UMB Bank, a subsidiary of UMB Financial Corp. is launching a phased approach to its Banking as a Service program which targets fintechs throughout the U.S.

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 FDIC insurance.

"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," Doug Pagliaro, senior vice president and executive director of the FDIC Sweep program, UMB Bank, said in the release. "We're excited to help our clients streamline and improve their operations by being a comprehensive solutions provider."

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