Urban FT Joins The BaaS Association
Urban FT Joins The BaaS Association
FOR IMMEDIATE RELEASE – Jauary 30, 2023
MINNETONKA — Urban FT – Urban FT, the leading provider of AI-powered mobile imaging and process automation, announced today that it has joined the Bankers Helping Bankers (BHB) Banking as a Service (BaaS) Association to further its commitment to empower and support community banks.
The BHB BaaS Association is a premiere governance association focused on promoting, creating, and supporting banking as a service, and connecting bankers nationwide so that they can identify solutions that enable them to compete with large financial institutions (FIs) and reach underserved communities in a way that traditional banks have struggled to do.
This priority aligns with the goals of Urban FT whose industry-leading AI-powered decisioning and processing solutions were developed to deliver unmatched data-driven insights and unsurpassed RDC and ID verification capabilities to help FI’s –regardless of size– scale growth and drive greater efficiency, with zero human interaction.
“Unlike alternatives in the marketplace, we are truly invested in the technology behind our products, and it shows in our results,” said Richard Steggall, Executive Chairman of Urban FT. “We pride ourselves in our 96% partner rating for automating exceptional outcomes, better defined as an outcome processed the first time and without human interaction. This isn’t just a proof point for us, it’s our north star.”
Urban FT’s developer-friendly APIs are designed to easily embed into any existing workflow to enhance efficiencies and save clients more money by reducing operational overhead and increasing their revenue.
“We remain a trusted partner because we’re achieving an unmatched 98% accuracy in automated decision making and a 90% reduction in manual review, leading to $835M annually in prevented fraud,” said Kent Anderson, SVP of Growth and Strategic Partnerships at Urban FT. “We have been so effective that for every ten employees our clients typically need to conduct manual check review, they now only require one – a significant value add in today’s economy.”
About Urban FT
Urban FT has, since processing its first image back in 2005, become one of the Banking and Payment Industry’s leading and fastest-growing providers of AI-powered mobile imaging and process automation solutions. Today, Urban FT serves over 350 traditional and non-traditional financial institutions and processes over 106 million items and $24 billion in transactions a year. Urban FT’s embedded mobile imaging and AI process automation allow clients to scale growth and drive greater efficiency, with zero human interaction. Its advanced API reflects Urban FT’s commitment to automating exceptional outcomes by transforming decisioning and processing to help clients remove friction & fraud, delight customers, improve business results, and spend less. The company continues to enjoy accelerated growth by delivering relevant and needed solutions. As a testament Urban FT’s explosive growth, it has been ranked on the Inc 5000 list for two years in a row (2021 and 2022). Urban FT is headquartered in Minnetonka, MN, with additional operational locations in California and India.
About The BaaS Association
The BaaS Association is the voice of the BaaS (Banking-as-a-Service) industry. The association promotes, supports, and advocates for BaaS sponsor banks which help serve millions of customers in a safe and compliant manner. The BaaS association represents over 80% of current BaaS sponsor banks operating across the United States.
The BaaS Association provides education, collaboration, and best-in-class practices that serve the unique needs of BaaS Sponsor banks. The BaaS Association also helps establish sound bank-fintech partnerships, including those who provide banking services for underbanked and underserved communities.
For more information, visit www.baasassociation.com
Source: FI FinTech Newsroom
Director of Marketing, FedFis