The partnership combines Sterling’s product, operational and regulatory expertise with Rho’s complex technology and product capabilities
Sterling National Bank teams up with Rho. (Credit: Adam Radosavljevic from Pixabay.)
Sterling National Bank, the wholly-owned subsidiary of Sterling Bancorp, has reached a Banking as a Service (BaaS) agreement with Rho Technologies, the fintech company behind Rho Business Banking.
Rho Technologies is a digital platform engaged in providing a suite of commercial banking and financial software solutions for businesses.
Under the terms of the agreement, Sterling will offer a complete package of wholesale banking solutions to support Rho’s expansion and customer growth.
The multi-service partnership would combine Sterling’s product, operational and regulatory expertise with Rho’s complex technology and product capabilities.
Sterling National Bank direct banking and banking as a service executive managing director Matthew Smith said: “We are excited to partner with Rho.
“Their innovative digital banking platform provides businesses with access to the banking, budgeting and payments products they need to succeed.
“Our agreement with Rho is an important step in broadening our portfolio of Banking as a Service arrangements with leading technology companies and accelerating our organisation-wide digital transformation to offer customer-centric, digitally-enabled solutions to the marketplace.”
Sterling National Bank provides commercial, business, and consumer banking products and services, and is specialised in delivering financial services and solutions for small to mid-size businesses and consumers.
The bank said that its collaboration with Rho marks the latest in a series of its strategic partnerships and digital technology investments in various financial and financial technology firms.
Rho Technologies is the NYC-based fintech that offers Business Banking platform with a single solution to help businesses save time, money and effort as they grow.
Rho Technologies CEO Everett Cook said: “Rho is thrilled to collaborate with Sterling National Bank. We spent a lot of time seeking a partner that had the capabilities and scale that our current and future customers need.
“We look forward to working with Sterling in supporting our future product and service offerings.”
Last year, Sterling National Bank introduced a new Banking-as-a-Service (BaaS) programme, to provide a wide range of customised products, payment and back-office capabilities for FinTech and other non-bank institutions.