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Insite National Bank

CBW Bank Innovations/Improvements


CBW Innovations and improvements have impacted millions of consumers in the US over the past decade. Critical innovations include a no-fee bank account in 2011 that has led to almost every bank offering a no-fee bank account and Instant wage advances which today are standard, has impacted tens of millions of consumers and weaned them away from pay day lenders.




Modern Online Banking UI 2010 Simple User-friendly intuitive user interface for online banking User interface and experience became a key differentiating factor for consumer FinTech
 
No Fee Bank accounts 2010 Simple No-fee digital banking This led to the trend of zero fee digital bank accounts, which especially benefitted the unbanked, underbanked, and those with poor credit history/overdrafts.
 
Tap and Pay 2013 Moven Tap and pay debit card payment capability in the US This was subsequently followed by large companies such as Apple and Google.
 
Budgeting 2013 Moven Built-in free consumer budgeting tools This enabled the consumers to manage their funds effectively and would immediately let them know if they were over budget on a given category.
 
Instant Payment 2014 Omney Debit network to enable posting of credit into an account using the PAN (card) number as an address. Impact was felt immediately by borrowers and other consumers who could get funds disbursed onto their cards instantly. This company was sold to Mastercard, and the service is now known as Mastercard Send and is now a mainstream funding service.
 
Wage Advance/Small Dollar Loans 2017 Omney/Dave Instant wage advance products that helped the underbanked and low wage consumers with interest free small dollar advances Today tens of millions of consumers are able to access no-interest wage advances and is now a standard offering , thereby weaning these consumers who potentially would have used payday lenders at much different rates.
 
Mobile Payments 2010 Boom, iSend Mobile originated payments This company was sold to Digicel is now operational in other countries enabling millions of workers to receive remittances in emerging markets.
 
College Savings Gifting 2012 Leaf/Sofi CBW partnered with Leaf Savings to offer an alternative to the Savings Bond for college through gifting to 529 plans. Leaf Savings was sold to SoFi. Leaf Savings continues to be a leader in enabling savings into 529 Plans.
 
Embedded Banking 2014 CBW partnered with a fintech affiliate to offer embedded banking in 2014 that enabled several applications including instant wage disbursements. Among the first set of APIs with classification and categorization that spurred multiple start-ups and banks to emulate.
 
Wholesale Cash Deposit Data Collection 2012 CBW pioneered the requirement of granular data including Teller ID, Client ID, Geographic location for bulk cash processing in addition to the existing industry standard compliance process. This collection of data from foreign banks required regulatory approval in the country of origin and is now one of the standards for bulk cash processing. Based on CBW's request customer institutions implemented biometric verification of their clients as a step towards digital identity.
 
Wholesale Cash Deposit Data collection - real time integration 2019 CBW was among the first to integrate to cash vaults enabling near real time balances. CBW had also tested reading serial numbers of cash deposited for further review. This is now the de-facto standard for cash collection and real time balances.
 
Remote Deposit Capture 2018 CBW pioneered an approach to reading the entire check including the MICR as opposed to the MICR only, in combination with an adjunct report that provided the details of the depositor CBW generation additional data on every check. This led to a granular approach to understanding each check as well as understanding the customer and the customer's customer. Previously the Drawee name could be scribbled and difficult to recognize. The adjunct report enabled a better approach to compliance and data gathering. This is now evolving into a standard.
 
Data & Cybersecurity Enhancements CBW required its customers to submit transaction and customer (where applicable) data signed with digital signatures in an electronic format to eliminate or reduce data quality issues. Clean or Cleaner data enabled CBW to better understand and process data. This is now evolving into a standard with SWIFT announcing a KYC registry.
 
Operating Lanes CBW pioneered the creation of internal and external operating lanes specific to bank accounts and customers. This enabled security of payments only to certain approved destinations. Similarly, it enabled CBW to underwrite risk of customers and restrict them to previously requested lanes thereby mitigating internal fraud risk. These features were typically available only in escrow or trade finance accounts. Now, CBW has extended these safeguards for ensuring safety both from internal and external fraud.
 
Near-Real Time Risk Management CBW pioneered the data-element tokenization of all data in the payment message as well as its derivatives and each of those tokens could be risk weighted. This was in addition to the application of the industry standard AML scenarios and rules. Risk scoring at the time of the transaction (a standard practice in cards for decades) enabled the institution to address a high-risk issue expediently if required or highlight for further review post transaction. Just as fast cars need brakes and steering, irrevocable RTGS payments need brakes and kill-switches. CBW's pioneering approach to RTGS pre-dated FEDNOW and RTP, which are now requiring similar real time risk scoring. TEBA (European Banking Authority) Directive now requires monitoring of real-time triggers - an approach pioneered by CBW many years prior.
 
Zero-Trust - Cybersecurity CBW implemented the first end to end zero-trust architecture. This ensured that every click was digitally signed ensuring one of the highest levels of cybersecurity protections. The US Govt’s Cybersecurity and Infrastructure Agency has published guidelines on Zero Trust Maturity Model. Another early initiative of CBW is now industry standard.
 
Zero-Trust in Ops CBW pioneered the use of zero trust architecture to track every click thereby ensuring process visibility and subsequently operational transparency. Even tellers and internal administrators could not move customer funds without digital key authorization thereby nearly eliminating internal fraud.
 
Digital Identity Tokens in API CBW pioneered the use of digital identity tokens in Payment APIs to ensure that payment initiation in case of Fintechs was always only on behalf authorized and KYC-completed entities or individuals. This approach ensured that the Fintechs had to procure a digital identity token that was issued upon successful KYC approved by the Bank and use that token for every payment initiation thereby ensuring 100% auditability of all payments, creating a necessary foundation for embedded banking.