Sterling National Bank Collaborates with Google Pay to Expand Digital Banking Capabilities

PEARL RIVER, N.Y., Feb. 24, 2021 (GLOBE NEWSWIRE) -- Sterling National Bank, the wholly-owned operating bank subsidiary of Sterling Bancorp (NYSE: STL) today announced that it is working with Google to offer digital checking and savings accounts through the Google Pay platform. As part of Sterling’s Banking as a Service (BaaS) program, this collaboration with Google Pay marks the latest in a series of strategic partnerships and digital technology investments that will drive growth through access to new segments, contemporary value propositions and a highly efficient delivery model.

Customers will be able to leverage a fully digital experience to seamlessly open bank accounts at Sterling via the Google Pay app. Google’s smart platform will help to empower clients’ financial decision-making with personalized insights and a simplified user experience.

“Over the last few years Sterling has executed on a series of transformational technology initiatives that have positioned us to both expand and innovate for our clients. Our work with Google represents an important expansion to our portfolio of partnerships with leading technology companies that will enable us to accelerate our growth and enhance our digital solutions,” said Matthew Smith, Executive Managing Director; Direct Banking and Banking as a Service. “This collaboration expands our organization-wide digital transformation, enables us to continue to offer superior client experiences, and reinforces our commitment to delivering innovative solutions to the marketplace.”

Key features and benefits for users of this service will include:

• Full function FDIC insured deposit accounts
• Frictionless account opening
• No monthly account fees or minimum balance requirements
• Real-time balance, transaction, and purchase alerts
• Leverage Google Pay’s seamless P2P capabilities for one-time, recurring and group payments
  

“We are thrilled to offer our clients a seamless account opening and digital banking experience that will significantly enhance their personal finance journeys,” said Luis Massiani, Sterling National Bank President. “These accounts will provide an exceptional, mobile-first experience that will enable us to expand our reach to a new generation of clients, while enhancing and deepening our existing relationships. This is a truly exciting time for our company, as we continue to transform through innovation in technology and strategic partnerships.”

“People are increasingly looking for ways to simply and securely manage their money,” said Felix Lin, Vice President of Payments Ecosystems at Google. “We're excited to work with Sterling National Bank to introduce a smarter way to bank, manage their finances and stay on top of their spending all from within Google Pay.”

About Sterling National Bank

Sterling National Bank specializes in the delivery of financial services and solutions for small to mid-size businesses and consumers within the communities we serve through a distinctive team-based delivery approach utilizing highly experienced, fully dedicated relationship managers. Sterling National Bank offers a complete line of commercial, business, and consumer banking products and services. For more information, visit www.snb.com.