OwlFinancial, a cloud business unit of ValueMomentum, congratulates Summit National Bank on their successful rollout of Payment as a Service, a critical part of their portfolio of Banking as a Service offerings.
Piscataway, NJ – June 21, 2023 – Summit National Bank has successfully implemented an API-first architecture to better serve their clients and engage with the FinTech ecosystem. The achievement was announced today by Summit National’s partner, OwlFinancial, a cloud business unit of ValueMomentum, Inc.
Summit National Bank’s reinvention as a digital banking expert is indivisible from their mission to the communities they serve. Michael Dowling, CTO of Summit National Bank, explained, “We started as a small local bank in a rural part of the United States. We’re deeply tied to our region, and we believe that the people who live here have just as much right and need for advanced banking technologies. To that end, we began a digital transformation process to leverage the best parts of the financial ecosystem. I’m thrilled to say that we’ve reached a major milestone in that journey.”
To achieve their vision, Summit National partnered with OwlFinancial, which specializes in cloud technology for the financial services industry. OwlFinancial’s expertise in digital transformation journeys and As-a-Service business models, together with API gateways and cloud solutions, was exactly what Summit National needed to build out their microservices architecture.
Rajesh Nambiar, Executive Vice President of OwlFinancial, commented, “As innovation continues to flourish in the financial services industry, organizations like Summit National Bank need to be able to focus on how they evolve and adapt in the digital world. We are very proud to have supported Summit’s journey by providing the cloud-native technology to they need to reinvent themselves. Our expertise in APIs, microservices and advanced cloud technologies power the digital offerings that make up Banking-as-a-Service. We’re excited to be part of Summit’s team as they continue to innovate.”
OwlFinancial provided Summit with the technical expertise and proven ability to deliver on an ambitious timeline to allow them concentrate on their new business models and digital identity. The cloud-native technology built around APIs and microservices gave Summit the foundation they needed upon which to reinvent themselves. “To say that I am proud of our team’s joint achievement would be a complete understatement. The OwlFinancial team from ValueMomentum has been our development and cloud operations partners through this entire experience. They have brought an incredible amount of support, knowledge, and energy to help get us to production. We truly look forward to our future work together in making Summit National a leading innovator in 21st-century financial services. This is only going to get more exciting,” Dowling added.
With their new capabilities through the financial industry’s digital ecosystem, Summit National is poised to offer new services and seamless digital experiences to its customers. Payments-as-a-Service went live in May 2023, with future rollouts further enhancing Summit’s Banking-as-a-Service model, offered through the Mode Eleven brand name.
These individual capabilities add up to more than the sum of their parts: they establish a new mode of operations based on digitally enabled collaboration and partnership to amplify the services they offer to their customers. They also position Summit National for future growth as technology advances in areas such as AI, machine learning and advanced analytics.
About Summit National Bank
Summit National Bank originally chartered in Wyoming as Hulett National Bank in 1984. The bank founders recognized that rural America was changing and understood that by creating and building the basic infrastructure in their community they could fight the challenges that all small towns across the country were seeing. Medical care, educational, commercial, and retail services are all necessary in keeping a community prosperous and a community bank is the back-bone of supporting all those entities.
Hulett National Bank unified the names of its branches in Wyoming in 2004 and became known as Summit National Bank. Since that time Summit has added all the modern banking conveniences along with two additional locations; Salmon, ID & Ekalaka, MT. SNB primary lending is in commercial, agriculture, real estate, mortgages, and construction.
About Mode Eleven
Mode Eleven, through its wholly owned subsidiary Summit National Bank, combines a nationally chartered bank and a technology platform with a modern Banking-as-a-Service platform to deliver a full range of solutions with greater speed, less risk, and less cost.
About OwlFinancial
OwlFinancial, a cloud business unit of ValueMomentum, Inc., helps financial services companies build their tech and data stacks to simplify operations, speed up innovation and distribute through partner ecosystems. OwlFinancial’s clients leverage our expertise along their individual As-a-Service, core and digital transformation journeys. OwlFinancial serves community and regional banks, credit unions, neobanks and FinTechs, lending institutions and independent mortgage banks. To learn more, visit www.owlft.com.
Media Contact
Lis Maguda
Senior Manager – Content Strategy
elisabeth.maguda@valuemomentum.com
617.335.2076
