DALLAS, Oct. 20, 2023 /PRNewswire/ — FinTech Automation (FTA), renowned for its innovative solutions as an Infrastructure as-a-Service (IaaS) financial technology company and Stearns Bank N. A., a prominent community bank leader and known for its innovation and progressive approach to financial services, announces a partnership aimed to redefine the landscape of banking services. The partnership leverages FinTech Automation’s state-of-the-art technology infrastructure to empower Stearns Bank to provide seamless, efficient, and secure banking services, with a focus on enhancing bank sponsorship and correspondence banking services.
In a world that’s shifting dramatically towards digital solutions, this partnership underlines the commitment of both organizations to foster and support the advancement and evolution within the financial sector. Fintech companies stand to gain immensely from this alliance, with the unprecedented opportunity to seamlessly integrate with Stearns Bank and leveraging FTA’s IaaS Platform, reducing development cost and time to launch an array of banking services to their customers.
David Joon Park, Founder and CEO of FinTech Automation, added, “We see great potential in this partnership to redefine banking services. Our technology solutions are designed to empower financial institutions like Stearns Bank to better serve their fintech customers and drive growth. By supporting fintech companies and offering correspondent services to other banks, we’re not just driving growth but also fostering a more inclusive financial ecosystem.”
The partnership also lays a sturdy foundation for bolstering correspondent banking services, extending a branch that assists other banks in amplifying their service offerings, managing liquidity, and enhancing their operational efficiencies. In an era where interbank collaboration is pivotal, leveraging FTA’s IaaS Platform will facilitate seamless and secure transactions amongst banking entities.
Kelly Skalicky, Stearns Bank N.A. President & CEO, expressed enthusiasm about the collaboration, saying, “We are thrilled to join forces with FinTech Automation to take our fintech and correspondent banking services to the next level. This partnership aligns perfectly with our vision of delivering exceptional value to our customers while staying at the forefront of technological innovation.”
Stearns Bank customers can look forward to an improved and more comprehensive suite of banking services, thanks to FinTech Automation’s advanced platform. This will include a wider range of financial products and services, catering to both individual and corporate clients. The partnership will also bolster Stearns Bank’s correspondence banking services, ensuring swift and secure cross-border transactions for international clients and fostering stronger global business relationships.
“Stearns Bank’s dedication to innovation has always set us apart in the banking industry. Partnering with FinTech Automation amplifies our commitment to delivering state-of-the-art solutions such as FedNOW services that not only address but anticipate the evolving needs of fintechs and banks,” says Josh Hofer, Chief Risk & Information Security Officer of Stearns Bank N.A.
FinTech Automation brings its expertise in AI-driven analytics, core integrations, and payment processing that uses FTA’s UniFi core banking systems and the data generated by FTA’s proprietary payment network, ModernRails. FTA’s IaaS is a micro-services-based architecture and a hosted solution with a heavy focus on cybersecurity. Beyond FTA’s own proprietary technology, Stearns Bank will leverage FTA’s middleware, AccelerationCloud, that will integrate with Stearns Bank and third-party fintech applications to stay at the forefront of technological innovation in the banking industry.
About FinTech Automation: FinTech Automation is a pioneering Infrastructure-as-a-Service fintech company that’s revolutionizing the banking and financial services sector. The FTA Platform is the cornerstone of this transformation, offering a comprehensive core banking and financial records system equipped with diverse functionalities, essential for banks to thrive in the digital era. FTA’s proprietary payment network, ModernRails, coupled with its robust API capabilities, has fundamentally transformed the way banks approach payment automation and compliance.
About Stearns Bank: Minnesota-based Stearns Bank National Association is a $2.2 billion, independently owned financial institution with locations in Minnesota, Florida and Arizona, and over 35,000 small business customers nationwide. Recognized as having a bullet-proof balance sheet with 25% capital and earning top rankings as one of the nation’s highest-performing banks by American Banker, Best of the Best ranking of banks with the highest 3-year average Return on Assets, and most recently ranked fourth in the U.S. among banks having more than $1 billion in assets by Independent Banker’s 2023.
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SOURCE FinTech Automation