Congratulations to the winners of the 2016 BAI Global Banking Innovation Awards for Most Innovative Community-Based Banking Organization.

CBW Bank

With the purchase of CBW Bank in 2009, Suresh Ramamurthi and his team embarked on an initiative to transform the stagnant and highly-regulated payments industry. Rather than start a non-bank company with fewer regulatory requirements, Ramamurthi and his team chose to work within the bank system, proving that even small-town banks can provide innovative services.

Unlike other fintech companies, Ramamurthi’s team went beyond superficial improvements and instead built a new account structure that embraces compliance as a core feature which enables it to focus on delivering new, innovative products, without taking on inordinate risks or increasing exposure to fraudulent transactions. CBW can now send instant payments because the risk aspect was addressed at the outset, creating endless opportunities to deliver new payment products to the market.