With the expansion of shopping mall relationships with Simon, Tanger, and Spinoso, Clip now has a network of nearly 400 mall-based locations, with plans on expanding the network throughout 2024 with additional property owners.
Clip Money, Inc., a company that operates a multi-bank self-service deposit system for businesses, announced an expansion of its services through new and established collaborations with location strategic partners. This move further strengthens Clip’s position as a convenient and secure cash deposit solution for businesses, and Financial Institutions, across the US.
With the expansion of shopping mall relationships with Simon, Tanger, and Spinoso, Clip now boasts a network of nearly 400 mall-based locations, with plans on expanding the network throughout 2024 with additional property owners.
Beyond shopping mall partnerships, Clip has partnered with NCR Atleos, owner and operator of the largest independent ATM network, to incorporate business cash deposits into thousands of existing NCR Atleos cash-deposit ATMs. This collaboration adds over 2,600 deposit locations to the Clip network and holds significant potential for reaching main street businesses and previously underserved locations across 70 major metropolitan areas in the United States.
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Clip creates opportunities for Financial Institutions to grow commercial relationships in new markets, without the cost of traditional bank branches and the cost of traditional cash management processes. Cash services for business including deposits and obtaining the proper bill denominations for servicing clients, referred to as Change Orders, remain a critical requirement for FI’s to grow commercial banking and treasury services. Clip’s network can enable an FI to “outsource” these high-cost, low-value transactions.
“As Financial Institutions look to transform traditional branches into service and advisory locations, finding modern solutions for handling cash remains a critical roadblock. Clip’s approach to digital cash management, using technology and a shared network, can create a win-win for FI’s looking to expand to new markets or transform existing brick and mortar branches,” said Bob Meara, Principal Analysts, Banking, Celent..
“Expanding our network enables us to better cater to our current customers’ needs and offer an even more compelling offering to new business customers. Our extensive network size particularly entices financial institutions seeking local accessibility for deposits and change orders. We will continue to deliver exceptional service as we introduce modern cash management to the broader U.S. market,” said Joseph Arrage, co-founder and CEO of Clip.
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