Nymbus and PeoplesBank partner to launch two employer-focused financial wellness solutions
Nymbus, a US-based cloud-core banking solutions provider, has teamed up with Massachusetts-headquartered community bank PeoplesBank to launch two new products with the aim to “improve workplace finance by offering solutions that strengthen benefits packages and foster long-term employee loyalty”.
Nymbus and PeoplesBank launch two employer-focused financial solutions
To address “the pressing need for improved financial wellness tools,” Nymbus says the duo’s two new products – Employer-led Bank and Union Workers Financial Services (UWFS) – will enable “mid-large organisations and unions” to create their own digital banks, providing credit-building tools, tailored debit cards, emergency loans, high-interest savings accounts, and discounted financial services.
A “key feature” of the solutions, as stated by Nymbus, is a revenue-sharing model that enables companies to “reinvest a portion of the banking revenue directly back into their workforce”.
The new financial tools, which are set to launch with “several major organisations and unions in the coming month,” further strengthen the partnership between Nymbus and PeoplesBank.
In 2021, the $4.2 billion-asset bank transitioned its core banking system to Nymbus’ API-first solution, following the successful launch of Nymbus SmartLaunch in the previous year to help power its own digital bank, Zynlo.
Headquartered in Jacksonville, Florida, Nymbus has recently been tapped by Michigan State University Federal Credit Union and Roger, a digital bank serving US military members, for its digital services. The company also secured $70 million in a Series D funding round in May 2023.
