Atmos Financial has partnered with Five Star Bank since 2023 to
offer climate finance products and services in a safe and sound
manner
SAN
FRANCISCO, June 25, 2024 /PRNewswire/ -- Atmos
Financial, PBC continues to advance its mission to help decarbonize
the banking sector and advance the rapid transition to a clean
economy through its partnership with Five Star Bank, a New York State chartered bank.
Atmos Financial established a direct partnership with Five Star
Bank in 2023 to provide various banking services as its sponsor
bank. Sponsor banks are chartered banking institutions that work in
close partnership with fintech companies like Atmos to develop and
offer unique and proprietary bank products with prudent oversight
and controls in place to ensure the integrity of risk and
compliance outcomes for customers.
Since completing the migration of tens of thousands of bank
accounts from Atmos's prior partner, a middleware software
provider, to Five Star Bank, Atmos account holders have continued
to benefit from the continuing integration and direct partnership
with Five Star Bank, a key distinction from the previous set
up.
The new partnership provides Atmos account holders with access
to a greater range of services and products. And,
importantly, they are able to play an active role in
supporting a clean economy and combating climate change. In
2023, Atmos prevented 153,040,411 pounds of carbon from entering
the atmosphere by using customer deposits to fund clean energy
projects and build 12,300 kw of energy through solar installments
across the country, in partnership with its installer network.
"Our decision to migrate our services to Five Star represented a
strategic opportunity for Atmos," said Pete
Hellwig, Atmos Financial Co-Founder. "We have developed a
strong working relationship with the entire Five Star team across
its lines of business and support and control functions while
building our clean energy lending line of business. We elected to
migrate our deposit banking services to Five Star Bank in order to
build a stable, climate-forward banking model that will last
generations."
Atmos Financial was one of Five Star Bank's first partners with
integrations directly into the Bank's core operating system.
Through its direct Banking-as-a-Service (BaaS) model, Five Star
Bank owns customer ledgering, money transmission and other core
banking services. Five Star Bank
also provides Atmos customers access to FDIC insurance.
"Atmos is a valuable strategic partner that allows us to expand
beyond our traditional geographic reach and connect with customers
who are passionate about green finance, an area Atmos has
tremendous subject matter expertise in," said Reid Whiting, Chief Banking Officer for Five
Star Bank. "In a highly regulated industry, our ability to
understand and manage risk is paramount to operating a successful
BaaS business unit. We are proud to partner with Atmos to provide
products and services in a manner that respects the integrity and
strength of the banking system and safeguards our customers."
About Atmos Financial, PBC
Headquartered in San Francisco,
CA, Atmos Financial is a financial technology company that
offers bank accounts to customers, as well as distributed clean
energy lending solutions to banks, credit unions and installers.
Atmos Financial allocates 100% of deposits to climate-positive
infrastructure.
Atmos Financial is a technology company, not a bank. Banking
services are provided by our partner institution, Five Star Bank,
Warsaw NY (Member FDIC).
news@joinatmos.com
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SOURCE Atmos Financial