BrightFi Services, the Banking as a Service (BaaS) company that saves banks time and money while increasing profitability and Capital Plus Financial, the award-winning community development financial institution (CDFI) and a wholly owned subsidiary of Crossroads Systems, Inc. (OTCQB: CRSS) are announcing a strategic alliance to help improve banking availability and affordability to thousands of customers in Texas and beyond.
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BrightFi Platform Fuels Digital Transformations
The strategic alliance between Capital Plus Financial and BrightFi Services focuses on their shared commitment: delivering banking and financial services to underbanked customers. Capital Plus Financial’s pending merger with First State Bank marks a significant expansion of the Capital Plus service to the people of Texas with the promise of increasing banking access to those who might have been turned away from traditional banks. To do this, keeping costs low while maintaining high levels of customer service and security is key.
“We are thrilled to collaborate with such an innovative and mission oriented financial services partner. The BrightFi team shares our commitment for social impact and our combined long term goal of financial inclusion for all,” said Eric Donnelly, CEO of Capital Plus Financial. “As we look forward to our pending bank acquisition, our collaboration with BrightFi Services will help us quickly bring the best to our customers – beginning with attainable financing and now through low-cost, reliable digital banking. The BrightFi platform will also help reduce our operating costs at a time when that is a critical factor for all banks.”
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“Working with companies like Capital Plus Financial goes to the heart of our mission at BrightFi,” said Michael Coghlan, CEO of BrightFi Services and its parent company, Verdigris Holdings, Inc. “We’re committed to working alongside community and regional banks, rapidly enabling end-to-end digital banking and helping them save money while connecting with even more customers.”
Through the strategic agreement, Capital Plus Financial will use BrightFi Services BaaS offerings with its new holdings as well as evaluate future deployments. Capital Plus will also collaborate with BrightFi to develop offerings for its customers that will extend financial inclusion while removing reliance on expensive non-bank products like check cashing stores and pre-paid cards.
