Fintech firm Reich & Tang has reached a deal with Smiley Technologies, a developer and provider of core banking solutions to U.S community banks.

Community banks typically struggle to keep up with their larger competitors on high technology solutions. Smiley Technologies has worked with smaller banks to modernize and streamline core banking applications and services. These services help improve the efficiency of data management.

Reich & Tang Deal

Reich & Tang uses its Demand Deposit MarketplaceSM (DDM) Cash Sweep Program that enables bank customers to secure millions in FDIC Insurance. DDM further allocates a large deposit to different U.S. banks in the network in increments not exceeding $250,000 to provide FDIC Insurance up to the program maximum. In addition, it eliminates the bank’s collateral requirement.

That factor helps community banks secure larger deposits than they could on their own.

“We are thrilled to partner with Smiley Technologies,” said Joe Jerkovich, Chief Operating Officer, Reich & Tang. “This unique collaboration enables us to deliver innovative, customized and flexible solutions to an underserved segment of the banking industry. Together, we are a great resource for community banks, helping them stay competitive by offering their customers access to extended FDIC Insurance integrated with STI’s high-tech core banking platform.”

“STI’s community bank customers want the broad functionality provided within STI’s SIBanking software with the ability to add innovative products and services, like those offered by Reich & Tang,” said Smiley Technologies CEO Elizabeth Glasbrenner. “STI is happy to collaborate with R&T to deliver this innovation and show that core service providers and fintech [firms] can easily leverage their knowledge to deliver significant value to the bank customers together.”