Atmos Financial has announced its partnership with Five Star Bank in order to launch a sustainable BaaS model for its customers and clients. Following this announcement, Atmos Financial is expected to continue its strategy of optimising and accelerating the process of decarbonising the banking sector, as well as advance the rapid transaction to a clean economy through this collaboration with Five Star Bank.

In addition, both financial institutions will focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry. More information on the announcement Atmos Financial announced its direct partnership with Five Star Bank in 2023 when the deal aimed to provide multiple banking solutions to clients, as its sponsor bank.  Sponsor banks represent chartered banking institutions that were developed in order to work in close collaboration with companies to design and deliver proprietary banking products. This process takes place with prudent oversight and controls, aimed at ensuring the integrity of risk and compliance outcomes for users.

The new partnership is set to provide Atmos Financial account holders with the possibility to access an optimised range of services and products, as well as to play an active role in the process of supporting a clean economy and combating climate change. At the same time, Atmos Financial is set to migrate the deposit banking solutions to Five Star Bank in order to build a stable, climate-forward banking model that is expected to last generations. Through its direct and secure Banking-as-a-Service (BaaS) model, Five Star Bank owns client-ledgering, money transmission, as well as other core banking solutions.

In addition, Five Star Bank will also provide Atmos clients access to FDIC insurance. .