Acceleron Corp Becomes a Digital Correspondent Bank
Dec 14, 2022
Acceleron Bank, in formation, is a U.S.-based financial institution focused on enhancing the non-interest income of community banks and credit unions. Its SmartRoute technology creates a real-time auction for foreign exchange payments, compressing pricing and making banks competitive with financial technology rivals.
Understanding the needs of community financial institutions, Acceleron Bank brings fully integrated international payments, which eliminates the need of costly integrations or third-party providers. Damon Magnuski, CEO, said, "After watching a prospective bank client use a fax machine to process their international payment, I knew there was a better way. Removing manual entry at multiple points in the process not only reduces errors, but saves employees time. The operations department loves it when we finally streamline cumbersome processes."
The Bank is backed by institutional investors Holt Xchange, Gustavson Capital, and Bluefin Equity Partners. "Acceleron Bank understands the issues credit unions and community banks face when navigating cross-border payments and have built an integrated solution to help solve their problems," noted Matthew Gustavson, President, Gustavson Capital. Elisabeth Laett, Managing Partner of The Holt Xchange, added, "Becoming a correspondent bank is a key strategic play that accelerates their ability to provide solutions to banks and credit unions in the U.S. looking for innovative FX services — enabling them to operate in circles that a fintech alone would not be able to."
Acceleron Bank remains laser focused on empowering community institutions with digital solutions that allow them to better service their customers and thereby their communities.
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