Centime, a Boston-based fintech company, has partnered with First National Bank of Omaha to launch a cash management solution for businesses. According to a press release, the solution will allow businesses to protect funds above the $250,000 FDIC limit while being able to move cash between accounts and banks without paying wire transfer fees.
“Following SVB, we are seeing more financial chiefs reassessing their cash management strategies and looking for ways to diversify deposits and reduce the risk of bank failure,” said BC Krishna, CEO and founder of Centime, in the release. “The chief financial officer also told us that diversifying accounts by opening new accounts in multiple banks is cumbersome and difficult to operate. At the same time, every business pursues higher returns, instant liquidity, and unrestricted operating accounts usage and maximum risk protection.” . That’s why we’re proud to launch a product that not only automatically diversifies your deposits, but also delivers high-yield checking and provides a broader perspective on all your banking relationships. vision. “
Businesses can use the solution to view their bank accounts in a single dashboard and access high-yield checking account Centime Checking Plus. The solution features fraud protection that protects deposits up to $100,000 per incident.
“Businesses are looking for convenient ways to protect their deposits beyond the FDIC’s $250,000 limit,” Carrie Zoucha, vice president of commercial payments at FNBO, said in the release. “With Centime, we are able to build on the stability of the bank on the back of , providing customers with an automated experience.”
