Leading fintechs ECHO Health, Inc. and MOCA Financial, Inc. work with sponsoring banks to facilitate easier, faster payments and card services through CSI’s open APIs
PADUCAH, Ky.–(BUSINESS WIRE)–
CSI, a leading provider of end-to-end fintech and regtech solutions, today announced that its comprehensive suite of pre-built open APIs has enabled partnerships for ECHO Health, Inc. and MOCA Financial, Inc. with financial institutions to implement Banking as a Service (BaaS) and payment initiatives.
CSI’s advanced application programming interface (API) capabilities provide easy, secure and auditable access to a range of solutions, including account opening, deposits, savings, payments, cards, identity verification and other critical financial services.
These APIs enable fintechs to seamlessly connect with financial institutions within CSI’s technology ecosystem to create and deliver BaaS applications. For financial institutions, this creates unprecedented opportunities to capture new revenue, reduce operational risk and better manage data security.
ECHO Health, Inc.a market leader in the payment of insurance claims, exploits Anchor bank, a CSI enterprise banking core customer, as facilitating sponsor bank. In conjunction with CSI, the partnership enables ECHO to streamline high volumes of individual HRA (ICHRA) payments, issue virtual card payments to healthcare providers through commercial credit and prepaid cards, and enable easier user access to health savings accounts.
“Reducing friction in our payment processing services has long been a priority,” said Jeff Lewis, senior vice president of payments at ECHO. “CSI’s pre-built open API platform – combined with its long history of financial services and fintech innovation – meant they were the perfect partner to help us implement this initiative, which streamlines our current payments operations and creates a new opportunity to automate and scale our capabilities. ”
MOCA Financial, Inc.a digital-first card-based payment provider, and CSI core customer Horizon Bank has also implemented CSI’s API technologies to increase share of wallet and improve the overall customer experience. The relationship gives Horizon Bank customers with native mobile payment services and purpose-driven cards thanks to MOCA’s innovative card program delivered through CSI.
“Community banks are increasingly exploring open banking and BaaS applications as growth engines that can help them create value for account holders and become attractive options for fintech,” said David Culbertson, CEO and President of CSI. “Our BaaS options help both financial institutions and fintechs make those connections and develop solutions that are quickly becoming the future of financial services.”
According to the recent Banking Priorities Executive Report, 23% of bank executives are looking at BaaS options to create new revenue streams, and 32% see an opportunity to implement more customer-friendly innovations with APIs. CSI meets these needs by providing banks with safe and secure technology that improves data access and sharing and creates new avenues for growth and efficiency in a competitive market.
For more information about CSI, visit csiweb.com.
About CSI
As a forward-looking technology partner, Computer Services, Inc. (CSI) provides fintech, regtech and cyber security solutions to financial institutions and corporate clients, both foreign and domestic. In addition to its reputation for providing expert services, CSI focuses on driving key technological advances, increasing speed to market and deploying solutions for fraud and anti-money laundering, account creation, small to medium business and financial management, managed IT services and cyber security, real-time payments , open bank, Banking as a Service and more. From top global brands to community financial institutions across the nation, CSI delivers agile technology to its partners designed to accelerate their growth and maximize their success. For more information, visit csiweb.com.
About ECHO Health, Inc.
ECHO® is a technology company focused on removing complexity and cost from payment processing. We save our customers over 1 billion dollars per year through comprehensive management of the claims payment process and provide access to the ECHO Payment Network, the industry’s largest network of insurers and service providers. ECHO settles over 500 million claims and benefits over 100 billion dollars in payments securely across the ECHO Payment Network annually; and proprietary ECHO technology keeps policyholders and service providers happy by ensuring payments are sent the way they prefer.
About MOCA
MOCA, headquartered in Austin suburb of Bastrop, Texas, is a fintech company founded and managed by community financial institutions and payment industry veterans. With well over 125 years of industry experience, MOCA’s principals have delivered groundbreaking financial products to community banks and credit unions for decades. For more information, please visit mocapay.com.
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Callie Neatherlin[email protected]
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Source: CSI
