All Press Releases for June 19, 2020

Central Payments Celebrates Completion of Inaugural Falls Fintech® Cohort

Flexibility and Resilience Overpowers COVID-19 Difficulties



"Four months ago we didn't know what was next. Now we're getting more investors and, through the bank partnership with Central Payments, we will be in market before the end of the year."

    DELL RAPIDS, SD, June 19, 2020 /24-7PressRelease/ -- When Central Payments formed its first-of-a-kind Falls Fintech accelerator in late 2019 and brought the inaugural group of five promising fintech founders together in Sioux Falls, South Dakota, just four months later, it was hard for co-founders Nikkee Rhody and Trent Sorbe to imagine an even bigger challenge awaited them. That was until day four. After a rousing welcome reception, the risks associated with COVID-19 forced Falls Fintech to suspend the onsite format and immediately pivot to a 12-week virtual structure. "Nikkee and her team were simply amazing. They somehow maintained the same level of excitement among the participants, sponsors, and community leaders and met the ultimate objective of helping the founders advance their product development and ultimately bring these exciting products to market," said Trent Sorbe, Founder and President.

All five companies successfully completed the unique curriculum, which included a commitment to a bank partnership with the organization's own Central Bank of Kansas City and enabling access to the entire payments ecosystem through Central Payments' OpenCP API platform. During the experience, participants met virtually several times a week with Central Payments and industry subject matter experts and mentors.

"I honestly don't know where we'd be without Falls Fintech. Four months ago we didn't know what was next. Now we're getting more investors and, through the bank partnership with Central Payments, we will be in market before the end of the year," says Jim Schlosser, CEO and Cofounder of XpenseOne based in Spokane, WA. Schlosser adds "The Falls Fintech experience, the bank partnership that comes with it, and the access provided through OpenCP shaved many months off our launch timeline."

Senior Vice President and Managing Director of Falls Fintech, Nikkee Rhody, said: "Cohort 1 was a wild and rewarding ride but somehow, we still fulfilled what we set out to do. We're now delivering on our commitment to market readiness by transitioning the participants into our implementation pipeline, with the goal to have at least 4 companies in market before year-end."

The success of Cohort 1 has set the stage for Cohort 2, scheduled for August 10 – October 30, 2020. Applications are being accepted now through June 30, 2020. Go to FallsFintech.com for information/to apply.

Contact: Nikkee Rhody/SVP and Managing Director/nrhody@central-payments.com

About CBKC: For more than 65 years, Central Bank of Kansas City has served the local community and helped build and support neighborhoods. From reading each week to 2nd graders at area grade schools, to talking to preschoolers about saving during Money Smart Month, to serving meals for the needy - Central Bank of Kansas City cares about the communities it serves. Central Bank is proud to be recognized by the Community Development Financial Institutions Fund (CDFI) for our investment in distressed communities who deserve best-in-class financial services. For us, it's more than just giving back—it's about believing in our communities.

About Central Payments: This statement—"to treat each customer's balance as though it's all they have"—guides our approach to client relationships. Fairness, transparency, and compliance serve as the cornerstones of our existence. Our commitment to client success and our insistence on redefining the role of bank issuer are what sets Central Payments apart from the rest of the market. www.central-payments.com

About Falls Fintech: Falls Fintech is a custom, 12-week program designed to accelerate market readiness for early-stage financial technology startups. Delivering a high-intensity curriculum with an elite network of financial, payment and technology professionals across the globe, Falls Fintech promotes breakthrough of the last-mile problems facing fintech today. www.fallsfintech.com

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Contact Information

Barbara Wolf
Central Payments
Dell Rapids, SD
United States
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