Sterling National Bank Signs Banking as a Service Agreement with BrightFi

Rhea-AI Summary

Sterling National Bank has partnered with BrightFi to offer Banking as a Service (BaaS) solutions to non-bank entities, including community groups and retailers. This initiative aims to provide innovative digital banking services to underserved communities. Following partnerships with Google Pay and Rho Technologies, this collaboration reinforces Sterling's strategy to expand its digital footprint. Matthew Smith from Sterling expressed excitement about delivering seamless banking experiences, while BrightFi's CEO highlighted the focus on community needs and ease of access to banking services.

Positive

• Strategic partnership with BrightFi enhances Sterling's digital banking offerings.
• Collaboration aims to provide banking solutions to underserved communities.
• Follows previous partnerships with Google Pay and Rho Technologies, signaling a strong digital strategy.

Negative

• None.

Collaboration Will Provide Digital Banking Offerings for Non-Banks Including Community Groups, Retailers and Not-for-Profits

PEARL RIVER, N.Y., April 12, 2021 (GLOBE NEWSWIRE) -- Sterling National Bank, the wholly-owned operating bank subsidiary of Sterling Bancorp (NYSE: STL), today announced it has entered into a Banking as a Service agreement with BrightFi, a provider of cloud-based digital banking platform technology and services to regional and community banks and non-bank entities.

This collaboration with BrightFi marks the latest in a series of strategic partnerships and digital technology investments for Sterling, and follows the recent announcement of Banking as a Service partnerships with Google Pay and Rho Technologies. Sterling will provide banking solutions in support of BrightFi’s cloud-based direct to consumer and digital banking technology and operations platform.

“We are excited to partner with BrightFi in building and delivering an innovative set of services that bring digital banking solutions to those that need it most,” said Matthew Smith, Executive Managing Director; Direct Banking and Banking as a Service. “Our Banking as a Service partnerships allow us to deliver best in class, digitally-enabled banking solutions to a broader group of clients. We see our collaboration with BrightFi as an opportunity to create and deliver seamless banking experiences to current and future clients.”

“For too long, those communities most in need of banking have seen solutions taken away and traditional banks say ‘no.’ Together, with Sterling National Bank, we’re going to change that,” said Michael Coghlan, CEO of BrightFi and its parent company, Verdigris Holdings, Inc. “We’re excited to partner with Sterling because, like us, they are community-focused, committed to making a difference, and willing to think creatively to bring solutions that make banking easier for customers of all sizes.”

About Sterling National Bank:
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.

About BrightFi:
BrightFi, a subsidiary of Verdigris Holdings Inc., delivers a cloud-based technology and operations BaaS platform that lets financial institutions and non-banks who want to launch banking products configure, test and deploy new products or digital brands at a fraction of the time and cost. BrightFi Services significantly reduces the cost to serve banking customers and brings banking to even more communities and customers that need it most. For more information, visit: www.brightfiservices.com

STERLING NATIONAL BANK CONTACT:
Emlen Harmon, Senior Managing Director – Investor Relations
212.309.7646

FAQ

What is the partnership between Sterling National Bank and BrightFi?

Sterling National Bank has entered a Banking as a Service agreement with BrightFi to provide digital banking solutions for non-bank groups, including community organizations and retailers.

When was the partnership between Sterling National Bank and BrightFi announced?

The partnership was announced on April 12, 2021.

What are the benefits of Sterling's collaboration with BrightFi?

The collaboration aims to enhance digital banking solutions for underserved communities, making banking services more accessible and innovative.

How does Sterling National Bank plan to implement its Banking as a Service strategy?

Sterling plans to leverage its partnership with BrightFi to deliver cloud-based banking solutions to various non-bank entities, following previous partnerships with major tech companies.