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BankSocial® announces “Web3-powered” RTP open banking payments features for credit unions at CUNA Governmental Affairs Conference

WASHINGTON, D.C. (March 5, 2024) — BankSocial®, the nation’s leading open banking platform for credit unions, today announced active implementation of payments capabilities designed with Web3 compatibility in mind. BankSocial future-proofs Credit Union payment platforms to support their members in the exploding world of open banking and digital assets. The BankSocial platform payment features were designed from the ground up for integration with any industry Core and Digital Banking Solution, and built to leverage the efficiencies of Hedera.

BankSocial CEO John Wingate and COO Becky Reed will join a Digital Assets Group roundtable at the Governmental Affairs Conference on March 5th with NCUA Vice Chair Kyle Hauptman. “BankSocial is ushering in the evolution to Open Banking with a platform that gives Credit Unions access to digital assets, payments, and portable identity. Our difference is in the way we implement Web3 and self-custody to prepare Credit Unions for coming regulatory changes from the CFPB, and consumer sentiment about ownership of data. We are future-proofing Credit Unions with these novel approaches to the future of finance.” said John Wingate, Chief Executive of BankSocial. “Our digital exchange customers benefit from a co-branded environment, enabling a digital wallet designed to keep the credit union banking experience central to members’ lives.”

“The BankSocial payments platform is an important part of our overall payments strategy.” said Elizabeth Osborne, COO of Great Lakes Credit Union. “The payments landscape is changing rapidly and partnering with BankSocial allows GLCU to be prepared for the future.” Cassie Ernest, CEO of North Shore Federal Credit Union added “Embracing cutting-edge solutions, such as Real Time Payments, is instrumental in enhancing our services. Collaborating with industry leaders like BankSocial positions us strategically for the evolving landscape of payment systems.”

About BankSocial

BankSocial® is a passionate team of credit union and DLT experts, building an Open Banking platform that merges the world of credit unions and traditional finance with the world of Web3 and DeFi. The BankSocial financial platform unites and empowers people and businesses, providing fair and equitable access to the same financial tools for all. To learn more about BankSocial, visit www.banksocial.io. Visit us on social media: Twitter LinkedIn Instagram YouTube