First National Bank of Omaha (FNBO) announced Bend by FNBO, a credit card-as-a-service solution to expand its ability to enable customers to offer cards, press Release said.
Bend by FNBO will offer an integrated model of open API services for credit cards. It will allow customers to use plug-and-play financial services to integrate into existing environments. Brands will be able to access more flexibility with the service, as well as customizable options for their cards.
Bend by FNBO will use the bank’s existing partnership with card issuing and payment company Marqeta to rapidly deploy branded card programs, using Marqeta’s open APIs to integrate experiences into their applications. Marqeta has a self-service dashboard for businesses to set up and manage their cards.
“In today’s digital world, everything requires flexibility and agility,” says Marc Butterfield, SVP, Head of Bend by FNBO. “The banking landscape is changing and macro trends like banking as a service and open banking are transforming the way digital brands offer financial products and services to their customers. Recognizing this, we are proud to be one of the first banks to offer modular and integrated credit card solutions to serve today’s dynamic market. Bend by FNBO was built around flexible, technology-based tools that allow businesses to create a credit card experience that matches their brand.
Last year, FNBO worked with lending platform AI Upstart to expand access to its personal lending program, PYMNTS wrote.
Read more: First National Bank of Omaha Launches Credit Card-as-a-Service Solution
There was a pilot program with Upstart starting in 2019, where the program’s approval rates and attrition rates met or exceeded expectations. FNBO’s joint effort with Upstart also saw it approve more borrowers, with 78% of loans approved instantly.
Butterfield was quoted at the time as saying the partnership took place “so that more people across the country can get the personal loans they need with higher approval rates through a modern all-digital experience. made possible by AI”.
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