Social Money, the company behind the award-winning saving site SmartyPig and the banking industry’s most cost-efficient core processing platform, CorePro, announced today that it has reached an agreement with Sallie Mae — the nation’s leading saving, planning and paying for college company — to enhance the company’s saving for college resources.
Sallie Mae expects to roll out the new digital banking solution through its Upromise program later this year. Free to join, Upromise has been helping families earn money for college through its rewards program for more than 13 years.
“At Sallie Mae, we are consistently looking for new ways to enhance our customer experience and provide products and services to help our customers effectively save, plan and responsibly pay for college,” said Charlie Rocha, executive vice president, Sallie Mae. “Social Money’s platform will provide a simple, straightforward and consumer friendly system for our new college savings account.”
CorePro, the cloud-based system behind the new Sallie Mae product, can be utilized for saving, certificate of deposit, and checkless checking accounts, and includes core processing (including ACH), interest accrual and payments, electronic submission of 1099’s to the IRS, automated NSF/return processing, year-end regulatory reporting, and all customer account opening procedures in one place using a management portal that provides regulatory, compliance, customer service, and data mining capabilities. CorePro operates for about 15% of the cost of legacy core processors or bank-level alternatives.
“Our technology can be used by any credit union, bank, or alternative financial services company in the world to offer a new product, add features to an existing one, or to simply cut costs by migrating customers over from legacy core processing platforms,” said Social Money CEO Scott McCormack. “We look forward to working with the Sallie Mae team to develop a new product that will help families smartly save for college.”