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CSI Inks Partnerships with Cypress Bank & Trust, NYDIG

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CSI Inks Partnerships with Cypress Bank & Trust, NYDIG
CSI Inks Partnerships with Cypress Bank & Trust, NYDIG

End-to-end fintech and regtech solution provider Computer Services, Inc. (CSI) has announced a pair of new partnerships to start the new year. At the beginning of the week, the Paducah, Kentucky-based company announced that Cypress Bank & Trust would deploy CSI’s NuPoint core platform to serve as the backbone for its integrated banking services. A de novo bank headquartered in Palm Beach, Florida, Cypress Bank & Trust will leverage its new platform to offer a suite of commercial and consumer banking services to new customers and expand its services to current trust and investment management customers.

“At CSI, our top priority is providing industry-leading technology and services that empower community banks to grow their businesses and innovate,” CSI Enterprise Banking Group President Giovanni Mastronardi said. “As a de novo, Cypress Bank & Trust has the opportunity to establish a modern technology foundation for their banking services.”

NuPoint is a cloud-based, core banking system that leverages seamless integration and the ability to connect to third-party APIs to enable banks to deploy customer-facing banking solutions and streamline back office operations. Cypress Bank & Trust President, CEO, and Director Dana Kilborne noted that the partnership will help the financial institution, which grew out of The Cypress Trust Company last year, to continue to evolve and build out its offerings.

“For the last 25 years, we have specialized in providing personalized trust services to meet the holistic needs of our clients,” Kilborne said. “To successfully expand into banking services, it is imperative that we work with a provider that has the technology advancements and proven experience to support our initiative.”

Computer Services, Inc. followed up its bank partnership announcement with a fintech partnership announcement a few days later. The company announced that it was teaming up with bitcoin innovator NYDIG to enable community financial institutions to offer a full suite of turnkey Bitcoin services. This includes giving banking customers the ability to buy, sell, and hold bitcoin from within CSI’s digital banking platform.

In a statement, Gerald Reiter, president and CEO of CSI core banking customer Granite Bank, noted the growing popular interest in cryptocurrencies and the importance of ensuring that consumers have a safe way to participate in digital asset trading and investing. NYDIG Chief Innovation Officer Patrick Sells underscored the point, emphasizing that safety and regulatory compliance need to keep up with customer enthusiasm for cryptocurrencies.

“Community banks are excited about offering Bitcoin services to their customers,” Sells said, “but they also know that they need to provide a secure and compliant environment to maintain the trust that their customers place in them.”

Founded in 2017 and based in New York, NYDIG ended 2021 with a $1 billion investment that gave the company a valuation of more than $7 billion. New investor WestCap Group led the round, which also featured participation from Affirm Holdings and Fiserv. Also involved in the funding were existing investors Morgan Stanley, Massachusetts Mutual Life Insurance, and New York Life Insurance.


Photo by bengpfotography from Pexels

Source: https://finovate.com/csi-inks-partnerships-with-cypress-bank-trust-nydig/

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