Smart cash management has emerged in recent years as a vital strategy for fast-growing businesses aiming to minimize financial risk. Unfortunately, these companies have historically found themselves at a crossroads, having to choose between the attractive returns of restricted high-yield accounts and the safety offered by fully insured sweep accounts for their cash diversification efforts.
Today, companies don’t have to choose. Centime has officially launched Centime Banking, a new banking solution in partnership with FNBO (First National Bank of Omaha), to help businesses automatically protect deposits, maximize working capital, and take advantage of today’s high-interest rates – without restrictions.
Introducing Centime Banking
Centime Banking reimagines business banking, giving your company everything you need to protect, manage, and optimize your cash all in one place. It includes:
- High-Yield Checking: Users can also sign up for Centime Checking Plus*, a fully-liquid, high-yield checking account that offers high returns with unlimited transactions and without the restrictions of traditional high-yield money market accounts.
- Automated Account Diversification: Centime Checking Plus* users can automatically diversify deposits and get access to multi-million-dollar FDIC insurance coverage**. Users can protect their funds beyond the $250,000 FDIC limit, without the inconvenience of opening and managing new accounts and banking relationships.
- Multi-Bank Account Aggregation: Users can view all their bank accounts and financial institution relationships in a single, integrated dashboard, providing complete visibility across all their cash assets and liabilities.
- Cross-Bank and Account-to-Account Transfers: Users have the freedom to transfer cash between accounts and across any banks, avoiding costly wire fees and tedious bank-specific procedures.
- Fraud Protection: Centime protects users' deposits from electronic payment fraud †, offering coverage up to $100,000 per incident, and subject to coverage limitations and terms.
Businesses Call for a Better Way to Diversify Cash and Unlock Clear Line-of-Sight Between Bank Accounts
In the wake of the Silicon Valley Bank failure, Centime conducted a survey among CFOs to learn more about the challenges associated with cash management fund protection.
The survey findings revealed a stark concern: a staggering 95% of small-to-midsize businesses (SMBs) have cash reserves exceeding the FDIC's insurance limit of $250,000, highlighting a significant vulnerability. Despite the evident need for safer cash management strategies, CFOs are hesitant to diversify their banking relationships, primarily due to the practical difficulties involved.
Traditional cash diversification methods come with a host of challenges: they are often cumbersome and time-intensive, a sentiment shared by 60% of the surveyed finance professionals who find transferring funds between accounts particularly burdensome. Not to mention, cash reporting and month-end close are already convoluted, without the added complexity of additional bank accounts.
The crux of the issue lies in the lack of a consolidated view across different bank accounts, which significantly complicates finance teams' ability to gain a comprehensive understanding of their financial situation.
This absence of a unified financial overview is a major hurdle, with three-quarters of CFOs expressing a desire for a more integrated perspective on their balances and transactions. Additionally, the reconciliation of transactions across various accounts remains a significant challenge for two-thirds of the surveyed businesses, underscoring the need for a more streamlined approach to cash management and diversification.
Dead set on addressing these concerns, Centime set out to build a solution.
“In the wake of SVB, we’ve seen a groundswell of CFOs re-evaluating their cash management strategies and looking for ways to diversify their deposits and mitigate the risk of bank failure,” said BC Krishna, CEO and Founder of Centime. “CFOs have also told us that manual account diversification by opening new accounts at multiple banks is tedious and difficult to operationalize. At the same time, every business seeks higher yield on their operating accounts, instant liquidity, unrestricted use, and maximum protection against risks. That's why we're proud to introduce a product that not only automatically diversifies deposits, but also delivers high-yield checking, and provides greater line-of-sight across all your banking relationships.”
A Strategic Partnership with FNBO
Choosing the right banking partner is a pivotal decision for CFOs, who, according to last year’s survey, prioritize reputation and stability (70%) alongside convenience and ease of online banking (62%).
In this context, Centime's partnership with FNBO emerges as a particularly strategic and trusted choice.
By aligning with FNBO, Centime melds the efficiency and user-friendliness of a modern online banking experience with the reliability and depth of a financial institution that stands the test of time. FNBO, with its 166-year legacy and over $30 billion in assets, represents a bedrock of stability and trust.
This collaboration ensures that businesses not only enjoy the cutting-edge features and simplicity of digital banking but also gain the peace of mind that comes from a longstanding, reputable banking institution.
“Businesses are looking for convenient ways to protect their deposits beyond the $250,000 FDIC limit,” said Carrie Zoucha, Vice President of Commercial Payments at FNBO. “With Centime, we’re able to automate that experience for our customers, supported by the stability of the bank.”
To learn more and sign up for Centime Banking today, visit https://www.centime.com/features/banking-solutions.
*Centime is a financial technology company, not a bank.
*All banking products and solutions are provided by FNBO. Member FDIC.
†Fraud protection provided by Hub International. Terms and conditions apply.
About Centime
Centime is the leading cash management platform that helps small to mid-sized businesses easily control and manage working capital. From forecasting, collections, invoicing, payments, credit, and reporting — our platform leverages automation and artificial intelligence to help finance leaders lower operational costs and optimize cash flow.
Centime is the only company to offer accounts payable, accounts receivable, and banking solutions in one unified platform. Named Fintech of the Year by Aite in 2022, Centime is a privately held company based in Boston, MA. To learn more, visit www.centime.com.
About FNBO
FNBO (First National Bank of Omaha), a subsidiary of First National of Nebraska, Inc. (FNNI), is one of the largest privately held banks in the US and has been in business for more than 165 years. FNNI and its affiliates have over $30 billion in assets and 5,000 employees. Primary banking offices are located in Nebraska, Colorado, Illinois, Iowa, Kansas, South Dakota, Texas and Wyoming, providing personal and business banking, mortgage, payment solutions, wealth management and more. As the great big, small bank founded in 1857, FNBO has maintained its commitment to customers and helping build strong communities. Learn more at FNBO.com and connect on Facebook, X and Instagram. Member FDIC.
