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UMB Bank makes Banking-as-a-Service push

Source: UMB Bank

UMB Bank, n.a., a subsidiary of UMB Financial Corporation (Nasdaq: UMBF) announces the advancement of a phased approach to being a “one-stop shop” of Banking as a Service (BaaS) offerings, making it a unique and valuable partner for financial technology (FinTech) companies throughout the U.S.

This array of offerings differentiates UMB from other banks in the BaaS space in that it can meet the full set of FinTech needs.

Services provided include:
• Core platform
• Real-time account opening
• Account types – individual, joint, trust accounts
• FDIC sweep
• Check services
• Debit card
• Wires
• Statements
• Tax documents
• Remote deposit
• Bill pay

Of particular note is UMB’s FDIC Sweep program, as it is a key service for FinTech clients that enables them to offer a competitive yield to customers while expanding FDIC insurance.

“We’ve been taking a strategic, step-by-step approach to building our BaaS capabilities so our clients can have all their service needs met by one provider,” said Doug Pagliaro, senior vice president and executive director of the FDIC Sweep program, UMB Bank. “We’re excited to help our clients streamline and improve their operations by being a comprehensive solutions provider.”

UMB’s growth of its BaaS capabilities suite has enabled the company to expand into a new marketplace and has also led to a new revenue stream. One of the most recent partnerships has been with Unifimoney, a FinTech venture that integrates and automates saving, spending and investing. UMB’s BaaS offerings allow Unifimoney and other fintech partners to offer banking products and services at scale, all under their brand name. UMB also provides more than a century of regulatory and compliance expertise.

As the amount of FinTechs grows and their consumer base continues to increase, so will the need for BaaS services. Given UMB’s range of offerings for FinTechs, it is uniquely positioned to become a leader in the BaaS area.  

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