NEW YORK (TIP): Suresh Ramamurthi, chairman and chief technology officer of Weir, Kan.-based CBW Bank, has been honored as one of the 2016 “Digital Bankers of the Year” by American Banker, for leading the development and launch of the industry’s first digital banking architecture that enables real-time payments across multiple channels.
“Suresh Ramamurthi has been on American Banker’s radar for some time now. Ramamurthi, one of the finalists for the 2016 Digital Banker of the Year, keeps innovating. In the past 12 months, he and his team have introduced a healthcare payment portal based on a faster payment platform they created,” said Penny Crosman, editor at large of American Banker, in a recent article. “The technology behind CBW’s new application, and many of its APIs, is a system built by Ramamurthi’s team at Yantra Financial Technologies, where he’s also CEO, that uses debit networks to instantly disburse payments across multiple channels, including cards, the automated clearing house and internal systems.”
Each year at its annual Digital Banking Summit, American Banker recognizes the professionals that guide the development, implementation and advancement of digital banking technologies at his or her bank, and provide customers with a top-notch digital banking experience. Winners are selected based on their role in progressing the capabilities and adoption of digital banking at their institution or within the industry, as well as the technology’s impact on the customer experience. Previous honorees include: Heather Cox, chief client-experience, digital and marketing officer at Citigroup; Niti Badarinath, senior vice president and head of mobile banking at U.S. Bank; and Jim Smith, executive vice president and head of digital channels at Wells Fargo.
The bank, with resources from Yantra Financial Technologies, leverages the digital banking architecture to offer the ONECard and BlastPay solutions. ONECard is a consumer account product that enables consumers to view and manage their funds, send money instantly within the U.S. as well as to India, and create multiple accounts and debit cards linked to these cards. BlastPay is an FDIC insured business bank account that supports the disbursement of mass payments across multiple channels.
“Accelerated payments support a wide range of use cases and provide valuable, industry-specific benefits, yet most financial institutions are hesitant to introduce new products and payment methods because of regulatory and compliance concerns,” said Ramamurthi. “However, by respecting the compliance restraints of the banking industry and incorporating risk management features at the outset, we have successfully modernized the payments process to meet the needs of various customers and business verticals.”
Ramamurthi is also the recipient of several other recent accolades, including American Banker’s 2015 “Innovator of the Year” and the 2015 Payments Innovation Award by Your Electronic Payments Core of Knowledge (EPCOR). Ramamurthi was also named in Bank Innovation’s 2015 Innovators to Watch and was recognized by Bank Technology News for leading one of the Top 10 Community Bank IT Projects. This consistent recognition demonstrates Ramamurthi’s commitment to transforming how businesses and individuals send and receive money.