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Agora Services and Sionic Mobile Join Forces to Bring Most Advanced Rewards Program to Community Banks and Credit Unions

Agora Services and Sionic Mobile Join Forces to Bring Most Advanced Rewards Program to Community Banks and Credit Unions

Agora Services, the challenger bank technology platform for community banks and credit unions, has partnered with Sionic Mobile, a leading provider of connected and mobile commerce services, to bring the most advanced rewards program for mobile payment and digital banking experiences to community banks and credit unions.

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Through the partnership, Agora will enable users of its digital banking suites, such as Agora Junior teen banking and Small Medium Business banking, to easily take advantage of rewards through Sionic’s Mobile Rewards Marketplace (MRM). The MRM supports tens of thousands of locations for favorite retail, restaurant, movie and other brands nationwide.

For every mobile checkout transaction at a participating MRM merchant, Agora’s mobile banking app users will receive a reward of 2% or more. The rewards never expire and can be used on other mobile checkouts at any merchant in the MRM, which will generate even more rewards. Through Agora’s digital banking suite, users may also use their rewards on transactions with merchants outside the standard marketplace network, or simply withdraw cash if they want.

Through this rewards program, community banks and credit unions will add additional revenue streams while providing members and customers valuable rewards. Agora will also deploy, in coordination with community banks and credit unions using its platform, a unique program on Agora Junior where teenagers will receive an extra reward for qualifying transactions in certain categories supporting financial education goals or encourage good behaviors that will be reviewed quarterly.

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At the same time, the platform’s AI developed by Agora and Sionic will provide the ability to analyze spending habits to identify local businesses that can be added to the MRM at no cost and typically within 24 hours. This initiative will help local businesses to grow.

“Leveraging machine learning and AI, we will be able to add merchants within a day, helping community financial institutions to provide value to their customers, their local businesses and their community,” said Arcady Lapiro, founder and CEO of Agora Services. “Sionic provides us the perfect platform to help community banks and credit unions compete head-to-head with the growing threat of challenger banks and national bank mobile platforms, such as Chase’s First Banking for teens, which was launched in October 2020.”

“We are excited to bring our contactless, digital payments technology and expertise to community financial institutions and mobile rewards to their end users,” said Ronald Herman founder and CEO of Sionic Mobile. “This partnership with Agora allows us to tap thousands of potential community financial institutions through Agora’s white label platforms, which is unique in the US market.”

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