Business and commercial shares and deposits have become a key segment for credit unions. Commercial deposits doubled as a percentage of total deposits between 2015 and 2023, from 2.2% to 4.4%. The ModernFi and Tru Treasury partnership equips credit unions with the tools and resources necessary to navigate the complexities of business banking.

“For years, we have been searching for a deposit network to add to our offerings and were thrilled to find ModernFi,” stated John Ballantyne, CEO of Tru Treasury. “Our broad range of treasury solutions combined with ModernFi’s industry-leading deposit network significantly enhances the financial infrastructure available to credit unions, positioning them to win in the competitive business banking market.”

Through ModernFi’s deposit network, credit unions can offer accounts with millions in extended NCUA insurance,* offering a non-rate proposition to attract and retain deposits. Business accounts typically hold balances above the standard federal insurance limit to cover payroll, bill payments, and other liabilities. As credit unions continue to drive deposit growth, extended insurance plays a key role in creating long-lasting, sticky relationships with these large-value members.

Tru Treasury is the market-leading provider of treasury management solutions and consulting services. By providing strategic insights and advanced financial tools, Tru Treasury helps credit unions optimize their treasury operations and expand their business banking capabilities. The partnership with ModernFi introduces a holistic suite of solutions that historically has not been available to credit unions.

“As credit unions face one of the most competitive deposit environments in recent memory, ModernFi’s partnership with Tru Treasury provides credit unions an innovative solution to manage their balance sheet needs and offer members value through access to millions in insurance,” said Michael Mutscheller, Head of Business Development at ModernFi. “Backed by ModernFi and Tru Treasury, credit unions can perform the services required by modern businesses and offer a compelling breadth of solutions tailored to their needs.”

By leveraging the combined strengths of ModernFi and Tru Treasury, credit unions can optimize their financial operations, attract and retain large deposits, and deliver superior services to their members. Together, ModernFi and Tru Treasury are committed to driving innovation and supporting the mission of credit unions nationwide.

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Healthcare organizations today receive 27% of insurance payments manually and the percentage of manual payments is actually increasing, up from 24% 3 years ago¹. This creates a big issue for groups that need to manually type remittances into practice management systems and cash checks, not only in labor required but also delayed cash flow. The Anatomy Healthcare Lockbox leverages a strategic partnership with CheckAlt, a recognized leader in technology-enabled lockbox solutions. This collaboration brings together Anatomy’s AI-based EOB to 835 conversion and automated reconciliation with CheckAlt’s expertise in efficient check processing and HIPAA secure facilities.

Colleen Kinlund, COO at Vail Summit Orthopaedics and Neurosurgery shared her experiences with paper processes. “The paper mail is a pain to manage, and I was thrilled when I first heard about the Anatomy lockbox that converts EOBs to 835s. With the issues at Change Healthcare, there is an even bigger need to digitize paper remittances across the healthcare industry. We are excited to automate these processes and accelerate our cash flow, so we can focus on delivering exceptional care to our patients.”

“We are thrilled to partner with CheckAlt to deliver this transformative lockbox solution to the healthcare industry,” said Sasha King, Co-CEO of Anatomy. “In healthcare, a quarter of insurance payments to providers are on paper checks. With an AI-powered lockbox, we can enable full digitization of financial workflows for healthcare organizations. We were looking for a technology forward lockbox partner who is continuing to invest in their lockbox technology, and CheckAlt’s technology platform and customer centricity are best in class.”

Shai Stern, CEO of CheckAlt, added, “We are excited to join forces with Anatomy to provide a modern lockbox solution specifically tailored to the needs of healthcare. Our customers have been asking for EOB conversion for some time and finally, Anatomy can solve that pain point. Our combined expertise will ensure a seamless and secure experience for healthcare providers.”

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“We understand the importance of our customers’ time and are excited to introduce next day payments for professionals to access incoming funds faster”, said Dru Armstrong, Chief Executive Officer of AffiniPay, parent company of CPACharge.“As we widen our competitive advantage in the market, we will continue to empower our customers with the latest innovation to help their businesses grow.”

Accounting firms often face the challenge of a 30-60 day delay between completing tasks and receiving payments. CPACharge’s next day payments will provide eligible firms with:

• Improved cash flow management
• Expedited deposit timelines
• Rapid turnaround time for transactions

CPACharge prioritizes evolving its services to meet the needs of accounting professionals for their business. The next day payments feature is a testament to this commitment, delivering customers a powerful tool to maximize their financial operations.

The announcement of CPACharge next day payments comes on the heels of AffiniPay’s news announcing the launch of AffiniPay IQ and in-person payment abilities which will be rolling out to customers later this year.

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Key findings of the survey include:

• SMBs see business benefits of AI: SMBs want to use AI for their business, both for strategic and tactical financial operations.
• Automation is important to financial operations: The majority of SMBs agree that automation is essential to enhancing business efficiency, decision-making, and employee attraction and retention.
• Integrated financial management solutions provide value: Almost two-thirds of SMBs said that integrated financial management solutions would provide high value to the financial operations of their business.

“Advances in AI present a new opportunity for SMBs. AI can help them make better decisions and bring powerful efficiency and productivity outcomes to improve their business,” said Ken Moss, Chief Technology Officer at BILL. “For SMBs, choosing the right technology and AI partner for their business is essential to their long term success. It’s not just about being innovative. SMBs need accessible, trusted and useful technology that can actually transform their business.”

SMBs See an Opportunity to Leverage AI to Improve Their Business

Automation is already transforming financial operations, offering SMBs better accuracy and efficiency when it comes to managing their cash flow. With new innovation and advancements in AI, it presents even more opportunities to enhance their business. Many SMBs want to embrace AI, with 85% of SMBs responding that they are enthusiastic about using AI for their business. They view AI as a beneficial tool for strategic planning and everyday operations of their business. SMBs identified decision-making and analytics benefits as the top advantages that AI can contribute to financial operations. They also cited practical benefits such as giving employees time to focus on more important tasks, detecting irregularities, summarizing data, and streamlining routine activities as key advantages.

SMBs View Financial Automation as Essential to Business Success

Automating financial operations enables SMBs to free up valuable time they need for their business. It helps them focus more on the strategic aspects of the business and improves both accuracy and efficiency. For example, BILL’s integrated financial operations platform leverages automation for functions like invoice extraction and bill creation, duplicate invoice detection, and expense management automation. 90% of SMBs agree that automation is key to improving business efficiency. 84% also feel that automated financial operations can help provide the insights needed to improve decision-making. A majority believe that automation aids in employee attraction and retention.

SMBs See Benefits of Deploying Integrated Financial Management Solutions

SMBs want the benefits of AI without adding to their tech stack. In addition, most SMBs want to leverage AI capabilities integrated in the financial applications they currently use or intend to deploy. This can help SMBs reap the benefits of AI without the need for extensive new infrastructure.

SMBs believe integrated solutions can help them gain the operational efficiency and more of a strategic edge to compete more effectively in the marketplace. They rank gaining real-time insights into cash flow, the cost-effectiveness of integrating various financial processes, and the convenience of consolidating financial information into a single platform as three of the top benefits of this approach.

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Quality products are highly valued in the financial technology market. Ampere is gaining quite fast momentum in the UK, at the same time it is also preparing to enter the European market. All this will lead to the global use of instant transfers between 45+ countries.

By bringing together the latest technologies, Ampere’s IT developers provided a business banking that allows businesses to accept payments by cards and bank transfers, make instant payments via SWIFT or SEPA as well as payments by card, and automatically convert funds into popular currencies and exchange them.

It also lets staff members generate and send invoices to customers with its Smart Invoicing System, utilize mobile phones as a terminal, and manage business accounts and taxes.

Ampere offers to its customers:

• Open Multi Currency Account (UK IBAN, account number & sort code, as well as an EU IBAN)

A multi-currency account is a type of demand deposit account that allows you to send, hold and receive various currencies in one place.

In other words, a multi-currency account allows users to make and receive payments in foreign currencies without the need to open several foreign accounts.

• Make instant payments via SWIFT or SEPA

Both are ways to make international payments, with SEPA serving the Eurozone and SWIFT operating worldwide. Ampere makes such transfers to over 150 countries in minutes, thereby simplifying transfers to other banks to a few clicks.

• Accept payments by cards and bank transfers

Ampere offers a quick and convenient way to make financial transactions both large and small. Clients can easily use the card to make offline and online purchases.

• Get Corporate Debit Card for your company

This possibility provides the flexibility and information companies need to effectively manage travel and entertainment expenses.

• Fast client support

Efficiently providing solutions to customer’s problems and answering their questions is Ampere’s priority in ensuring customer satisfaction. Comfort and partnership comes first.

• Get safe & secure service

Ampere values trust, which means safety and protection. The fundamental value and priority is the security of clients with the help of a secure repository of data and capital provided, as well as reliable insurance.

• Download & share your accounting statements

A convenient, fundamental and necessary function for any staff, business or entrepreneur.

Ampere Business Banking is available on iOS, Android and WEB

Some developing features and technological solutions for a more comfortable service:

• Instant currency conversion at the best exchange rate for the lowest fee;
• Generate and send invoices to customers using their Smart Invoicing System;
• Use mobile phone as a terminal;
• Open multiple accounts for different companies;
• Open private account for business owners + get private debit card;
• Open a joint bank account for multiple account holders;
• Turn the website into an online shop by opening a merchant account;
• Get instant low-interest loans;
• Manage business accounts and taxes.

Neo banking offers a competitive alternative to traditional banking, and its growing popularity shows promise for a successful future in the Fintech industry.

Modern bankers are switching to these digital-only services, gaining access to more convenient and flexible services for customers with busy lives, a customer-centered approach for those seeking support, optimized UI/UX on their apps and websites for better transparency and usability, lower costs for customers looking to save, and higher interest rates on savings accounts for customers looking to earn.

Ampere allows entrepreneurs to manage all the essential business financial operations in one place with a few clicks.

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Gendron comes to the role with a substantial track record leading high-performing finance organizations. Most recently, she was Chief Financial Officer of Jefferies Financial Group Inc., and she has also held senior finance positions at Gannett Co. and NII Holdings. She began her career at KPMG.

“We knew that it wouldn’t be easy to find the right person for this role,” said Markel Chief Executive Officer Tom Gayner. “The pool of finance leaders with experience supporting a group of businesses and investments as diverse as ours is somewhat limited, and to find someone who also shares our commitment to success, management style, sense of humor, and other cultural values, well that’s priceless to us. We are thrilled for Teri to join the team.”

As Chief Financial Officer, Gendron will work with leaders and teams across Markel’s three engines of insurance, investments, and Markel Ventures to oversee and manage all aspects of the holding company’s financial operations, including financial reporting, accounting, tax, treasury, and internal audit. She will report to Gayner and will work from Markel’s global headquarters in Glen Allen, Virginia.

“I have great respect and admiration for Markel,” said Gendron. “From the design of the company that creates the opportunity for steady investment and growth, to the culture focused on winning over the long term, Markel is just the type of place that I will enjoy calling home. I’m honored to be a part of it and can’t wait to join the team.”

Gendron holds an MBA from Georgetown University and a B.S. from the University of Virginia.

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