FINANCE

Wells Fargo Expands Adoption of nCino to Transform Small Business Banking Experience

nCino | April 01, 2022

nCino, Inc., a pioneer in cloud banking and digital transformation solutions for the global financial services industry, today announced that Wells Fargo & Company will expand its use of the nCino Bank Operating System® to accelerate digital transformation within its Consumer and Small Business Banking division to deliver a premier, cutting-edge technology experience. Previously, Wells Fargo selected nCino as the technological foundation to transform its commercial lending operations.

“The pandemic has certainly changed the way our customers want to work with us,” said Derek Ellington, Head of Small Business Banking at Wells Fargo. “Providing more access to digital banking options that are fast, safe and convenient is important and has spurred additional investments in technology. Collaborating with nCino is expected to provide our customers with a more streamlined lending experience, reducing the sometimes tedious back and forth that sometimes occurs when applying for and obtaining a loan, and it provides our employees a single view of each customer, making the end-to-end lending experience quicker and more efficient.”

For Wells Fargo, a leading financial services company that proudly serves one in three U.S. households and more than 10% of small businesses in the U.S. and is the leading middle market banking provider in the U.S., a key component to its digital transformation strategy was selecting an end-to-end, flexible, cloud-native platform that could scale as the business required. As small business owners increasingly seek quicker access to capital, as well as digital experiences without having to visit a branch, nCino's Small Business Banking Solution offers a single platform to streamline the entire lending process for origination, underwriting and portfolio management.

“We’re incredibly proud to expand our relationship with Wells Fargo two quarters after they first selected nCino to transform their commercial lending operations. Wells Fargo clearly sees the value of the cloud as an enabler in their continued evolution and transformation, and we are confident our best-in-class cloud platform will help drive additional efficiencies and unlock even more value for their employees and small business clients.”

Pierre Naudé, CEO of nCino

About nCino
nCino is the worldwide leader in cloud banking. The nCino Bank Operating System® empowers financial institutions with scalable technology to help them achieve revenue growth, greater efficiency, cost savings and regulatory compliance. In a digital-first world, nCino's single cloud-based platform enhances the employee and client experience to enable financial institutions to more effectively onboard clients, make loans and manage the entire loan life cycle, and open deposit and other accounts across lines of business and channels. Transforming how financial institutions operate through innovation, reputation and speed, nCino is partnered with more than 1,750 financial institutions of all types and sizes on a global basis. 

About Wells Fargo
Wells Fargo & Company is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is the leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. 

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Our energy sector underpins our economy, secures our standard of living and drives our international competitiveness. It also underwrites our stature in the global economy. Australia’s competitive edge in the field is two-fold: firstly it comes from the abundance and diversity of our energy sources, but it is also based on our recognition of the need to maximise the returns on our natural advantages.

Spotlight

Our energy sector underpins our economy, secures our standard of living and drives our international competitiveness. It also underwrites our stature in the global economy. Australia’s competitive edge in the field is two-fold: firstly it comes from the abundance and diversity of our energy sources, but it is also based on our recognition of the need to maximise the returns on our natural advantages.

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SMALL BUSINESS ADVICE

First West Credit Union Expands Relationship with Fiserv to Bring Clover to More Small Businesses Across British Columbia

Fiserv | November 21, 2022

First West Credit Union (FWCU), a British Columbia-based credit union with $16.9 billion in total assets under administration, and Fiserv, a leading global provider of payments and financial services technology solutions, announced an expanded relationship that will make the Clover® point-of-sale and business management system from Fiserv available to all FWCU business banking customers in Canada. Clover is a market-leading point-of-sale (POS) platform processing more than USD $230 billion in annualized payment volume globally. Designed to be a complete business management platform enabling small businesses to maximize their operating efficiencies and grow, Clover offers business owners in Canada a modern approach to managing their business operations, including smart, flexible POS hardware, intuitive software and a robust set of tools to accept payments and manage operations. With 46 branches and more than 250,000 members, FWCU brands include Envision Financial, Valley First, Island Savings and Enderby & District Financial. Envision Financial began offering Clover in 2019; the expanded relationship with Fiserv will make Clover available to Valley First, Island Savings and Enderby & District members for the first time. Our small business members need technology that can help them engage customers, simplify day-to-day tasks, and support their ongoing growth we’re thrilled to offer this value to them,” Paul Brodeur, Chief Strategy & Market Growth Officer at First West Credit Union. “This partnership is another example of how we can bring the best of both worlds to the business banking experience leveraging our size and scale to provide world-class products and services to our members combined with a localized, member-centric approach through our trusted brands. “Through Clover, we’re enabling Canadian businesses to serve their customers with flexible payment capabilities in store and online, while also providing access to simple solutions that help streamline back-office tasks so they can spend more time running their business,” Our expanded relationship with FWCU will allow more businesses in British Columbia to manage their operations efficiently, while creating better experiences for their customers.” Brian Green, Country Head, Canada at Fiserv. First introduced to the Canadian market in 2019, Clover adoption has grown rapidly across the region thanks to its ability to help small business owners like Brock Tilling, a member of Envision Financial that uses Clover at his rock climbing gyms in Abbotsford, Cloverdale, and Chilliwack. First West Credit Union’s customer care and service has been incredible, including how they connected us to Clover to improve our small business operations,” said Tilling, owner and operator of the Project Climbing Centre. “From support teams taking the time to understand and address our needs, to the slick technology which helps us simplify day-to-day tasks, Clover gives us the technology we need to keep customers engaged and our business running smoothly. About First West Credit Union First West Credit Union offers members the financial strength, comprehensive product selection and extended branch network of a large financial institution while maintaining local brand identities and a unique grassroots approach to service. Led by Launi Skinner, First West is British Columbia’s third-largest credit union with nearly $16.9 billion in total assets and assets under administration, more than 250,000 members and approximately 1,250 employees. It operates 46 branches throughout the province under the Envision Financial, Valley First, Island Savings and Enderby & District Financial brands. Visit firstwestcu.ca for more information on First West Credit Union. About Fiserv Fiserv, Inc. aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index, the FORTUNE® 500, and has been recognized as one of FORTUNE World’s Most Admired Companies® for 11 of the past 14 years and named among the World’s Most Innovative Companies by Fast Company for two consecutive years. Visit fiserv.com and follow on social media for more information and the latest company news.

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SMALL BUSINESS ADVICE

NEWITY Launches ERC Service for Small Businesses

NEWITY | November 02, 2022

Today, NEWITY, a small business marketplace dedicated to providing access to SBA loan solutions and trusted service providers, announced their new Employee Retention Credit (ERC) offering aimed at helping businesses claim their payroll tax credits. Eligible companies that have not claimed ERC can do so through 2024, depending upon their initial tax filing or payment date. Originally created within the Coronavirus Aid, Relief, and Economic Security (CARES) Act, ERC is an incentive program that provides business owners with tax credits up to $26,000 per retained employee, even for businesses that received PPP loans. With a successful track record of helping 115,000 businesses navigate the complexities of the Paycheck Protection Program (PPP), NEWITY streamlined the ERC application process to help businesses determine eligibility, file their claim, and ensure IRS compliance. "Many businesses continue to struggle as a result of the pandemic and the Employee Retention Credit program offers substantial benefits to help sustain business' operations,Our expanded ERC service is a testament to our continued effort to be complexity busters' for small businesses that are otherwise disadvantaged when it comes to these complicated applications." David Cody, NEWITY Co-Founder and Co-CEO. There's a lot of misinformation around ERC, said Luke LaHaie, NEWITY Co-Founder and Co-CEO. "f your tax advisor or CPA said your business is not eligible, we encourage you to confirm your qualifications on our platform. We've already processed several Employee Retention Credits for small businesses, which will provide meaningful cash in their pocket to weather the current economic climate and grow their companies. NEWITY's ERC Service is open and available to all small businesses. About NEWITY NEWITY is America's Small Business Marketplace, focused on empowering entrepreneurs with access to trusted service providers and affordable loan solutions – all in one place. NEWITY uses leading technology and real, human support to help small businesses make their companies more efficient and profitable. Today, that includes equitable access to SBA 7(a) loans; streamlined processes to claim tax credits; simplified online bookkeeping with Xendoo; customized, competitive insurance with Mylo; and access to a marketing agency marketplace with Breef.

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FINANCE, SMALL BUSINESS ADVICE

Veritran Launches Fusion by Veritran, a Small Business Solution for Financial Institutions at Money 20/20 in Las Vegas

Veritran | October 27, 2022

Veritran, a leading global financial technology solutions provider, today launched Fusion by Veritran, a Small Business Solution for the United States market at Money 20/20 in Las Vegas. The new flagship solution of the tech company is designed for freelancers, independent professionals and owners of small businesses, allowing them to better handle their personal and business finances all in one comprehensive solution. Fusion by Veritran is offered in multiple digital channels, allowing users to access via mobile devices, notebooks, desktop PCs and laptops. This launch followed a presentation by Celent at the conference, highlighting the growth of self-employed workers and the increasing importance of creating customer-centric banking solutions that meet the unique needs of this segment. Veritran's new solution is aimed for financial institutions (ranging from banks to credit unions) and other Fintech industry players that serve or wish to capture this appealing segment. Fusion by Veritran is an innovative solution that can be personalized by each user to drive their experience to the next level. It also combines functionalities that can be found in Veritran's Wallet and Merchants solutions, in an intuitive and efficient way. Some of the functionalities available are digital payments, financial management tools, easy and secure approval of transactions and real-time notifications. Users will also be able to easily track their income and expenses, setting-up and reaching saving goals through "Pockets" that represent specific financial goals or projects. "Traditional banking has neglected the needs of self-employed professionals by forcing them to choose between personal or business banking and coming up short when it comes to a real tailored value proposition that addresses their expectations, Veritran's unique new solution allows financial institutions to tap into and better meet the needs of this underserved market of 33.2 million small businesses across the United States." Greynier Fuentes, VP of Digital Solutions at Veritran. Unlike other fintech solutions available in the market, Fusion by Veritran is modular and scalable, allowing financial institutions to add, exchange or modify features depending on their needs and objectives. This launch is the latest in Veritran's wider portfolio of payments ecosystem solutions. The company facilitates the construction of omnichannel, scalable, and high-performance digital solutions that provide safe, superior user experiences, with the best time-to-market. In the last few years, these kinds of solutions have been exclusively developed by Fintechs, who have positioned themselves as allies of self-employed workers and/or small businesses with a limited offer. Historically, digital payment and collection solutions have faced regulations at a local and even global level. This is a huge opportunity for the main players in the US financial industry to cater to this growing but often overlooked segment, added Fuentes. Visitors to Veritran's booth 3609 at Money 20/20 in Las Vegas will be able to experience first-hand how Fusion by Veritran can help financial entities to stand out with an innovative solution that meets the needs and interests of small businesses like no other. About Veritran At Veritran, we believe in improving our clients' business by making their customers' lives better. Through our enterprise Low-Code platform, we speed up and simplify the development of future-proofed immersive digital channels that create a top-notch user experience. We are innovation drivers serving companies worldwide, reaching millions of users, and running billions of secure transactions annually.

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