Apex, Unifimoney partner on digital investment solutions for banks

Dive briefs:

  • Apex Fintech Solutions will partner with Unifimoney to provide digital investment solutions to community banks and credit unions, the companies announced Tuesday.
  • The purpose of this collaboration is to provide community bank and credit union account holders with easy access to Unifimoney’s turnkey digital asset management platform and Apex’s digital and custody engine.
  • The service includes robo-advisory and voluntary trading in equities and ETFs, with more expected in the future.

Dive Insight:

“Apex and Unifi are committed to innovation and technology-enabled solutions. Connor Coughlin said in an email reply to Banking Dive.

Apex Clearing Corporation, a subsidiary of Apex Fintech Solutions, provides digital clearing and custody services to banks and credit unions.

A San Francisco-based startup, Unifimoney is already integrated with several online banking platforms, including Jack Henry, Banno, and Q2i.The company said it will soon add Arukami in the lineup.

The startup said customers can deploy Unifimoney on their online banking portals within three days without using a code.

Oklahoma-based First Fidelity Bank is the first customer to use the services offered by the partnership.

The $2.6 billion asset community bank recently launched a digital wealth management service with Unifimoney. The service allows customers to choose to invest in traditional or alternative assets and access financial planning software through Unifimoney’s existing online banking platform.

“Community banks and credit unions are the backbone of the U.S. economy,” Coughlin said in a press release. I came to come up with a solution that “empowers” the

Ben Soppitt, co-founder and CEO of Unifimoney, said community banks “need to offer a better value proposition than their competitors.”

Community banks and credit unions face competition from mega-banks, investment apps and neo-banks. “These competitors are already bundling banking and digital wealth management services.”

With offices in the United States and Northern Ireland and a global footprint, New York City-based Apex conducts in-depth due diligence on involved clients and partners to protect the assets of their end-investors. Coughlin said.

The fintech is an IRS-accredited non-bank custodian with over $100 billion in client assets and uses diverse business models to serve over 20 million investors through over 250 clients. It offers.

Previously, Unifimoney added investment options to its existing suite of products through DriveWealth’s Application Programming Interface (API) enabled technology.

“We took great care and time in selecting the intermediary platform necessary to support some of the most highly regulated financial firms in the world,” Soppitt said in a press release. I’m here. “Apex stood out for its deep market experience, broad product mix, robust compliance procedures, and understanding and passion for credit unions and community banks.”

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