CSI Facilitates BaaS Partnership Between ECHO Health and Anchor Bank
On February 8, 2023, CSI announced a new Banking-as-a-Service sponsor bank partnership pairing fintech ECHO Health with Anchor Bank, a CSI customer. Through CSI's open API platform, ECHO Health gains access to Anchor Bank's banking infrastructure to power its healthcare-focused financial products. These include streamlined insurance claim disbursements, virtual card payments, and healthcare savings accounts delivered via BaaS.
Anchor Bank benefits by expanding its reach into the healthcare fintech vertical without building proprietary technology. CSI acts as the middleware layer facilitating the connection between the fintech and the sponsor bank. The partnership illustrates the growing role of technology intermediaries in enabling community and regional banks to compete in the BaaS ecosystem.
Financial terms of the arrangement were not disclosed.
- Middleware providers like CSI are positioning themselves as key enablers for community banks entering BaaS
- Healthcare-focused fintechs represent a growing vertical for embedded finance sponsor bank relationships