Why Fintech Startups Are Flocking to a 124-Year-Old Bank in Kansas

Not only did the couple get the bank back in operation by the following year, they transformed it into a place of real innovation. Over the last few years, the bank has become a secret weapon for other fintech companies, which rely on both its technology and status as a state-chartered bank to build their own businesses.

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"What Suresh has done is taken a bank with legacy technology and systematically rebuilt the technology stack to something that elevates modern technology concepts," says Julie Conroy, research director for Aite Group, a bank technology consulting company. Those concepts include faster processing capabilities, machine learning, and other capabilities more typical of a Google than the traditional consumer banking world.

Omney is one of the first fintech payments companies that worked with CBW and Yantra to develop an instant payment solution in 2012. The companies collaborated to create a system that essentially reverses the debit card process, whereby money is typically deducted from consumer accounts in near-real time, to make real-time payments instead.