SIOUX FALLS, S.D., Oct. 9, 2019 /PRNewswire-PRWeb/ -- Central
Payments, the South Dakota-based
payments division of Central Bank of Kansas City and the fastest growing issuer of
prepaid debit cards in the U.S. since 2015*, today announced the
formation of Falls Fintech, a mid-stage fintech accelerator, and
the launch of CPX, the upstart company's new open API platform.
Central Payments Founder and President Trent Sorbe explains, "We are excited to be able
to announce two major projects, both of which solidify our position
as a leader in banking-as-a-service and fintech partnerships."
About the Falls Fintech Accelerator
Central Payments formed Falls Fintech after commissioning a
summer-long viability study by students from Augustana University and Texas
Christian University. Nikkee
Rhody, Vice President of Product and Marketplace Strategy at
Central Payments, has transitioned to Managing Director of Falls
Fintech and leads the project, which kicks-off officially with a
reception at Money 20/20 in Las
Vegas in late October.
The accelerator is targeting innovative fintechs that are
nearing the minimum viable product stage, require the involvement
of a bank as issuer and/or source of insured deposits, and will
utilize the new CPX platform. "We are particularly interested in
products that aim to improve the financial lives of modest means
consumers," Rhody adds. The accelerator's 10-week curriculum
includes topics such as data security, regulatory compliance,
venture capital, and leadership development and will culminate in a
demo day attended by sponsors, investors, vendors, and the
media.
Falls Fintech will begin accepting applications from prospective
fintechs in late October 2019, with
the first cohort of five companies slated to start the combination
on and off-site program in Sioux Falls,
South Dakota beginning in March
2020. Sioux Falls Mayor
Paul TenHaken adds, "As a hub for
banking and payment card issuing and recipient of multiple
accolades for support of entrepreneurs, Sioux Falls is an outstanding location for
Falls Fintech. As an entrepreneur myself, I know firsthand how
strong our startup culture is and expect Falls Fintech to reap
those benefits as well. We are excited at the opportunity to shine
a fintech spotlight on our business-friendly city."
The project has already secured support from Mastercard, which
will serve as a founding sponsor of Falls Fintech. "In addition to
extending Mastercard's fintech programs and resources, we look
forward to hosting Falls Fintech's venture capital days in
New York and Silicon Valley.
Founders will have the opportunity to pitch their company and
product exclusively to renowned fintech investors," says
Jess Turner, Executive Vice
President of Product and Innovation, North America at Mastercard. Rhody adds: "A
host of additional industry-leading companies and executives will
soon be announced as partners, advisors, and mentors. We are
inspired by the level of commitment from the payments industry and
community partners. The resources and expertise that Mastercard and
our other sponsors will bring to the accelerator experience helps
ensure a robust, high-value curriculum."
Prospective fintechs and sponsors can learn more about Falls
Fintech and launch plans at Money 20/20 by visiting
fallsfintech.com or following the project on LinkedIn and
Twitter.
About the CPX Open API Platform
Beginning today, fintech partners and prospects can visit
cpx.central-payments.com to access API sandbox information and
documentation for account creations, transaction processing,
debit/prepaid card issuing, identity verification, real-time
payments, and ACH disbursements. Eric
Cotton, Vice President of Program Management at Central
Payments, will lead the CPX initiative and adds, "We developed CPX
as a means of consolidating the time-consuming process of
connecting all the players in the payments ecosystem necessary to
bring a product to market." Because the platform is
issuer-developed, Central Payments is able to add multiple solution
providers for all major functions." Cotton adds, "It was a
requirement from the beginning that CPX deliver both efficiency and
choice for fintechs."
Sorbe adds: "Much of our success in these first five years has
been a result of partnerships with some of the most exciting new
payments companies in the world. These companies have been
instrumental in helping us adapt our capabilities to their unique
needs." Ijaz Anwar, Chief Operating
Officer and Co-Founder of PayActiv, one of the country's most
recognized fintechs, explains the value of his company's
partnership with Central Payments, "Central Payments possesses a
deep bench strength of experienced payments professionals at all
levels of the organization. Entrepreneurship is in the DNA of their
leadership as demonstrated by their growth since 2015. Very few
banks are stacked with a team of experts capable of penetrating an
industry so rapidly and thoroughly. CPX and Falls Fintech have
solidified Central Payments' position among the banking leaders in
supporting fintech."
About Central Payments and Central Bank of Kansas City
Central Payments operates as the payments division of Central
Bank of Kansas City (CBKC). The
fastest growing prepaid card issuer from 2015-2018*, Central
Payments administers payment card and funds disbursement programs
via retail, employer/payroll, and online outlets nationwide. CBKC
is a 68-year-old family-owned bank located in the heart of
Kansas City, Mo. and one of 135
financial institutions in the country certified by the U.S.
Treasury as a Community Development Financial Institution (CDFI).
CBKC and Central Payments share the mission to provide high-quality
financial products to consumers of modest means who historically
have not enjoyed the benefits of affordable and accessible
financial services. "Treat Each Customer's Balance as Though It's
All They Have" guides our approach to product design, customer
service, and affordability. Member FDIC. Visit central-payments.com
or centralbankkc.com for more information.
*Source: The Nilson Report, 2015 to 2018.
SOURCE Central Payments