Sterling National Bank Introduces Banking-as-a-Service Program
Sterling Bancorp (NYSE: STL) has launched its new Banking-as-a-Service (BaaS) program, providing customized financial solutions for FinTech and non-bank partners. This initiative aims to enhance digital banking capabilities and offers a comprehensive API platform for partners to integrate Sterling’s services into their businesses. The BaaS program is expected to create profitable revenue opportunities while supporting the growth of its partners. CEO Jack Kopnisky emphasized the alignment of this program with the bank's mission of delivering scalable products tailored to small and middle-market enterprises.
- Launch of Banking-as-a-Service (BaaS) program enhances digital banking capabilities.
- Offers a comprehensive API platform for partners, promoting integration of banking solutions.
- Expected to generate additional profitable revenue opportunities for Sterling.
- None.
~ New service provides innovative financial solutions for FinTechs and non-bank partners to deliver customized banking capabilities ~
MONTEBELLO, N.Y., July 13, 2020 (GLOBE NEWSWIRE) -- Sterling Bancorp (NYSE: STL) announced that its principal subsidiary Sterling National Bank (“Sterling”) is introducing its new Banking-as-a-Service (“BaaS”) program, which provides a wide range of customized products, payment and back office capabilities for FinTech and other non-bank institutions. The launch of BaaS aligns with Sterling’s continued focus on developing innovative solutions for small and middle market enterprises and working with leading technology solutions companies to produce world-class digital capabilities.
“We are excited to roll out Banking-as-a-Service and to partner with emerging and established FinTech companies to deliver the products, data and the infrastructure they need to accelerate growth and provide a distinctive experience for their customers,” said Jack Kopnisky, Sterling National Bank CEO. “This solution fits perfectly with our mission of delivering scalable products and services that create new avenues of success for our valued clients, while also generating additional profitable revenue opportunities for Sterling.”
The Sterling National Bank BaaS program, led by a dedicated BaaS team, provides access to innovative products and services using Sterling’s comprehensive API platform. This allows FinTech and other third-party partners the ability to build and enhance digital banking capabilities directly into their business. Partners of Sterling benefit from a range of offerings, including solid product sets, security, scalability, in-house expertise in critical areas like risk management and access to the bank’s broad network of strategic partners.
“With Sterling National Bank’s API platform, BaaS partners can secure access to our banking solutions via a set of reliable and easy to implement APIs,” said Matthew Smith, Segment Executive, Head of Direct Banking. “Our BaaS solutions integrated with our flexible, progressive and consultative approach will allow our partners to achieve results quickly and to grow their business. We look forward to entering into a number of significant, mutually beneficial agreements.”
For more information, please visit: snb.com/SterlingBaaS
About Sterling National Bank
Sterling Bancorp, of which the principal subsidiary is Sterling National Bank, specializes in the delivery of financial services and solutions for small to mid-size businesses and consumers within the communities we serve through a distinctive team-based delivery approach utilizing highly experienced, fully dedicated relationship managers. Sterling National Bank offers a complete line of commercial, business, and consumer banking products and services. For more information, visit www.snb.com.
Sterling Bancorp Contact:
Emlen Harmon
SVP – Director of Investor Relations
Phone 845-369-8040
