i2c Inc., a global leader in digital payments and banking technology, today announced cloud-based banking engine BrightFi has selected i2c solutions to help provide low-cost, feature-rich, mobile financial services to underbanked and unbanked consumers, as well as to organizations and financial institutions aiming to serve the historically overlooked market segment.
A 2019 Insider Intelligence report found that one in four households in the US, or 33 million families, were either unbanked or underbanked, with more than half of the respondents in the survey noting that they didn't have enough money to maintain an account with minimum deposit requirements.
Historically, the high cost of operating financial services made servicing this population difficult for traditional institutions, according to BrightFi. By creating a technology stack designed to reduce operational costs, BrightFi delivers a subscription-based, 100% digital banking experience to the communities that need it most. When paired with i2c’s building-blocks platform, BrightFi can pass savings to end customers while delivering secure, modern features at an affordable cost.
“Our company and platform are built for visionaries and innovators like BrightFi who want to challenge the status quo and think differently,” said i2c CEO and founder Amir Wain. “BrightFi has reimagined financial services from the backend forward to create something truly remarkable that impacts a large number of people with great unmet needs -- and they can enable others to do the same.”
“We’re thrilled to work closely with i2c, as we push the reach of financial services,” said Michael Coghlan, CEO of BrightFi. “As part of a flexible, best-in-class stack, i2c enables us to lower the cost of banking to expand access and increase financial wellness for millions. i2c understands our vision, offered us a plug-and-play platform with faster time-to-market, and the reliability our customers deserve.”
Customers will enjoy products and features such as no minimum balance requirements, payment and mobile deposit, savings accounts and live customer service available seven days a week. Accounts will have no hidden, overdraft or transfer fees and funds will be held by FDIC insured institutions for up to $250,000. Additionally, i2c's technology will allow customers to access up to $2,000 of a mobile paycheck deposit within minutes.
As a technology enabler, BrightFi also offers organizations and financial institutions the ability to leverage its platform to support their own branded financial wellness and inclusion programs, helping even more communities extend low-cost, reliable financial services.