Malauzai’s digital banking does the business for Somerset Trust
Courtesy of its partnership with Malauzai, Somerset Trust Company is extending its digital banking service to its business customers. The West Pennsylvania-based community bank will use the same MalauzaiOne digital banking platform it rolled out to retail customers last year, giving business users digital access to their accounts and ways to manage payments and receivables, reports David Penn at Finovate (Banking Technology’s sister company).
“The response to our digital banking offerings from our retail customers has been tremendous,” Somerset Bank COO John Gill says. He credited the alliance with Malauzai for giving the bank the ability to “design a cutting-edge banking solution that both our retail and business customers can use interchangeably and seamlessly”.
Founded in 2009 and headquartered in Austin, Texas, Malauzai has more than 425 customers using its technology and more than 800,000 active end users. In August, Malauzai added the Public Service Credit Union (PSCU) with more than $2.3 billion in assets and 219,000 members to the list of FIs using MalauzaiOne Digital Banking.
Back in May, Malauzai’s partnership with OnDot and Vantiv enabled Vantiv to launch a youth spending solution called Family Manager: SmartKid Control.
Malauzai has raised more than $25 million in funding and includes Live Oak Banking Company and Wellington Management among its investors. Tom Shen is CEO.
