Coastal Community Bank and Neocova Partner
January 6, 2020
EVERETT, Wash., Jan. 06, 2020 (GLOBE NEWSWIRE) — Coastal Community Bank (“Coastal”) announced it has entered into an agreement with Neocova Corporation (“Neocova”) to develop and implement a unified data warehouse solution with an integrated dashboard and reporting engine as well as a Bank Secrecy Act (“BSA”) and Anti-Money Laundering (“AML”) monitoring tool. Neocova is a cloud-native banking technology platform built specifically for community financial institutions, designed to address widespread industry frustration with legacy core solutions.
The primary purpose of Neocova’s engagement with Coastal is to develop an integrated compliance and reporting system for Coastal’s Banking as a Service (“BaaS”) partners, giving Coastal enhanced oversight through a transparent view of all partner data in a unified reporting platform, as well as a structured platform to hold required partner data securely.
According to Neocova Co-Founder and CEO, Sultan Meghji, “Coastal is a leading example of a bank embracing innovation and cutting edge technology. We’re excited to play a pivotal role in helping Coastal provide greater security to customers while at the same time increasing its agility — empowering Coastal to continue to evolve and innovate to meet business goals and market demands.”
Coastal provides BaaS to broker dealers and digital financial service providers. Coastal’s CCBX Division allows select strategic partners to deliver seamless financial services to their clients, while preserving the checks and balances expected by federal regulatory authorities.
“This partnership will provide a best-in-class reporting and monitoring platform to enable us to oversee compliance in critical areas such as BSA, AML, and fraud monitoring,” said Coastal CEO & President, Eric Sprink. “The ability to perform analysis, comparisons, and monitor trends for our partners will not only enhance our oversight, it will preserve both the operational and regulatory integrity expected by federal regulators. Additionally, it will add value for our partners as we leverage technology and automation in these critical areas.”
Neocova is the first AI-based, API-driven banking technology platform designed specifically to support community banks and credit unions. Entirely cloud-based, Neocova’s core platform manages customers, their deposit accounts and loan products with ease. Most importantly, Neocova’s low-cost technology offers unmatched cybersecurity to keep financial institutions- and their customers- safe. Visit neocova.com for more information, or follow Neocova on LinkedIn and Twitter.
About Coastal Community Bank
Coastal Financial Corporation (Nasdaq: CCB) (the “Company”) is an Everett, Washington based bank holding company with Coastal, a full-service commercial bank, as its sole wholly-owned banking subsidiary. The $1 billion community bank that Coastal operates provides service through 14 branches in Snohomish, Island, and King Counties, the Internet, and its mobile banking application. Coastal provides select partners with BaaS through its CCBX Division. To learn more about Coastal visit www.coastalbank.com.
Originally Posted to: Business Insider