Byline Bank on Monday, May 12, announced the expansion of the Payments and Fintech Banking division.
The mentioned lender stated that the specified extension highlights significant investments in embedded finance and modern digital payment solutions.
Byline has made significant actions in the fintech sector. It is worth clarifying that in this case, the actions relate to payment systems. The financial institution made a corresponding move after David Prochnow and Joe Wolffeld took over the fintech banking group in March last year. Before that, they led Fifth Third Bank’s Newline embedded payments division, managing a portfolio of more than 100 fintech clients with deposits worth $2 billion.
At Byline, David Prochnow and Joe Wolffeld developed a sponsorship banking and embedded payments model. This model is based on direct oversight, regulatory compliance, and faster access to payment networks. As part of the relevant product, fintech clients can confidently refine technologies and customized payment solutions.
Alberto Paracchini, president and chief executive officer of Byline Bank, stated that the mentioned team is an important evolution for a financial institution that continues to invest in innovation and meet customers where they are. It was also noted that the lender is proud to bring together some of the most experienced banking professionals in the industry who not only understand the needs of fintech founders but also know how to properly build these programs based on stability, oversight, and cooperation.
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