American fintech company Meed, in collaboration with Valley National Bank of Tulsa, Oklahoma (VNB), is set to introduce disruptive mobile banking programme in the US.
The Meed banking programme includes SAP Banking Services as the core banking software, while its integration will be managed by Axxiome through its digitalisation platform Axxiome Digital.
Meed, which went live in Asia in 2016, is planning its launch in the US in December followed by a nationwide rollout in the first quarter of 2019.
The overall Meed banking programme aims to transform the banking services for the digital customers by upgrading marketing, delivery and consumption of financial services.
Meed CEO Les Riedl said: “The vast majority of banks worldwide have all handled the mobile era in exactly the same way, and we think it’s a flawed approach.
“Simply shrinking down traditional bank accounts and putting them on a smartphone screen doesn’t offer real innovation, nor is it customer-centric.
“At Meed, we’re putting together an entire financial ecosystem to benefit the customer, re-building mobile financial services from the ground up.”
Under the collaboration, Valley National Bank will deploy the Meed Package which includes linked checking, savings and credit accounts; and domestic and international transfers.
The lender will also implement SocialBoost programme that will enable the customers to increase their income stream by growing the Meed community among their family and friends.
Valley National Bank president and CEO Brad Scrivner said: “The Meed package is a highly desirable and innovative banking solution that has global reach and the power to change lives in communities worldwide.”