Product Manager

Financial institutions or fintechs building on Narmi can now introduce frictionless direct deposit switching. Post thisPinwheel Prime is the industry's only direct deposit switching solution with 100% coverage of the US workforce, making it possible for millions of workers to move their direct deposit within seconds regardless of how they receive income. Traditionally, the process of updating direct deposit settings has been a friction-filled, paper-based process with a lengthy time to see changes take effect. With Pinwheel Prime, the entire direct deposit switching process is simplified and digitized down to a few simple clicks within a bank's app or via tablet at a bank's branch, making it easier and quicker than ever for consumers to update their direct deposit settings and fund accounts.In addition to removing friction for consumers and uplifting activation, financial institutions leveraging Pinwheel Prime gain access to real-time insights into customers' income, enabling deeper relationships and at least a 14% increase in customer lifetime value. Research shows that 72% of consumers say they would be more likely to make a bank their prime bank if it offered Pinwheel Prime at acquisition, making it a transformative offering for financial institutions in their quest for customer primacy."Narmi was built to bridge the gap between traditional banking systems and cutting-edge technology, helping banks and credit unions quickly and more easily access digitization," said Angela Gentry Yue, SVP of Operations at Narmi. "We're excited to partner with Pinwheel to unlock digital direct deposit switching for our trailblazing customers

Hamilton-based First Bank launched a new digital business and consumer account opening experience powered by Narmi that will allow customers to digitally open accounts with First Bank in just minutes without visiting a branch, increasing convenience and driving a new digital channel of deposit growth.“How customers want to interact with their financial partner is rapidly evolving. Providing seamless account opening is imperative for community banks seeking to provide businesses, entrepreneurs and consumers with a streamlined digital experience,” Patrick Ryan, CEO and president of First Bank, said. “First Bank is committed to providing customers with digital banking services that complement the bank’s traditional, relationship-driven model. That’s a winning formula for us as we grow our core business.”Adding online account opening is another milestone in the bank’s larger digital strategy. In 2023, First Bank launched an online business loan application portal, which serves to digitize and expedite loan funding up to $500,000 for small businesses throughout the region.Online account opening also helps First Bank establish and expand relationships in and out of its immediate geographic footprint. The new digital account opening experience offers adaptive workflows for each account type and clearly guides applicants through the account opening process for a truly best-in-class experience.“We’re proud to help transform how businesses and consumers interact with First Bank

Treasury Prime, a leading embedded banking software company, announced today its strategic partnership with Narmi, a leading provider of digital banking solutions for financial institutions. This collaboration enables Treasury Prime’s banking customers to send and receive money instantly through the FedNow Service and integrate the FedNow experience into their products.Through this partnership, financial institutions in Treasury Prime’s network can now offer their fintech clients a secure, efficient, and user-friendly platform for real-time payments, thereby enhancing their offerings and increasing revenue. Narmi’s FedNow service will support the full suite of the FedNow Service offerings, including Receive, Sending to linked and external accounts, and Request for Payment (RFP).Standing up the FedNow Service is an extremely technical feat and one that small and mid-sized banks don’t attempt to do themselves. Narmi acts as the financial institution’s official Service Provider for FedNow and handles the bulk of the complexity, including connecting directly to the Federal Reserve, posting transactions to the core banking system, and empowering the operations team to meet compliance and operational requirements.“Narmi’s FedNow Service Provider capabilities combined with Treasury Prime’s embedded banking platform creates a unique and powerful offering,” says Mark Vermeersch, Chief Platform Officer at Treasury Prime. “We are excited to partner with Narmi to streamline the integration of FedNow for our financial institution customers, allowing them to stay at the forefront of real-time payments and fintech services.”Through integrating the FedNow Service, Treasury Prime’s banking customers can enhance their Banking as a Service (BaaS) offerings, allowing them a clear path to providing instant payment services to fintechs within their network to remain competitive, create stickiness, drive engagement and increase revenue streams.“Narmi and Treasury Prime share a common vision to better serve the needs of small to mid-sized financial institutions,” says Chris Griffin, co-founder of Narmi. “This partnership with Treasury Prime represents a significant leap forward for these banks, opening doors to new revenue streams and enabling them to meet the ever-increasing demand for real-time payment solutions in the modern financial landscape.”