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Former Citigroup executive Gordon Baird plans to launch an application at Independence Bancshares that ties together mobile banking and real-time processing a technology that some industry experts say could revolutionize banking.
October 15 -
In a highly unusual initiative, small community bank Independence Bancshares has been building a real-time transactions processing system. CEO Gordon Baird hopes to attract others to use it, too.
April 30
Independence Bancshares (IEBS) in Greenville, S.C., will need to raise more capital to fund its development of new payments platforms.
The $109 million-asset company, which does business as nD bancgroup, said
Independence said it could expand or introduce prepaid debit programs, decoupled debit and real-time processing capabilities and debit card issuance programs to generate additional interchange income. The filing also said that the company would develop accounts and channels to reduce fraud, credit and settlement risks.
Potential products could include cloud-based platform services, customized mobile wallets, financial planning and savings apps and integration web services. Independence also said it could expand its offices in Greenville and New York, or expand into other markets, in areas such as sales and marketing, treasury, funding, risk management and customer support.
The goal is to generate revenue through a customer fee-based model, the filing said. Such revenue could come from maintenance and relationship fees, transaction fees, membership fees, licensing fees, currency related fees and advisory fees. The company said that, in some instances, it could share the revenue with partners and distribution channels.
The company, led by former Citigroup (NYSE: C) executive Gordon Baird, has already announced plans to
