UMB's growth of its BaaS capabilities suite has enabled the company to expand into a new marketplace and led to a new revenue stream, according to a press release.
One of UMB's most recent partnerships with Unifimoney, a fintech venture that integrates and automates saving spending and investing, works collaboratively with UMB's BaaS offerings to allow fintech partners to offer "one-stop" banking products and services at scale, and all under their brand name.
BaaS services include:
- Core platform.
- Real-time account opening.
- Account types – individual, joint, trust accounts.
FDIC sweep.- Check services.
- Debit card.
- ACH.
- Wires.
- Statements.
- Tax documents.
- Remote deposit.
- Bill pay
UMB's FDIC Sweep program will also be a value-added service for fintechs, enabling them to offer a competitive yield to customers while expanding
"We've been taking a strategic, step-by-step approach to building our BaaS capabilities so our clients can have all their service needs met by one provider,"
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