Pacific National to launch digital bank on Nymbus Banking-as-a-Service platform SmartLaunch
Miami-based Pacific National Bank (PNB) will launch a digital-only bank on the hosted Nymbus SmartLaunch platform, reports Martin Whybrow
Speed of launch is cited by PNB CEO, Carlos Fernandez-Guzman, as a key reason for the choice.
The bank hopes to be able to launch within 90 days and “without disruption or cost to our existing bank infrastructure”, he says.
SmartLaunch was unveiled in April 2018 and is touted as a Banking-as-a-Service solution for both branch-based and digital banks and credit unions, spanning back office, call centre, digital marketing and website. It uses Nymbus’ SmartCore, SmartDigital and SmartPayments systems.
PNB’s new bank is intended to target young professionals with mobile and online banking services throughout the state of Florida, with other metropolitan areas to follow. PNB itself has four branches, was founded in 1985 and has $499 million in assets.
Nymbus is a new player on the US market, having been set up in October 2015. It is based in Miami Beach and has secured a number of rounds of funding.
Nymbus acquired additional staff and a customer base of 46 credit unions throughout the Midwest when in March 2016 it bought long-standing supplier, R. C. Olmstead. It then added another vendor, Sharp BancSystems (SBS).
A number of low-end banks and credit unions have signed with Nymbus for digital solutions. The first known user was Chrome Federal Credit Union (formerly Washington Community Credit Union). Florida-based Surety Bank was one of those to follow, achieving a four-month conversion with SmartDigital and SmartPayments last year.
Nymbus has not had things all its own way. One of the SBS users, Texas-based Junction National Bank (JNB), signed to replace the platform with iCore360 from Data Centre Inc (DCI).