Based in Charlotte, North Carolina, Infinant is putting responsible technology in the hands of banks looking to offer embedded finance while maintaining best-in-class compliance standards and practices. Infinant joins a rapidly growing group of diverse industry-leading companies focused on creating important industry standards that provide access, transparency, consumer protection, and regulatory compliance.
Washington, D.C. (June 24, 2024) – The American Fintech Council (AFC), the premier industry association representing responsible fintech companies and innovative BaaS banks, has announced that Infinant has become its newest member.
“Banks need to introduce safe innovation to keep pace with consumers looking for new ways to access their financial services but should never compromise on their regulatory compliance, standards, or controls,” said Phil Goldfeder, Chief Executive Officer of the AFC. “Infinant is the solution for banks who do not want to build their own technology, migrate their core or relinquish their absolute control of the regulatory standards. Many of our members already partner with Infinant and we are excited to add them to our growing membership.”
Infinant provides a growth platform to enable banks to launch and scale their Banking-as-a-Service and embedded finance programs while still allowing the financial institution complete control and compliance oversight. Infinant’s software-as-a-service platform layers on top of the bank’s current core avoiding costly replacement projects while providing the responsible innovative tools banks need to serve their partners and consumers. Infinant provides a trusted platform for banks to launch new distribution channels to grow their deposits and fee income with settlement resiliency.
“We are privileged to have AFC as a recognized partner and like Infinant, Phil and the AFC team are taking action to ensure banking is accessible for customers in a responsible way. This includes the addition of technology that can bridge the gap across regulators, banks, fintechs and brands – with the purpose of giving banks growth options,” said Riaz Syed, CEO and Founder of Infinant.
“We are big fans of Riaz and the Infinant team and as repeat founders, they understand what is required to tackle this unique challenge,” said John Philpott, Partner at FINTOP Capital. “Infinant is reimagining what it means for banks to offer BaaS products to their clients. They are providing the critical next generation architecture required to deliver growth and innovation for embedded banking.”
A standards-based organization, AFC is the premier trade association representing the largest financial technology (Fintech) companies and innovative BaaS banks. Our mission is to promote a transparent, inclusive, and customer-centric financial system by supporting responsible innovation in financial services and encouraging sound public policy. AFC members foster competition in consumer finance and pioneer products to better serve underserved consumer segments and geographies.
“We are excited to add Infinant to the AFC family and look forward to our partnership and collaboration as we deliver best-in-class industry standards and pave the way for the future of finance,” concluded Goldfeder.