WalletFi, a U.S.-based data and analytics platform for community banks, credit unions, and fintechs, announced on Thursday it has teamed up with BankFirst Financial Services to provide customers of the bank with enhanced visibility into their recurring payments. The company is hoping that the partnership will help deliver payment growth during the COVID-19 pandemic.
Founded in 2016, WalletFi explained that it offers a proprietary platform that identifies recurring charges, subscriptions, and CoF payments, and allows users and financial institutions to transfer those payments to a new card in case of re-issuance.
“WalletFi reduces customer churn for banks and financial institutions while also increasing customer engagement and reinforcing top-of-wallet status.”
While sharing more details about the partnership, Marc Miller, CEO and Co-Founder of WalletFi, stated:
“Covid-19 has accelerated a swift shift to debit, contactless in particular, as the preferred method of payment. With interest income and fee income down, financial institutions need additional avenues to increase non-interest income. The importance of being top-of-wallet and top-of-phone has never been greater.”
Leon Manning, Marketing Director at BankFirst, added:
“One of our biggest goals is to encourage our customers to load monthly recurring payments like insurance, mobile providers, and utilities onto their debit card to create more control and visibility into these payments. This also benefits the Bank through an increase of interchange income. WalletFi makes this easy for us and our customers.”