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CSI’s Banking-as-a-Service Capabilities Facilitate New Fintech Partnerships

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CSI, a leading provider of end-to-end fintech and regtech solutions, announced that its comprehensive suite of prebuilt open APIs has facilitated partnerships for ECHO Health, Inc. and MOCA Financial, Inc. with financial institutions to deploy Banking as a Service (BaaS) and payments initiatives.

CSI’s advanced application programming interface (API) capabilities provide simple, secure and audited access to a host of solutions including account opening, deposits, savings, payments, cards, identity verification and other critical lines of financial services.

These APIs enable fintechs to seamlessly connect to financial institutions within CSI’s tech ecosystem to create and deliver BaaS applications. For financial institutions, this creates unparalleled opportunities to capture new revenue, mitigate operational risk and better manage data security.

ECHO Health, Inc., a market leader in insurance claim disbursements, is leveraging Anchor Bank, a CSI enterprise banking core customer, as the facilitating sponsor bank. In conjunction with CSI, the partnership enables ECHO to streamline high volumes of individual coverage HRA (ICHRA) disbursements, issue virtual card payments to healthcare providers through commercial credit and prepaid cards, and enable easier user access to healthcare savings accounts.

“Reducing friction in our payments processing services has long been a priority,” said Jeff Lewis, senior vice president of payments at ECHO. “CSI’s prebuilt open API platform—combined with its long history of financial services and fintech innovation—meant they were the perfect partner to help us deploy 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 payments provider, and CSI core customer Horizon Bank have also implemented CSI’s API technologies to grow share of wallet and enhance the overall customer experience. The relationship provides Horizon Bank customers with native mobile payments 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 their account holders and become attractive options for fintechs,” said David Culbertson, CEO and president of CSI. “Our BaaS options are helping financial institutions and fintechs alike 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 banking 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 is addressing these needs by empowering banks with safe and secure technology that improves data access and sharing and creates new pathways for growth and efficiency in a competitive market.

 

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