White-label digital banking services provider Urban FT is joining forces with Sunrise Banks N.A. to offer clients, which include telcos, insurers and airlines, a bank-issued prepaid card and accompanying mobile app.
“It’s not always easy finding a good match between fintechs and banks, as the two often don’t fully understand each other’s needs,” Urban FT COO Glen Fossella said in a recent issue of Pay Magazine. “Most fintechs don’t get bank culture, bank metrics and what drives banks’ acquisition decisions. On the other side, banks—especially smaller ones—lack time and resources to understand tech, particularly distinguishing what’s real and what’s smoke.”
However, Urban FT has found a compatible banking partner. “In Sunrise Banks we have a partner that understands the growing complexity of the prepaid card space, supports the highest levels of compliance and risk management and shares our mission for delivering GPR products that help our clients acquire new customers and build long-lasting relationships,” Fossella said in a recent announcement.
Sunrise Banks has been observing Urban FT’s development, and is impressed by its “intense focus” on creating value for its clients, according to Joan Herman, senior vice president, director of prepaid at Sunrise Banks. “We are excited to be able to work with them as their issuer and be part of delivering a unique banking product and solution,” she added.
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