Under the agreement, Sterling will offer a range of wholesale banking solutions to Rho. Credit: user1518572209 from Pixabay

Sterling National Bank has reached a Banking as a Service (BaaS) agreement with Rho Technologies, the fintech firm behind Rho Business Banking.

The multi-service alliance integrates the bank’s product, operational and regulatory know-how alongside with Rho’s technology and product capabilities.

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Under the agreement, Sterling will offer a range of wholesale banking solutions to Rho, which offers companies commercial banking and also financial software solutions.

The partnership, said to be the latest in the bank’s series of digital technology investments, is aimed at facilitating the expansion and customer growth of Rho. .

Rho CEO Everett Cook said: “We spent a lot of time seeking a partner that had the capabilities and scale that our current and future customers need.

“We look forward to working with Sterling in supporting our future product and service offerings.”

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Sterling, a subsidiary of Sterling Bancorp, serves consumer, small business, as well as commercial clients. The firm manages over $30bn in assets.

Commenting on Rho, Sterling executive managing director; Direct Banking and Banking as a Service Matthew Smith said: “Their innovative digital banking platform provides businesses with access to the banking, budgeting and payments products they need to succeed.

“Our agreement with Rho is an important step in broadening our portfolio of Banking as a Service arrangements with leading technology companies and accelerating our organisation-wide digital transformation to offer customer-centric, digitally-enabled solutions to the marketplace.”

Last August, Sterling National Bank entered into a partnership with artificial intelligence (AI) software firm IPsoft to launch a cognitive customer service agent.