Sterling National Bank will be debuting a banking-as-a-service feature with Rho Technologies, which is a digital platform providing companies with a suite of commercial banking and finance solutions, a press release said on Monday (April 5).
Sterling, which is a subsidiary of Sterling Bancorp, will help Rho by providing a holistic package of wholesale banking solutions to bolster its expansion and growth in customers.
The collaboration will be “a multiservice partnership that combines Sterling’s product, operational and regulatory expertise with Rho’s sophisticated technology and product capabilities.”
Sterling has been making a number of other strategic partnerships as of late, and the company has $30 billion in assets, according to the release.
“We are excited to partner with Rho. Their innovative digital banking platform provides businesses with access to the banking, budgeting and payments products they need to succeed,” said Matthew Smith, head of Direct Banking and Banking as a Service. “Our agreement with Rho is an important step in broadening our portfolio of Banking-as-a-Service arrangements with leading technology companies and accelerating our organization-wide digital transformation to offer customer-centric, digitally enabled solutions to the marketplace.”
“Rho is thrilled to collaborate with Sterling National Bank. We spent a lot of time seeking a partner that had the capabilities and scale that our current and future customers need,” said Everett Cook, CEO and co-founder at Rho Technologies. “We look forward to working with Sterling in supporting our future product and service offerings.”
PYMNTS reported that small businesses are always looking into financial services that can help with better visibility and more control over finances. In a discussion with Rho Technologies Co-Founder Alex Wheldon, Wheldon says accounts payable (AP) functionality was added as a way to help further interconnecting with other departments. Data integration, he said, was vital for reaching the seamless workflow from invoice acceptance to approval. Adding an AP function lets businesses automatically capture invoice payment data in the same place as other payments.
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