Fintech update: Banks and credit unions are entering into more partnerships

Several banks have announced new partnerships with fintech companies as they seek to advance their digital transformations.

New Jersey-based Cross River Bank has partnered with blockchain data firm Chainalysis to help the bank expand its services to the cryptocurrency industry.

Chainalysis specializes in compliance processes and cryptocurrency analysis and has worked with financial services companies and governments on security and financial crime issues.

“Crypto is going to be part of our daily lives, and it’s our responsibility to help the world of financial services stay up to date with new technologies,” said Luca Cosentino, head of digital assets at Cross River.

“Our partnership with Chainalysis demonstrates our commitment to innovation while prioritizing compliance and maintaining consumer trust.”

Cross River has leveraged fintech partnerships during the pandemic to facilitate more Paycheck Protection Program loans than almost any other bank in the United States, despite its relatively small size.

Elsewhere, First National Bank of North Arkansas announced this week that it has chosen Teslar Software to automate its commercial lending activities.

Teslar’s system is designed to automate origination and operational functions, making loan application more efficient for borrowers and less resource-intensive for lenders.

“Our commitment to excellent customer service means we need to evolve certain processes to better meet modern expectations, including commercial lending,” said Jack Hudgens, vice chairman of the First National Bank of North Arkansas.

“We are confident that this partnership will grow with us, allowing us to serve our customers more efficiently and quickly.”

Meanwhile, California-based Bellwether Community Credit Union has partnered with NASDAQ-listed technology company Upstart. Upstart provides an artificial intelligence-powered lending platform, which Bellwether says would help its personal lending business.