Tennessee-based neobank Bambu – not to be confused with the Indian robo-advisor of the same name – has created a mobile banking application to provide what it calls a “convenient and reliable” service to underbanked populations.
Bambu’s mobile solution offers FDIC-insured prepaid accounts, domestic and international bill payments and remittances, peer to peer transfers, check deposits, retail cash loading and other services.
The challenger’s cards are issued in partnership with New York-based Metropolitan Commercial Bank, which also has card issuance deals with UK challenger bank Monzo and digital wallet Revolut.
According to FIS, Bambu required a “modern, component-based core banking platform”.
Douglas Quay, Bambu founder, chairman and CEO, says that the Modern Banking Platform gives his firm “the scalability to adapt to an ever-changing fintech landscape and provide critical financial services to previously unbanked and underbanked customers via mobile devices.”
FIS’ Modern Banking Platform was developed from the ground up to meet “the unique challenges and opportunities of the digital age”.
The system has not borrowed anything from the Profile Platform – arguably FIS’s flagship core banking system – and stands on its own in the FIS portfolio.