First Fidelity Bank in Oklahoma City has started offering a Banking-as-a-Service product.
The $2.7 billion-asset First Fidelity said in a press release that it developed the BaaS product with Episode Six, a payments infrastructure provider in Austin, Texas.
Unifimoney, a digital wealth management platform for community banks and credit unions, is First Fidelity’s first BaaS client.
“Open banking is as much if not more of an opportunity for community banks than a threat,” John Symcox, First Fidelity’s chief innovation officer, said in the release.
“It allows us to bring best-in-market solutions to clients and customers at high speed and low cost,” Symcox added. “The future of money is, we believe, going to be banking+ other services offered as a bundle. We want to be a part of enabling this and core to this ecosystem of new money services.”