Several banks have announced new partnerships with financial technology companies as they seek to progress their digital transformations.
New Jersey-based Cross River Bank has teamed up with blockchain data company Chainalysis to help the bank expand its services to the cryptocurrency sector.
Chainalysis specializes in compliance processes and analysis for cryptocurrencies and has worked with financial services companies and governments on security and financial crime issues.
“Crypto is going to be part of our daily lives, and it’s our responsibility to help the world of financial services stay current with the new technologies,” said Luca Cosentino, head of digital assets at Cross River.
“Our partnership with Chainalysis demonstrates our commitment to innovation while prioritizing compliance and maintaining consumer trust.”
Cross River leveraged fintech partnerships during the pandemic to facilitate more Paycheck Protection Program loans than almost any other bank in the US, despite its relatively small size.
Elsewhere, First National Bank of North Arkansas this week announced that it had chosen Teslar Software to provide automation for its commercial lending business.
Teslar’s system is designed to automate origination and operational functions, making applying for loans more efficient for borrowers and less resource intensive for lenders.
“Our commitment to excellent customer service means that we must evolve certain processes to better meet modern expectations, including commercial lending,” said Jack Hudgens, vice president of First National Bank of North Arkansas.
“We are confident this partnership will be able to grow with us, allowing us to serve our customers with greater efficiency and speed.”
Meanwhile, California-based Bellwether Community Credit Union has partnered with NASDAQ-listed technology firm Upstart. Upstart provides an artificial intelligence-powered lending platform, which Bellwether said would help its personal loans business.