Reimagining BaaS: Kotapay Unveils Kavinu at Money20/20 USA

A Bank-Direct API Platform Reclaims Embedded Payments from Fractured Middleware Models

Reimagining BaaS: Kotapay Unveils Kavinu at Money20/20 USA

Kotapay, a division of First International Bank & Trust (FIBT), today announces the launch of Kavinu, a direct-to-bank banking-as-a-service (BaaS) platform. Designed to eliminate the instability of middleware-reliant BaaS models, Kavinu connects financial innovators directly to an experienced bank partner already supporting electronic payments at scale.

“Kavinu re-centers the partnership model and eliminates the fragmentation that has plagued traditional middleware models,” said Trent Sorbe, Chief Payments Officer at FIBT. “Kotapay is uniquely equipped to turn the page for banking as a service. Kavinu is supported by robust technical infrastructure and an experienced team that have been moving money electronically and at significant scale for over 30 years.”

Kavinu is a cloud-native, API-driven technology layer built atop Kotapay’s existing payments infrastructure which will exceed $120 billion in settlement volume and over 60 million transactions by year-end 2024. Kavinu is equipped with developer-friendly, rail agnostic APIs. By eliminating middleware, Kavinu offers unmatched speed to market and revenue potential with a single, direct relationship with FIBT, one of the country’s strongest community banks.

Kotapay’s vision for Kavinu includes proprietary products set to launch in 2025, aimed at reaching the 2.5 million consumers receiving payroll processed by Kotapay today.

“Kavinu allows us to supplement the partner model with proprietary products and services we plan to offer our existing client base of over 3,300 payroll providers and ultimately to the millions of employees whose payroll is processed by Kotapay each month,” added Sorbe.

To learn more about Kavinu, visit www.kotapay.com/kavinu.

About Kotapay

Kotapay is an electronic payment solutions provider based in Fargo, North Dakota. Since our founding in 1993, we have provided fast, accurate, and secure electronic payment services to more than 107,000 companies in all 50 states and Puerto Rico. Kotapay is owned by First International Bank & Trust (FIBT), a federally regulated bank with more than $5 billion in assets. We provide services to a multitude of industries including payroll providers, accountants, non-profits, healthcare, utility companies, and more. Learn more at www.kotapay.com/kavinu.

About First International Bank & Trust

First International Bank & Trust (FIBT) is a full-service, family-owned community bank serving communities across North Dakota, South Dakota, Arizona, and Minnesota. Founded in 1910 as Farmer’s State Bank in Arnegard, ND, FIBT’s foundation was built on the bond between its employees and customers. Today, FIBT remains committed to that personal touch by remaining local, caring for customers, and staying involved in their communities. Learn more by visiting FIBT.com.