VIP enables Raisin to integrate its Savings as a Service software with the Symitar-Episys core platform
Goldman Sachs-backed fintech Raisin U.S. today announced that it has joined the Symitar® Vendor Integration Program (VIP). Participation in the program will provide Raisin U.S. with access to Symitar’s technical resources to enable the fintech’s unique Savings as a Service software to integrate with Symitar – Episys core platform. The Vendor Integration Program is designed to help ensure that Symitar’s customers can easily deploy third-party products.
The Raisin Savings as a Service software integrates with the Episys core platform via SymXchange™, a services-based programming interface that enables third-party vendors and credit unions to access the platform’s core data and business rules. The integrity of data is maintained throughout any data exchange, because access to business rules and data is managed through a service layer which governs these interactions.
Raisin’s original Savings-as-a-Service software lets credit unions and their members create individualized time deposit products, with a range of features from market-linked to ladder to flexible liquidity. Many members would like to meet complex needs with a time deposit, such as regular withdrawals or multiple linked accounts with differing terms. With the Raisin software, they can build one single deposit structured to allow for desired outflows yet still with an optimized interest rate. The software allows bankers to model products for their members in a couple of clicks, showing multiple options and visualizing future earned interest, instantly generating the finalized custom-built deposit product.
Raisin U.S. CEO Paul Knodel explains: “Enabling credit unions to quickly build customizable time deposits for their members, the Raisin Savings as a Service software offers an exclusive private banking service to retail clients. At a time when many financial institutions are facing both over-liquidity and market volatility, credit unions need to compete for long-term funding on value, rather than on rate alone. The solution Raisin has brought to market in 2020 allows them to do exactly that, and thus to attract and retain flexible, cost-effective retail liquidity.”
Symitar’s VIP takes the customer out of the middle, providing vendors with direct access to Symitar’s technical resources and test systems. VIP inclusion is not an endorsement of the vendor’s product.
Symitar®, a division of Jack Henry & Associates, Inc. (NASDAQ:JKHY), is a provider of integrated computer systems for credit unions of all sizes. Symitar has been selected as the primary technology partner by more than 800 credit unions, serving as a single source for integrated, enterprise-wide automation and as a single point of contact and support. Additional information about Symitar is available at www.symitar.com.
About Jack Henry & Associates, Inc.
Jack Henry (NASDAQ:JKHY) is a leading provider of technology solutions primarily for the financial services industry. We are an S&P 500 company that serves approximately 9,000 clients nationwide through three divisions: Jack Henry Banking® supports banks ranging from community banks to multi-billion-dollar institutions; Symitar® provides industry-leading solutions to credit unions of all sizes; and ProfitStars® offers highly specialized solutions to financial institutions of every asset size, as well as diverse corporate entities outside of the financial services industry. With a heritage that has been dedicated to openness, partnership, and user centricity for more than 40 years, we are well-positioned as a driving market force in future-ready digital solutions and payment processing services. We empower our clients and consumers with the human-centered, tech-forward, and insights-driven solutions that will get them where they want to go. Are you future ready? Additional information is available at www.jackhenry.com.
A trailblazer for platform banking and banking-as-a-service, Berlin-based fintech Raisin was founded in 2012 by Dr. Tamaz Georgadze (CEO), Dr. Frank Freund (CFO) and Michael Stephan (COO). Launched in 2020, Raisin U.S. provides American banks a unique time deposits software solution. Raisin’s European platforms are breaking down barriers to better savings for European consumers and SMEs: Raisin’s marketplace offers simple access at no charge to attractive and guaranteed deposit products from all over Europe, as well as globally diversified, cost-effective ETF portfolios and pension products.Since launch in 2013, Raisin has placed 30.5 billion USD for 320,000 customers in 30+ European countries and 105 partner banks. Raisin was named to Europe’s top 5 fintechs by the renowned FinTech50 listing in 2019 and 2020, to CB Insights global Fintech 250 list, and is backed by European and American investors such as btov Ventures, Goldman Sachs, PayPal Ventures, Thrive Capital, Index Ventures, Orange Digital Ventures and Ribbit Capital. Raisin UK in Manchester, banking-as-a-service provider Raisin Bank in Frankfurt, Raisin Pensions (formerly fairr), and Raisin Technology all belong to the Raisin group.
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