“TxVia will provide a customised and segregated platform-as-a-service processing platform, running on a hybrid private computer grid that works with BankSimple’s cloud infrastructure.
In a blog, Joshua Reich, CEO, BankSimple, says the firm spurned the major processing platforms used by most US banks because their systems were designed decades ago and have been ‘very slow to adopt modern features’.”
BankSimple promises to reinvent banking and has already begun to market its new product:
“New York-based BankSimple claims it will reinvent personal banking when it launches later this year, offering “modern online and mobile experiences, no surprise fees, and great customer service”.
Over 40,000 people have already signed up for a beta invite to the upcoming launch, gaining access to FDIC-insured products from the firm’s partner banks through a single card.”
Not made clear in this release is if BankSimple will adopt the growing trend of other banks and issue prepaid cards as a mechanism to reduce costs while also delivering a wider range of value added services to cardholders, or if this offering is a traditional debit card model simply enhanced by the TxVia platform.
