An ex-Google engineer and his wife, a former Wall street banker, moved to Kansas and acquired 124-year-old CBW Bank, the only financial institition in Weir. Since purchasing the bank, the couple has systematically improved its tech architecture and used these innovations to provide services to fintech companies.
Throughout this process, Ramamurthi says he also realized that banking compliance—meaning the bank’s adherence to the slate of regulations including knowing your customer, monitoring for suspicious financial activity, and other risks—differs depending on whether it’s for online banking, the apps, or even branches. So, Ramamurthi also went to school to train as a compliance officer. “I wanted to face examiners and find out what they were asking,” Ramamurthi says. “How do we build a system where many questions can be automatically answered?” Together Yantra and CBW, which have 35 and 25 employees respectively, offer a faster, more modern technology backbone that fintech startups can use to launch their own products, assuring regulators that their products are fully compliant.