Upon launch, Mi Bank will offer a full suite of banking solutions including core account processing, commercial lending, digital banking, remote deposit capture (RDC), wire transfers, and 24-hour account opening. In addition to technology implementation, Fiserv will train Mi Bank’s internal staff to ensure they are able to make the most of the new technology. Mi Bank is among the more recent de novo banks to be approved by the Federal Deposit Insurance Corporation (FDIC).
The bank will cater to small and medium-sized commercial businesses, and seeks to bring what it calls “community banking principles” to the world of SME banking. Fiserv has worked with more than 400 de novo banks and credit unions since 2000 in the US, providing banking platforms, e-commerce solutions, and payment technologies.
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