WSFS and SoFi partner on new deposit account
WSFS Financial Corporation has entered into a two-year partnership with SoFi Securities to offer payment processing and debit card sponsorship services for a new cash management account.
The San Francisco-based startup provides student and consumer loans, but it lacks the infrastructure of a regular bank. WSFS will provide that backbone by handling ACH payment processing and debit card issuance.
“We are showing the industry that there is a space for both banks and fintechs,” a spokesperson for WSFS said.
While some see the emerging fintech sector as a threat, WSFS has chosen to embrace it.
“At WSFS, we have welcomed innovation and accepted the challenge to adopt technologies and create and support solutions that will meet Customers’ evolving financial needs,” said Mark Turner, president and CEO of WSFS Financial Corporation. “Our partnership with SoFi makes strategic sense. As technology disruption accelerates, community banks must adapt. WSFS is at the forefront of working with fintech providers and bringing innovative solutions to market.”
For SoFi, the partnership allows the company to meet more of its customers financial needs.
“Being able to offer these accounts will move us closer to our vision of serving all our members’ financial needs, but more importantly it’s something our members really want and have been asking for,” said Steven Freiberg, vice chairman of SoFi.