Apex Fintech Options has partnered with Unifimoney to supply digital funding options for neighborhood banks and credit score unions, the businesses introduced Tuesday.
The partnership goals to supply neighborhood checking account holders and credit score unions with quick access to Unifimoney’s out-of-the-box digital wealth administration platform and Apex digital and custody engine.
The providers embrace robo-advice and self-directed buying and selling of shares and ETFs with the prospect of extra choices sooner or later.
“Apex and Unifi are dedicated to innovation and technical options. We’re actively searching for alternatives to broaden our choices and deepen our partnership,” stated Connor Coughlin, Apex’s normal supervisor fintech, in an e-mail to Banking Dive.
Apex Clearing Company, a subsidiary of Apex Fintech Options, will present the digital clearing and custody providers for banks and credit score unions.
Unifimoney, a San Francisco-based startup, has already built-in into a number of on-line banking platforms, together with Jack Henry, Banno, and Q2i. The corporate stated it can add quickly Alkami to that lineup.
The startup stated its prospects can deploy Unifimoney to their on-line banking portal in lower than three days with out utilizing any code.
Oklahoma-based First Constancy Financial institution is the primary buyer to go reside with the providers provided by the partnership.
The $2.6 billion wealth neighborhood financial institution not too long ago launched a digital wealth administration service with Unifimoney wherein shoppers can select to put money into conventional or various property and entry monetary planning software program by means of Unifimoney’s present on-line banking platform.
“Group banks and credit score unions are the spine(s) of the U.S. economic system,” Coughlin stated within the press launch. The demand from neighborhood banks prompted Unifimoney and Apex to collaborate and give you options that will enable shoppers to handle their wealth over the long run, Coughlin stated.
Group banks have to “present extra worth than their rivals, not simply parity,” Ben Soppitt, co-founder and CEO of Unifimoney, stated in an e-mail.
“Group banks and credit score unions face competitors from mega banks, funding apps and neobanks, particularly for youthful, extra digitally engaged shoppers,” he stated. “These rivals are already bundling banking and digital asset administration providers.”
New York Metropolis-based Apex, which has a worldwide footprint with places of work within the US and Northern Eire, conducts thorough due diligence on affected shoppers and companions to guard end-investors’ property, Coughlin famous.
The fintech is an IRS-approved non-bank custodian of greater than $100 billion in shopper property that serves greater than 20 million traders by means of greater than 250 shoppers utilizing all kinds of enterprise fashions for his or her providers.
Beforehand, Unifimoney added funding choices to its present product suite by means of DriveWealth’s Software Programming Interface (API) expertise.
“Now we have taken nice care and time to decide on the brokerage platform essential to help a few of the most closely regulated monetary firms on this planet,” Soppitt stated within the press launch. “Apex stood out for its deep market expertise, broad product combine and strong compliance practices, in addition to their understanding of and fervour for credit score unions and neighborhood banks.”