Banno, a provider of custom-branded mobile applications and personalized payment card services, announced that it's working with ProfitStars, a subsidiary of financial services technology provider Jack Henry & Associates. Banno will offer iPay Solutions, integrated bill pay and mobile remote deposit capture tools from ProfitStars, as part of its financial decision support tool, Grip. The combination of iPay and Grip offers FIs a full-service app that helps consumers not only to pay bills but also to manage their financial lives.
"Grip already satisfies the real-time purchasing ability that consumers demand in mobile services, and now it enables financial institutions to cost effectively extend competitive funding and payment options through a single, turnkey solution," said Wade Arnold, CEO of Banno.
Arnold explained that to date, mobile banking and mobile personal financial management solutions have not fit with the ways consumers prefer to use their smartphones and tablets. He said Banno's new suite of tools can help consumers answer questions such as, 'Where did my money go, and how much can I spend?' in addition to providing the power and funding to execute transactions.
"The industry has yet to see the full adoption, and thus the full potential, of mobile RDC and bill pay," Arnold said. "Integrating proven solutions into platforms that provide consumers with an end-to-end financial picture will help drive the future of all our efforts."
The Grip app improves consumers' all-around purchasing behavior by analyzing and accessing the best price, place to buy, time to buy and payment method, Banno said. It also provides real-time forecasting to replace all of the manual estimates that people naturally make when considering a purchase. Adding RDC and bill payment makes the product a seamless personal financial tool, the company said.
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