same time, firms will be enabled to leverage FTS’s infrastructure-as-a-Service (IaaS) Platform, which is set to reduce development costs and the time to launch a suite of banking solutions for their users and clients.
FinTech Automation will deliver its expertise in artificial intelligence-driven analytics, payment processing, and core integration, which use FTA’s UniFi core banking systems and the data generated by its proprietary payment network, ModerRails. FTS’s IaaS represents a micro-services-based software, as well as a hosted service that was developed with a focus on cybersecurity.
Combined with FinTech Automation’s proprietary network, Stearns Bank will leverage the company’s middleware, AccelerationCloud, in order to integrate it with its solutions and third-party fintech applications. This aims to optimise the digitalisation and technical innovation processes in the banking industry.
The strategic deal is set to lay a foundation for bolstering correspondent banking products, which will extend a branch that assists other financial institutions and banks in the process of amplifying their service capabilities, improving their operational efficiencies, and managing the overall liquidity. By utilising FinTech Automation’s IaaS Platform, clients will facilitate secure and efficient transactions amongst banking entities. Furthermore, the technology solutions were designed to provide FIs with the opportunity to meet the needs, preferences, and demands of their customers, while also accelerating their process of development at the same time.
Stearns Bank clients and users will be enabled to benefit from a more secure and comprehensive suite of banking solutions, including a wider range of financial products, catering to both corporate clients and individuals. Moreover, the collaboration will focus on optimising the bank’s correspondence banking tools, which are set to ensure swift and secure cross-border transactions for international customers. In addition, it will also foster a stronger overall global business relationship.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now