Old Glory Bank Launches Proprietary Closed-Loop Payment System
On July 12, 2023, Old Glory Bank announced the launch of Old Glory Pay, a proprietary closed-loop payment system designed for secure, private transfers between its customers. The system currently supports peer-to-peer payments within the Old Glory Bank ecosystem, with planned expansions to merchant acceptance and crowdfunding capabilities. All accounts within the system are FDIC-insured through Old Glory Bank's charter.
The bank markets the platform as providing 'cancel-proof' access, emphasizing resilience against deplatforming risks. The launch represents an embedded payments play where the bank builds its own payment rails rather than relying on third-party networks. Financial terms and development costs were not disclosed.
The product competes in the growing space of bank-native payment platforms seeking to offer alternatives to mainstream payment networks.
- Demonstrates niche banks building proprietary payment rails as an alternative to relying on BaaS middleware or card networks
- Signals demand for payment platforms marketed on deplatforming resilience, a growing niche segment