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Welcome to our latest product and technology update! In this update, we’re excited to share the strides we’ve made in refining our products, processes and technological capabilities. From driving integrations to our clients’ financial ecosystem to integrating advanced machine learning models, our team has been focused on harnessing cutting-edge technologies to streamline operations and elevate the user experience. Dive in as we detail the breakthroughs that are setting new standards in operational excellence and innovation at Grasshopper!

Product/Technology Updates

  • Plaid integration – To enhance our API-based Plaid integration, we implemented machine learning to transform transactional data into clear, easily digestible descriptions. This step not only streamlines data processing but also enriches insights available to our users, enabling better decision making and more personalized financial management.
  • RPA – To continue to create operational efficiencies and strategically reallocate human resources to higher-value tasks, we have deployed robotic process automation (RPA) to our business processes across multiple departments. As a result, RPA not only optimizes our workflows but also enhances our capacity to innovate and drive forward key initiatives.
  • AI & LLM – We have launched partnerships within the bank to establish the usage of generative AI and large language models (LLM). This approach aims to enhance client experience, improve operational efficiency, and foster innovation, positioning us at the forefront of technology-driven banking solutions and experiences.
  • Banking Tech Awards: Grasshopper has been shortlisted for this year’s Banking Tech Awards USA, courtesy of Fintech Futures. Our Banking-as-a-Service (BaaS) platform has been named as a finalist for the “Best Use of Tech in Business Banking” category.

Partnership Updates

  • Greenlite – In February, we announced our partnership with Greenlite, the leading generative AI platform for compliance teams, to leverage Greenlite’s AI-enhanced due diligence suite to bolster our risk decisioning proficiency for small and medium-sized business (SMB) and startup clients.
  • Pocketbook – In March, we announced our partnership with Pocketbook, a white-label embedded financial solution that provides payments, banking and modern business tools to small-and medium-sized businesses (SMBs).

Business Banking Enhancements

  • Recipients Tab – A new “Recipients” tab has been added within the Settings page, allowing users to manage their Bill Pay recipients directly in online banking.
  • Manage Users – Admin users can now set daily transfer limits per user for external ACH and Wire transfers in online and mobile banking. If user-specific limits are not set, the default company limits will be used.
  • Duplicate Payments – A new warning prompt has been added to alert users of a potential duplicate payment when setting up a transfer via Bill Pay on mobile banking.

As we conclude this quarter’s update, we remain inspired by the progress we’ve achieved and the opportunities that lie ahead. Our commitment to driving innovation and improving efficiency continues to shape the way we operate and serve our clients. Stay tuned for more updates as we strive to not only meet but exceed our goals in the coming quarters!

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