Digital Banking

Centime intros business cash banking solution with FNBO

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March 26, 2024

Centime, a fintech based in Boston, partnered with First National Bank of Omaha to launch a cash management solution for businesses. The solution will allow businesses to protect funds beyond the $250,000 FDIC limit, while being able to transfer cash between accounts and banks without wire fees, according to a press release.

"In the wake of SVB, we've seen a groundswell of CFOs re-evaluating their cash management strategies and looking for ways to diversify their deposits and mitigate the risk of bank failure," BC Krishna, CEO and founder of Centime, said in the release. "CFOs have also told us that manual account diversification by opening new accounts at multiple banks is tedious and difficult to operationalize. At the same time, every business seeks higher yield on their operating accounts, instant liquidity, unrestricted use, and maximum protection against risks. That's why we're proud to introduce a product that not only automatically diversifies deposits but also delivers high-yield checking and provides greater line-of-sight across all your banking relationships."

Businesses can view their bank accounts in a single dashboard with the solution and they can access Centime Checking Plus, a high-yield checking account. The solution comes with fraud protection to protect deposits up to $100,000 per incident.

"Businesses are looking for convenient ways to protect their deposits beyond the $250,000 FDIC limit," Carrie Zoucha, VP of commercial payments at FNBO, said in the release. "With Centime, we're able to automate that experience for our customers, supported by the stability of the bank."