Fintech Partnerships: A Sign of the Times
By Roy Urrico
Recently a number of fintechs announced new and expanded partnerships with other financial technology firms. Here is a rundown of some recent announced deals:
AppraisalWorks Partners with Mortgage Cadence
Cleveland-based AppraisalWorks, a provider of real estate appraisal management technology that enables banks, credit unions, loan servicers and mortgage lenders to order, manage, maintain, and analyze real estate appraisals and collateral valuations; announced a partnership with Denver-based Mortgage Cadence, which provides a customizable end-to-end loan lifecycle experience. The partnership will allow lenders to consolidate multiple appraisal vendor and order management systems onto the AppraisalWorks platform.
equipifi Announces Integration with Q2’s Digital Banking
Scottsdale, Ariz.-based equipifi, a fintech company providing banks and credit unions with a white label buy now, pay later (BNPL) solution, announced its integration with Q2’s Digital Banking Platform, via the Q2 Partner Accelerator Program. Q2 Holdings, Inc. is a provider of digital transformation solutions for banking and lending. Through this integration, equipifi will offer BNPL services within Q2’s Digital Banking Platform.
The Q2 Partner Accelerator is a program through the Q2 Innovation Studio that allows in-demand financial services companies to pre-integrate their technology to the Q2 Digital Banking Platform.
Eltropy Partners with Tyfone to Create a Unified Digital Communications Platform; and with Origence to Deliver Streamlined Loan Origination Experience
Milpitas, Calif.-based Eltropy, which enables financial institutions to digitally engage with consumers in multiple ways, announced a partnership with Portland, Ore.-based digital banking provider Tyfone that allows their mutual community bank and credit union clients to communicate with members more quickly and effectively. Through the partnership, community bank and credit union clients can deliver a better accountholder experience within the Tyfone nFinia digital banking platform for mobile devices, browsers, voice assistants, and wearables, leveraging Eltropy’s enterprise-wide text, secure chat, voice, video, and co-browsing capabilities.
Irvine, Calif.-based credit union lending technology Origence announced a partnership with Eltropy enabling Eltropy to integrate Origence’s lending communication capabilities and loan and account origination system, arc OS. “As a result, loan origination staff can work more effectively and productively – with higher close rates, fewer abandonments, and SMS messaging features that increase member satisfaction and create a better user experience during the loan process,” according to Origence.
With Origence’s network of over 1,100 credit unions and Eltropy’s more than 500 credit unions and community banks, the combined capabilities will be able to reach many credit union members and empower their mutual clients to book more loans.
Finastra Collaborates with Clinc Collaborate to Boost Digital Engagement; and Glia to Accelerates FI Transition from Phone-First to Digital-First Service
Lake Mary, Fla.-based fintech organization Finastra, which provides technologies including conversational artificial intelligence (AI) announced that Ann Arbor, Mich.-based Clinc will deliver its Virtual Banking Assistant technology fully integrated within Finastra’s Fusion Digital Banking platform. The application enables Finastra’s bank and credit union customers, utilizing Fusion Digital Banking as their digital platform, to increase digital engagement and streamline the customer experience.
New York City-based Glia, a provider of digital customer service (DCS), teamed up with Finastra, to improve the digital customer experience. Finastra will offer Glia’s DGS capabilities as a new app via its FusionFabric.cloud platform and Fusion Digital Banking solution. With Glia, financial institutions can meet customers where they are and communicate through whichever method they prefer—including messaging, video banking and voice—and guide them using cobrowsing.
Temenos Expands Agreement with Mbanq to Accelerate BaaS Adoption
Geneva, Switzerland-based fintech powerhouse Temenos announced an expanded relationship with banking as a service (BaaS) provider Mbanq, to accelerate BaaS adoption rates in the U.S. BaaS enables any brand or fintech to embed relevant financial services into their customer journeys with a front and back-end technology package. The agreement deepens the companies’ collaboration after last year’s launch of a joint credit union as-a-service offering. CUaaS is offered by Mbanq’s credit union service organization (CUSO) and powered by The Temenos Banking Cloud.
Temenos has also made a minority investment in Mbanq to capture the BaaS market, which has seen explosive growth on the back of embedded finance valued at $7 trillion market capitalization by 2030. Mbanq targets brands across a number of sectors, such as Ivy League Universities, top sports teams and celebrities offering them a comprehensive ‘as-a-service’ package such as branded deposit programs and debit cards, credit cards, lending and payments.
Trellance and DQLabs Bring Business Analytics to Credit Unions
A partnership between Tampa, Fla.-based business analytics and talent services provider Trellance and Pasadena, Calif.-based data quality platform provider, DQLabs, is opening the door for credit unions to access artificial intelligence-enhanced solutions to observe, measure, and discover the data and analytics that matter.
The DQLabs platform eliminates data silos by centralizing data quality efforts into a single, AI-driven platform. It employs machine learning and smart automation to enable user communities of all types to collaboratively remediate data quality issues, accelerating time to value and resulting in improved business outcomes.
The Trellance M360 business analytics platform combined with the DQLabs modern data quality platform enables credit unions to manage growing volumes of data with greater precision and accuracy.
WithClutch Partners with ViClarity for Compliance Reviews
Des Moines, Iowa-based WithClutch, which focuses on building digital experiences for credit unions, is partnering with ViClarity, a provider of governance, risk and compliance (GRC) technology and consulting solutions for financial institutions. ViClarity’s compliance experts assist with the review of policies, procedures, documents, disclosures and marketing materials to ensure they are aligned with federal laws and regulations governing the credit union industry.