Apiture is involved in an effort to provide banking services to reach an underserved market.
In February, the Wilmington-based financial technology company announced a partnership with ALTA Banking Services to launch ALTA’s new banking platform and the ALTA Prepaid Mastercard. The new package uses Apiture’s Xpress digital banking platform.
Based in Rancho Cordova, California, ALTA Banking was founded in 2019 by financial services administrators with expertise in social needs. ALTA is “on a mission to make banking services available to everyone by offering Apiture’s online and mobile solutions to consumers who traditionally may not qualify for a bank account,” officials stated in a news release.
Co-founder Jack Fargen cited a CNBC report that 25% of U.S. households are un-banked or under-banked, and that for more than half of those households, a lack of money to open an account was the main obstacle.
“There are millions of Americans who have situations that make opening a bank account a difficult or impossible task,” he said in the release. “We believe that every person should have the tools to access, save, and manage their money, so we decided to partner with Apiture to create our first banking service for this under-banked community.”
Thanks to Apiture’s platform, ALTA has been able to launch banking services that don’t require minimums and have no fees for direct deposit customers. For no cost, customers can open a new account and have access to the online and mobile channels that allow them to manage their money.
Since the launch, Apiture has continued to work with ALTA to understand the unique needs of banking customers who don’t have access to the traditional banking system, Apiture COO Chris Cox said recently.
“Apiture’s Xpress banking platform is designed to be flexible to support new and innovative business models, and we look forward to continuing to work with them, and others, to ensure clients are well served through digital banking channels.”