CSI acquired Qolo to further its strategy of equipping community banks with commercial banking infrastructure that will help them compete with larger banks.
CSI is a provider of end-to-end financial software and technology, while Qolo is a FinTech provider of modern treasury solutions and payments infrastructure, CSI said in a Tuesday (July 14) press release.
The Qolo acquisition will provide CSI with new capabilities it can provide to community banks, including a real-time account ledger that gives banks and businesses instant visibility into balances, transactions and authorizations; a unified payment engine that orchestrates domestic and international money movement across multiple payment rails and business workflows; and expanded integrated issuing and processing across debit, prepaid, virtual and secured corporate credit card programs, according to the release.
Qolo’s technology will be integrated into CSI’s core banking platform, digital banking solution and broader API capabilities, per the release.
These sophisticated banking capabilities will complement community financial institutions’ trusted relationships, local expertise and deep knowledge of their markets, CSI President and CEO Nancy Langer said in the release.
“With Qolo, CSI is helping community banks bring those capabilities to market in ways that help them grow commercial relationships and become more central to how businesses operate,” Langer said. “At the same time, it expands our ability to support FinTechs and B2B payments providers as demand grows for financial services embedded directly into everyday business workflows.”
Qolo Co-Founder and CEO Patricia Montesi said in the release that community banks and FinTechs have traditionally faced challenges such as fragmented vendors, disconnected payment rails and manual workarounds.
“By joining CSI, we can invest more deeply in the infrastructure that powers modern financial experiences and help our customers become a more seamless part of how businesses manage and move money every day,” Montesi said.
CSI announced in October that it completed its acquisition of Apiture, a provider of digital banking solutions to financial institutions in the United States. CSI said at the time that it would combine Apiture’s suite of products with its own platform to help financial institutions drive awareness, offer comprehensive solutions, deliver seamless onboarding, and foster retention and advocacy.
The company had announced two months earlier, in August, that it planned to acquire Apiture.
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