Hey Fintech Friends! In this edition of our FinWise newsletter, we’re excited to share a variety of top hits ranging from recent announcements, product and partner news, to insights from your favorite industry experts. Ready to Fly with FinWise? 🦉
News recap.
- Latest Podcast(s)
- The Rise, Stumble, and Forward Go of Fintech with Jason Mikula, Founder/Publisher of Fintech Business Weekly and Robert Keil, Chief Fintech Officer of FinWise Bank
- Matchmaker, Program Manager, Bank Me a Match, Find Me a Fintech, Catch Me a Catch with Christienne Genaro, Head of Strategic Bank Partnerships at Galileo and Sarah Grotta, Deputy Chief Fintech Officer of FinWise Bank
- Becoming Sponsor Bank Ready with Stan Orszula, Partner at BFKN and Sarah Grotta, Deputy Chief Fintech Officer at FinWise Bank
- News from FinWise Website
Partner spotlight.
FinWise is proud to announce its newest lending partner, Plannery, Inc., a financial wellness platform offering lending to an interesting niche market. Plannery’s platform was exclusively built with healthcare professionals in mind and is used by hospital systems as a way to offer their employees an option to become and stay debt free. Plannery is based out of San Mateo, CA and in partnership with FinWise, offers an unsecured, closed-end loan that allows its borrowers to consolidate their debt at below market interest rates where repayment is collected as a payroll deduction, eliminating missed payments and late fees. They target the more than 22 million healthcare professionals, which represents a $60B market opportunity and distribute their services as a benefit through hospitals and strategic partners.
The FinWise/Plannery loan product had a successful launch with the Phoebe Putney Health System, based in Albany, GA. They saw high engagement among their employees validating a real need for the product and recently expanded their product offering with FinWise to include a personal loan to the program, providing flexibility and access to additional funds for borrowers who need it. Plannery is continuing to evaluate their offerings to eventually expand to other states and add more hospitals and healthcare systems to their platform.
Welcome aboard, Plannery!
Product spotlight.
MoneyRails, the new FinWise payments hub, will bring multiple payment rails together under one application, offering users a single destination to send monetary transactions. MoneyRails will include ledgering technology, providing a strong foundation for controls, standing instructions, and connectors for 3rd party integrations. MoneyRails will support multiple payment rails, including ACH, Wire, RTP, FedNow, Mastercard RPPS, Visa Direct and can also support card servicing capabilities.
MoneyRails will be the basis for new product development at FinWise, for sponsoring new types of fintechs such as neo banks, as well as being able to reach new non-fintech clients in need of high volume payment processing. Here’s an overview of how:
Differentiators of Fintech Banking and Payments Solutions Offering.
Payments (MoneyRails™) |
Bank Identification Number (BIN) Sponsorship |
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Ease of Use. Brings multiple payments types under one application. Ability to see all payments through a single source Payment Control. Allows service providers (fintechs) to embed multiple options to move money in /out of their ecosystem Cost Effective. Business rules help optimize the payment type for users’ parameters. Reduces number of bank connected systems, lowering fees and software costs Strengthens Security. Single sign-on to manage access and real time fraud controls Modern Payment Rails. Access to the latest payment types such as faster and real-time payments
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Compliance-first Culture. Significant knowledge of compliance practices required to manage a BIN sponsorship program. Regular interactions with our regulators Differentiated Tech Approach and Integration. Provides Bank with more control for compliance oversight and more robust solutions as service providers (fintechs) expand their operations Focus. Limit number of processors, vendors and service providers to streamline efficiencies and oversight Extensive Experience. Team has nearly 90 years of combined expertise in banking, payments and fintech |
Industry recognition as a Top-Performing Bank.
Not to toot our own horn too much, but we are proud of our most recent awards. Thank you to all our clients and partners who helped make this possible!
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