Fintech API Accelerator Platform offers everything a fintech needs to grow—Sensedia’s PCI-compliant platform, AI CoPilot, expert API services, a powerful Developer’s Portal, along with support for open banking compliance, and marketing—all at the price point competitors charge for just their base platforms.

Open finance offers fintechs opportunities, but they face growth and innovation roadblocks from regulatory and compliance uncertainty and resource constraints. Data aggregators may offer simple compliance, but fintechs managing multiple data sources, ecosystem integration and scaling needs require robust solutions that extend beyond aggregation. The Sensedia Fintech Accelerator allows fintechs to navigate regulatory challenges and avoid third-party strategies that push the compliance burden onto them. Fintechs can use the accelerator on its own or combine the platform with one or more aggregators. Sensedia, a global leader in delivering API solutions for companies adopting a more digital, connected, and open strategy, announced today’s launch as a cost-efficient solution that provides full API control, scalability, and adaptability to evolving standards.

“The fintech world is more competitive than ever, and companies are navigating rising costs, new compliance requirements and risk factors that impact valuations. Adapting and scaling are critical to staying competitive in a difficult and saturated market. Sensedia’s Fintech Accelerator offers fintechs expertise and a robust, financial-grade open-banking ready platform to navigate and incorporate complex compliance rules, data consent requirements, and emerging technologies like AI and Blockchain from one source,” said Lisa Arthur, Sensedia’s US Managing Director and Global CMO.

Arthur continues, “Sensedia’s Fintech API Accelerator Platform is designed to simplify complex business requirements. One of the most challenging problems for fintechs is the friction to integrate with financial ecosystems to deliver innovative products and services. The Fintech API Accelerator Platform allows fintechs to manage integration issues and enable rapid scaling. The platform also makes it easier to comply with changing regulations, such as the CFPB’s 1033 rule’s new open finance data requirements, enabling fintechs to become efficient data recipients or providers in the expanding open banking ecosystem.”

The CFPB’s new proposed rule, driving for data sharing with financial customers, applies to banks and credit unions and also seeks to subject large technology firms and fintechs to the requirements. Companies offering digital wallets, retail payment apps, or processing more than five million transactions yearly, including PayPal, Apple and Google, must comply with the proposed ruling. While compliance and new regulations bring challenges to the financial vertical, companies willing to mobilize, adapt and innovate new products and services, either in collaboration or internally, stand to gain as open banking and open data become more accessible across the industry. Risks of not leaning into compliance and open finance may put organizations at a disadvantage.

“With Sensedia’s API Accelerator Platform, fintechs like Localight can transform open banking into a seamless experience for financial institutions,” said DW Ferrell, CEO of Localight. “Our partnership allows us to deliver LocalCash rewards that not only enhance member engagement but also stimulate economic activity in local communities.”

The Fintech API Accelerator Platform focuses on enabling growth and traction at a critical inflection point in their business maturity. Customers will receive Sensedia’s open finance strategy, API design, and implementation expertise to drive their embedded finance ecosystem. Fintech Accelerator, built for fintech platforms to fast-track business results and bridge the knowledge gap, takes innovative companies from initial strategy through go-to-market.

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This alliance heralds a new era for Colony Bank, paving the way for an innovative omnichannel onboarding process that can originate an account in three minutes, while offering an overall secure and pleasant experience. The collaboration is set to revolutionize the way Colony Bank functions by enabling it to efficiently accumulate deposits on a larger scale, expand its customer base, and unlock additional avenues for revenue generation. By automating application decisions, Prelim allows the Colony team to concentrate on delivering superior customer service and fostering deeper banking relationships, even amidst periods of swift expansion.

“Colony Bank is at a turning point in our digital transformation process. We needed a partner that not only offers a best-in-class product but is able to integrate with all of our back-end operations harmoniously,” said Christian Ruppe, Chief Innovation Officer and SVP of Colony Bank. “Prelim has a deep understanding of our customers’ needs and will be the driving force behind customer acquisition, retention, and satisfaction.”

As consumer demands for digital banking services skyrocket, traditional banks are stepping up, leveraging state-of-the-art fintech solutions to deliver on these expectations. The convergence of Prelim’s technological prowess and Colony Bank’s industry experience is set to create a banking ecosystem that is not only customer-centric but also resilient, agile, and forward-thinking. Leveraging Prelim’s cutting-edge technology, Colony Bank customers will now enjoy a seamless, digital-first experience when opening and managing their accounts, further reinforcing Colony Bank’s commitment to customer-centric innovation.

Heang Chan, co-founder and CEO of Prelim, commended Colony Bank’s strategy, “The world today is digital-first. Prelim is not just keeping pace but setting the tempo through our comprehensive digital transformation roadmap. Colony Bank stands out as a leading institution that recognizes the immense potential of bringing cutting-edge financial solutions to their already-personalized approach to customers.”

Fast, safe, and most importantly digital financial transactions are not just desired but expected, and Prelim and Colony Bank have joined forces to set a new benchmark in banking services. Their shared commitment to innovation, coupled with a relentless focus on customer satisfaction, is the driving force behind this strategic partnership.

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