[BOSTON, MA] March 19, 2024 - Centime, a Boston-based fintech that offers comprehensive cash management and banking solutions to small- to midsize-businesses (SMBs), today announced the launch of a new banking product in partnership with FNBO (First National Bank of Omaha) aimed at helping businesses take control of their cash, protect their deposits, and maximize their return.
In the months following the collapse of Silicon Valley Bank and other banks, Centime conducted a survey of CFOs to learn more about the challenges that SMBs face when it comes to managing their cash and protecting their funds. The survey found that 95% of SMBs have cash at risk above the $250,000 FDIC limit, and three out of four CFOs were considering diversifying their deposits to mitigate the risk of bank failure. But the majority also expressed concerns with the inconvenience of diversifying their deposits and reconciling across multiple accounts.
“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.”
As a new addition to Centime’s cash management suite, Centime Banking is designed to provide growing businesses with this comprehensive set of features:
- 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 banks, avoiding costly wire fees and tedious bank-specific procedures.
- 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.
- Fraud Protection Included: Centime protects users' deposits from electronic payment fraud, offering coverage of up to $100,000 per incident, and subject to coverage limitations and terms.
By partnering with FNBO, Centime combines a modern online banking experience that’s easy and convenient to administer, with the trusted stability of a 166-year-old financial institution with over $30 billion in assets.
“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. Centime deposit accounts are with FNBO and are FDIC insured through FNBO. Member FDIC.
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.
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