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UMB Institutional Banking Continues Growth of Banking as a Service
KANSAS CITY, Mo.--(BUSINESS WIRE)-- UMB Bank, n.a., a subsidiary of UMB Financial Corporation (Nasdaq: UMBF) announces the advancement of a phased approach
About this update from Umb Financial Corporation
[{"type":"text","content":" KANSAS CITY, Mo.--(BUSINESS WIRE)--\nUMB Bank, n.a., a subsidiary of UMB Financial Corporation (Nasdaq: UMBF) announces the advancement of a phased approach to being a “one-stop shop” of Banking as a Service (BaaS) offerings, making it a unique and valuable partner for financial technology (FinTech) companies throughout the U.S. This array of offerings differentiates UMB from other banks in the BaaS space in that it can meet the full set of FinTech needs.\n\n\nServices provided include:\n\n\n\nCore platform\n\n\nReal-time account opening\n\n\nAccount types – individual, joint, trust accounts\n\n\nFDIC sweep\n\n\nCheck services\n\n\nDebit card\n\n\nACH\n\n\nWires\n\n\nStatements\n\n\nTax documents\n\n\nRemote deposit\n\n\nBill pay\n\n\n\nOf particular note is UMB’s FDIC Sweep program, as it is a key service for FinTech clients that enables them to offer a competitive yield to customers while expanding FDIC insurance.\n\n\n“We’ve been taking a strategic, step-by-step approach to building our BaaS capabilities so our clients can have all their service needs met by one provider,” said Doug Pagliaro, senior vice president and executive director of the FDIC Sweep program, UMB Bank. “We’re excited to help our clients streamline and improve their operations by being a comprehensive solutions provider.”\n\n\nUMB’s growth of its BaaS capabilities suite has enabled the company to expand into a new marketplace and has also led to a new revenue stream. One of the most recent partnerships has been with Unifimoney, a FinTech venture that integrates and automates saving, spending and investing. UMB’s BaaS offerings allow Unifimoney and other FinTech partners to offer banking products and services at scale, all under their brand name. UMB also provides more than a century of regulatory and compliance expertise.\n\n\nAs the amount of FinTechs grows and their consumer base continues to increase, so will the need for BaaS services. Given UMB’s range of offerings for FinTechs, it is uniquely positioned to become a leader in the BaaS area.\n\n\nAbout UMB:\n\n\nUMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in Kansas City, Missouri. UMB offers commercial banking, which includes comprehensive deposit, lending and investment services, personal banking, which includes wealth management and financial planning servi...