Centime redefines SME banking with FNBO partnership

SME Banking
26/03/2024 News

Centime, a Boston-based fintech serving small- to midsize-businesses (SMBs), has launched a groundbreaking banking product in partnership with FNBO (First National Bank of Omaha), aimed at empowering businesses to manage cash effectively while safeguarding deposits.

In response to the collapse of Silicon Valley Bank and similar institutions, Centime's survey revealed that 95% of SMBs exceed the $250,000 FDIC limit, leaving cash at risk. CFOs expressed interest in diversifying deposits but cited challenges in managing multiple accounts.

BC Krishna, Centime's CEO, noted, "Post-SVB collapse, CFOs are reassessing cash management. Manual diversification is cumbersome. Our product addresses this by automating deposit diversification, offering high-yield checking, and enhancing banking visibility."

Centime Banking offers:

• Multi-Bank Account Aggregation: Users gain visibility of all accounts and financial relationships through a single dashboard.

• Cross-Bank Transfers: Facilitates hassle-free cash transfers between accounts and banks.

• High-Yield Checking: Centime Checking Plus* offers high returns with unlimited transactions, without traditional account restrictions.

• Automated Account Diversification: Users enjoy automated deposit diversification, accessing multi-million-dollar FDIC coverage without managing multiple accounts.

• Fraud Protection: Shielded from electronic payment fraud, with coverage up to $100,000 per incident.

Centime's partnership with FNBO combines modern online banking convenience with the stability of a 166-year-old institution boasting over $30 billion in assets.

Carrie Zoucha, VP of Commercial Payments at FNBO, emphasized, "Businesses seek convenient deposit protection solutions beyond FDIC limits. With Centime, we automate this experience, bolstered by the bank's stability."

Centime Banking marks a pivotal step in revolutionizing business banking, offering SMBs unparalleled financial control and security in an ever-evolving digital landscape.

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