(KNSI) — St. Cloud-primarily based Stearns Bank N.A. has partnered with threat management and compliance options enterprise Sardine to improve Stearns Bank’s economic technologies system.
As the demand for quicker revenue movement increases, the threat of fraud increases. Stearns Bank and Sardine are teaming up to make and implement multi-layered fraud detection and prevention tools to safeguard quicker payment offerings.
A joint press release says the collaboration marks a “first-of-its-type strategy in neighborhood banking to give an all-in-a single threat management and compliance platform for sponsored applications to address evolving regulatory and compliance needs.”
Florida-primarily based Sardine says its all-in-a single platform aids sponsor banks to handle fintech oversight dangers, such as true-time fraud detection and transaction monitoring, without the need of needing many service providers.
Stearns Bank. N.A. is a $two.two billion, independently-owned economic institution with areas in Minnesota, Florida and Arizona and more than 35,000 tiny company buyers nationwide, in every single state across the U.S.
“Sardine breaks down information silos and enables our teams to effectively recognize challenges for remediation and speedily pull with each other and share relevant information for additional audit, examination, and regulatory purposes as required,” stated Josh Hofer, Chief Danger & Data Safety Officer of Stearns Bank. “This makes it possible for us to retain up with fintech innovation and scale our fintech offerings though enhancing threat management and streamlining compliance – what we’re supplying with Sardine is transformative for fintechs, neighborhood banks, and fintech sponsorship.”
“As regulations continue to evolve and scrutiny into the fintech space intensifies, which it really should, Stearns Bank continues to prioritize threat management and compliance in its fintech partnerships and sponsorship offerings,” stated Kelly Skalicky, President and CEO of Stearns Bank. “We continue to assess and pick our fintech partners primarily based on our exacting Stearns Bank ‘Risk-Management 1st’ requirements, choosing compliance-focused partners like Sardine committed to an elevated and often-maturing threat management model for deploying fintech-facilitated banking solutions.”
Skalicky added, “By leveraging our threat management and compliance knowledge and Sardine’s sophisticated compliance and monitoring technologies, we can give higher access to a wider variety of safe banking solutions and capabilities with embedded future-forward compliance and threat management systems, proactively anticipating subsequent-gen regulatory needs.”
___
Copyright 2023 Leighton Enterprises, Inc. All rights reserved. This material could not be broadcast, published, redistributed, or rewritten, in any way without the need of consent.
