DES MOINES—Almost a year ago, Social Money launched a private beta of CorePro, its first open API product. The core processing system helps businesses and developers integrate savings accounts into online and mobile platforms.
Now the West Des Moines company, which describes itself as “a financial services technology company creating innovative products that help consumers save,” is launching a companion platform called CoreSaver, an end-to-end digital banking solution for credit unions and community banks.
“It’s a huge win for any bank, as it provides a next-generation web and mobile experience for their customers that they simply can’t get anywhere else,” Social Money CEO Scott McCormack said in a press release. “And it’s built on a proven, flexible, bank-regulated core processing platform that will only keep adding feature functionality.”
CoreSaver is an independent product, supported by CorePro’s core processing power, meaning banks and credit unions aren’t required to integrate their existing core processors with the platform to start using it. This allows Social Money’s newest product to be offered at roughly 15 percent of the price of legacy processing systems, according to a press release.
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In April, the company announced that CorePro would be used as the core processing power behind Qapital, a European-developed financial management app that allows users to set savings goals and transfer those funds into designated accounts. According to TechCrunch, Qapital could “challenge Mint.com‘s dominance in personal financial management.”
For more on Social Money, read our previous coverage:
