Oklahoma City-based First Fidelity Bank launched a banking as a service solution (BaaS) Tuesday in development with global payments and banking infrastructure fintech Episode Six.

The solution supports embedded finance with low cost, quick to deploy architecture and real-time payment offerings, according to an Episode Six release.

“Through a common ledger, we are able to unify multiple entities and asset classes, as well as map both the assets and associated entities using a highly configurable and customizable API,” John Mitchell, chief executive and co-founder of Episode Six, told Bank Automation News.

The $2.7 billion bank’s clients are looking for a “single front door solution” that allows them to transact and make payments fast, the bank’s Chief Innovation Officer John Symcox told BAN, noting, “We needed to have a partner that really could handle scalability.”

Episode Six allows First Fidelity Bank “to develop use cases that also flow with what the actual market is doing,” Symcox said. For example, the collaboration will allow the bank to handle physical and digital assets, including NFTs, gold, silver and titles, he said.

First Fidelity Bank and Episode Six’ first client using the BaaS solution is multi-asset digital wealth management platform Unifimoney.

The launch of the solution is “a milestone for us,” Mitchell said. “We understand that large financial institutions aren’t moving as fast. Banks like FFB that can move swiftly will likely gain market share, and we will inevitably be part of that.”

Kyriba partners with Jiko for T-bills access, management

Cloud-based finance and IT solution provider Kyriba partnered with money movement and storage fintech Jiko last week to offer treasury bill holdings and management to its clients.

Jiko and Kyriba have modern APIs, which makes the integration easy, Jiko’s Chief Executive and co-founder Stephane Lintner told BAN. “This wasn’t a particularly heavy lift.”

Jiko simplifies the movement of money into T-bills through seamless integration, Lintner said. Additionally, treasurers don’t need to choose a security, remember the maturity or watch the trades.

Kyriba is in the final stages of integrating Jiko’s money storage product directly into its liquidity management platform, according to a release.

“For [Jiko], it’s a question of distribution, having our product embedded within the most advanced platforms where our clients already interact,” Lintner said about the partnership.

“Most interfaces are complex, you have to choose a security, you have to remember the maturity and watch the trades — here it’s all seamlessly integrated,” he said.

State Street looks to AWS, Microsoft for cloud solutions

Boston-based State Street is embarking on a multi-cloud strategy with Amazon Web Services and Microsoft to provide cloud and infrastructure solutions for the bank.

The cloud providers will allow the $289 billion bank to continue its modernization path through automation and data management, according to a State Street release.

“By standardizing and simplifying our technology operating model, we will be able to more quickly deploy client environments and launch new products and services, while continuing to enhance the resiliency of our technology environment and our business operations,” State Street Chief Information Officer Brian Franz said in the release.

State Street first announced its use of Microsoft Azure in December 2020 and now will use the platform’s business application offerings, according to the release.

Astra, Cross River Bank, Visa collaborate on new solution

Money movement platform Astra recently announced that its solution, developed in tandem with $9.2 billion Cross River Bank and Visa, has surpassed $100 million in annualized gross payment volume and 650,000 real-time transfers since being launched in May 2022.

The instant disbursement solution allows fintech developers to process disbursements and payouts via debit card payment rails using Astra’s instant payment APIs, a release from the companies said.

“Our customers continue to seek more instant payments capabilities so that they can offer a best-in-class product experience to their users,” Astra Chief Executive Gil Akos said in the release. “By adding new, flexible solutions through Visa Direct and our partnership with Cross River, developers can achieve more of their product goals through our scalable infrastructure.”

Astra, in conjunction with Fort Lee, N.J.-based Cross River Bank and Visa, expects to pursue other collaborative solutions, the company release said.

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