Data analytics software platform KlariVis is expanding its national outreach by partnering with professional services firm CliftonLarsonAllen (CLA). 

CLA will be an exclusive provider of KlariVis moving forward to add to the number of community banks that have access to the KlariVis platform, a release from the companies said. 

KlariVis will be providing enterprise data initiatives as it has with three current clients: Fairfax, Va.-based First Virginia Community Bank; Charles Town, W.Va.-based Bank of Charles Town; and Houston-based Third Coast Bank.

KlariVis’ platform displays customer data to allow banks to select products or services that align with the bank’s segmented client needs, KlariVis founder and Chief Executive Kim Snyder told Bank Automation News. 

“Think about a customer’s balances, the trending of their balances, how many accounts they have, and what products are they utilizing, what products are they not utilizing?” Snyder said, adding that the ways a customer engages with a bank’s platform are the insights the company provides. 

KlariVis is working on a customizable dashboard of client information so that banks, such as $2.3 billion First Virginia Community Bank (FVCBank), can tune out unnecessary information, a spokesperson for KlariVis said. 

Using the platform, FVCBank has seen a decreasing number of manual processes on the lending side since initial testing in January 2020, FVCBank President Patricia Ferrick told BAN. 

“From a data standpoint, we have thousands of loans and deposits, and while the data is all in the core, anything you’d want to know about your customers is all there,” Ferrick said. “With the increase in rates, I can see 40[%] to 50% of my loan portfolio repriced. I can see what the new rates are. I can see all of it.” 

The data company provides financial institutions insights via batch processing, although banks using a Jack Henry core can have files sent to KlariVis quicker due to the company’s agreement with the core provider, Snyder added. 

The platform shows community banks insights, such as which products are being used by a select age range of customers, with the typical integration process taking 90 days to begin extracting information from the bank’s core, according to Snyder. 

“If a bank is wanting to go after the 40- to 50-year-old person in our market, they can see which products and services that those people would use inside of their bank,” she said. “Then [the bank] can determine which products make sense, and then if they wanted to create a marketing campaign around that product, because they want to go get more of those customers, that’s how they would utilize [the platform] to do that.” 

Teslar streamlines lending processes for community banks

Hillsboro, Ohio-based Merchants National Bank signed on at the end of March with software-as-a-solution (SaaS) platform Teslar Software to replace manual tasks with automated workflows. 

A second bank, Elk City, Okla.-based Great Plains Bank, has steadily been expanding its partnership with Teslar since 2019 to enhance its lending, according to a release. 

Teslar aids banks through its SaaS platform, presenting collected lending data to a bank such as Great Plains so that it is easier to access and to help facilitate internal bank processes via the company’s workflow engine, David Hamrick, senior account executive at Teslar, told BAN. 

“We utilize document tracking on existing relationships. We already have the loan with the customer, we just need to make sure that we’re maintaining good credit quality,” he said. “That was the initial push with Great Plains.” 

The $1.1 billion Great Plains Bank originally addressed the need for automated approvals and workflows within its lending processes in 2019 but is now focused on working with Teslar to facilitate pre-closed processes with plans to launch the capability this year, Jessica Ford, loan operations specialist at Great Plains said. 

“I’ve been talking to our client advocate, too, about trying to get our memo to prefill a lot of our credit information and then that way there’s not a lot of duplicate input having to go on already putting it in Teslar,” Ford said, adding that centralizing systems within one area of the Teslar solution is a goal for the bank. 

Tandem Bank acquires money sharing app Loop

Tandem Bank, a London-based challenger bank, has acquired money-sharing platform Loop for an undisclosed amount, the bank announced today. 

Loop will continue to act as a stand-alone platform, while the $1.4 billion bank embeds products and features within the app to appeal to younger customers, a company release said. 

“Given the app’s early success among Gen Z users, the acquisition of Loop gives us a fantastic opportunity to grow Tandem’s customer base among a generation of climate-conscious consumers,” Alex Mollart, chief executive of Tandem Bank, said in the release. 

Users of Loop also will have access to a broader range of savings and lending services, the release said. 

North American Bancard taps Virtualitics for payment insights

AI and data exploration company Virtualitics is teaming up with electronic payment solutions company North American Bancard to identify complex patterns within consumer payment data. 

Through the partnership, North American Bancard will provide businesses with data-driven insights for better decision-making using Virtualitics’ AI platform Intelligent Exploration, according to a release from the companies. 

“Partnering with Virtualitics allows us to share the latest data insights to ensure merchants are in the know about hidden patterns and can take action within their industries,” Jim Parkinson, chief experience officer at North American Bancard, said in the release. 

The Intelligent Exploration platform provides three-dimensional visualizations of customer data to help businesses pinpoint trends and make informed decisions, according to the release. 

E-payments company Repay to power IT solutions company Optima’s accounts payable

IT solutions company Optima Global Solutions selected electronic payments company Repay to streamline accounts payable processes and securely pay vendors for Optima’s customers, the companies announced Tuesday. 

The companies are integrating Repay’s payment functionality with Optima’s accounts payable automation solution, “transcendAP,” according to a company release. 

“Repay addresses a key requirement for our accounts-payable customers looking to fully automate their payment processes,” Mahesh Yadav, chief executive at Optima, said in the release. “Customers enrolled in the program will have options to efficiently process payments by way of ACH, checks or virtual cards.” 

Both companies have partnered with accounts-payable organizer Sigma Analytics to offer a digital solution to manage accounts payable, reduce risk through auditing of suppliers and recovering lost profits, and optimize accounts-payable payments, per the release. 

Editor’s Note: All dollar amounts in USD