Specialist neobank Panacea Financial turns to Bankjoy for digital banking tech
Panacea Financial, a digital financial services company for medical practitioners in the US, has tapped a domestic banking tech provider, Bankjoy, for a full suite of digital banking solutions.
Established in 2020 by physicians with first-hand insight into the financial needs of healthcare professionals, Panacea operates as a division of Primis, one of the largest banks in Virginia state, and supports physicians, dentists and veterinarians with insurance, loans, personal and business banking services.
Its agreement with Detroit-headquartered Bankjoy will integrate its partner’s end-to-end digital banking platform with its core system through Fiserv’s Communicator Open.
In this, Panacea says its “growing client base” will gain access to Bankjoy’s modern digital banking tools, including online account opening features, in both an online and mobile format.
Tyler Stafford, CEO and co-founder of Panacea, says the company aims to eliminate the “unique financial stressors” healthcare professionals face when managing finances throughout their career.
Michael Duncan, CEO of Bankjoy, recognises how an increasing number of neobanks are seeking to serve “niche markets with distinct financial needs“. He cites the numbers from Statista, which estimates neobank transactions to reach $4.74 trillion this year worldwide, and a customer base to grow to nearly 377 million by 2027.
“Panacea is doing this for an essential market segment – healthcare professionals that entire communities rely on each and every day,” he adds.