LAWRENCE, Kan.--(BUSINESS WIRE)--Yantra Financial Technologies, a fintech company specializing in designing, developing and managing electronic payment systems, was recognized as a “Company to Watch” as part of the 2016 FinTech Forward rankings released by American Banker and BAI at BAI Beacon.
Yantra was honored alongside 20 other high-impact startups for helping shape the future of the financial services industry. The FinTech Forward Companies to Watch highlights the most promising startups and recent market entrants bringing compelling new offerings and solid business models to fintech. This select group of companies is chosen by an advisory board comprised of industry experts from BAI and other financial services leaders.
"The ‘Companies to Watch’ list recognizes innovative young companies that are addressing the real business problems of financial institutions,” said Marc Hochstein, editor in chief of American Banker. “Congratulations to all the honorees and to all the technologists and entrepreneurs in the fintech space who are working to raise the financial services industry's game in the digital age."
Recognized for its revolutionary approach to advance the financial services industry, Yantra has gone beyond incremental improvements and instead, built an entirely new account structure that embraces compliance as a feature, which allows it to focus on rapidly delivering new payments products and services without taking on inordinate risks. Yantra’s technology works within the regulatory constraints of the U.S. banking environment to transform the way money is moved, providing consumers and businesses innovative ways of sending and receiving payments. As a result, banks can leverage Yantra’s proprietary financial infrastructure to process contextual and conditional payments in real time across multiple channels, satisfy regulatory requirements and enhance their abilities to prevent fraudulent transactions.
Most recently, Yantra launched its Y-Labs Marketplace, an initiative that allows application developers, product owners and banks to build digital banking and payments apps on Yantra’s platform, which means startups and forward-thinking financial institutions can validate new, innovative services and products while ensuring compliance. Y-Labs is the world’s first digital banking marketplace and supports the creation of a fully digital bank, while providing a platform for integration with third party applications. Yantra also works with CBW Bank to offer the ONECard and BlastPay solutions: a consumer account product that enables users to manage funds and send money instantly; and an FDIC insured business bank account that gives users complete control over the corporate payments process, respectively.
As a result of Yantra’s work with CBW Bank, the bank was recently honored as the “Most Innovative Community-Based Banking Organization” by BAI in this year’s Global Banking Innovation Awards. CBW was also named a 2016 Model Bank by financial services research firm Celent. Additionally, the collaborative efforts between the bank and Yantra were recognized by Bank Technology News as one of the Top 10 Community Bank IT Projects. Yantra’s founder and CEO, Suresh Ramamurthi, is also the recipient of several other recent accolades. Earlier this year, he was named one of American Banker’s 2016 Digital Bankers of the Year and he was named in Bank Innovation’s 2016 Innovators to Watch. Ramamurthi was also honored as American Banker’s 2015 Innovator of the Year.
“Innovating within the regulatory restraints of the banking industry was challenging, but critical, as the creation of new banking and payment products is often hindered by compliance concerns,” said Ramamurthi. “Yantra’s ability to blend the disruptive nature of technology with the highly-regulated banking industry empowers the delivery of the next generation of banking services that anticipate market needs. With Yantra’s technology, financial institutions can offer an enhanced customer experience, for both retail and business customers, by bringing the most promising solutions in payments and digital banking to fruition.”
About Yantra Financial Technologies
Founded in 2012, Topeka, Kan.–based Yantra Financial Technologies is a financial technology firm specializing in designing, developing and managing electronic payment systems, and focuses on creating secure contextual and conditional ways of moving money. The company provides consumers and businesses around the globe with innovative ways of sending and receiving payments, with current and future technology offerings including international money remittance, card processing, virtual currency and healthcare payments. For more information, visit www.yftinc.com.