San Antonio-based SWBC recently launched a newly branded financial technology company — SWIVEL Transactions LLC.
Previously, SWBC had offered a payment tool called SWBC Payments, which features a transaction-enablement platform used by more than 800 financial institutions in 50 states. It simplified the process of transaction-making for account holders.
SWBC has now formally branded and launched the platform as its own company, a subsidiary wholly owned by SWBC. The financial services company indicated in a press release that it launched SWIVEL because of the growing demand for low-risk account-holder self-service and omni-channel communication.
SWIVEL's technology facilitates new account funding and offers options for self-service loan payments, call-center-assisted transactions, integration, reporting, risk mitigation and fraud monitoring.
Jason O'Brien, who will lead the new company, said the platform has expanded its number of transactions over the past five years through cross-channel use and adding more transaction types and capabilities for clients.
"The rapid evolution of transactions in the digital domain over the past decade will continue accelerating," he said.
O'Brien noted that most institutions have had to keep pace with the needs of account holders by improving their digital channels, and said SWIVEL's goal was to build software to help client easily use payment rails, integration and user engagement features, all while mitigating the risk that comes with digital transactions.
O'Brien has been serving as senior vice president of payments for SWBC since 2016.
Headquartered in San Antonio, SWBC, a diversified financial services company, provides insurance, mortgages, wealth management, employee benefits and other services to financial institutions, businesses and individuals. The company has partners and divisions across all 50 states and managing businesses globally. With 8,167 local clients, the comapny was ranked No. 1 in the Business Journal's 2021 Money Management Firms List.
