Over the last week, we’ve been working hard to ensure Ramp customers retain stable spend limits and minimize business disruption. Many of them are now grappling with transferring their entire banking operations to new platforms while simultaneously maintaining cash flow. Today, we're announcing that we have expanded our solutions to give customers more control over their finances. With Ramp, businesses can find trusted banking providers with our priority referral program and have the freedom to connect multiple bank accounts to one centralized spend management platform to reduce their risk.
"We pay our customers government fees by check, and the bank collapse put all those payments in limbo. Ramp was able to increase our limit in 24 hours and connect our new bank account quickly, so our families can continue on their immigration journey."- Xiao Wang, CEO & Co-Founder, Boundless Immigration
Businesses deserve a banking provider they can rely on
Right now, businesses everywhere are looking for better ways to safeguard and manage their assets. Events from this past week have shined a huge spotlight on the importance of financial diversification and risk management.
Our data shows Ramp customers are changing their banking habits. Many are moving to new banks, with 3-8% asset increases in banks like Bank of America and Wells Fargo. Smaller businesses are more likely to connect with digital and regional banks, while larger businesses are veering toward enterprise banking partners.
In the near term, the stability of businesses may depend on their ability to:
- Find stable banking providers who have a long track record of putting customers first and delivering high-quality reliable services.
- Diversify assets across providers to reduce single points of failure.
- Keep financial operations streamlined even as businesses diversify where they store their funds.
Legacy corporate card and expense management software providers can’t help companies who need to perform crucial tasks such as instantly setting up employees with new cards or integrating bank accounts, owing to bulky systems and a lack of personalized customer support.
Business owners and finance teams deserve better peace of mind. They deserve financial solutions that ensure stability and drive real savings.
Ramp is here to bolster your financial stability
Ramp is not a bank, but from day one, we’ve provided our customers with innovative solutions to help finance teams operate at their very best. Customers have the freedom of choice to connect multiple bank accounts to one centralized spend management platform, thereby supporting diversification and decreasing risk.
"This recent situation with the banks put us in a terrible position. All our financial services, including cards, were locked into one provider. Now with Ramp we're able to connect multiple banking partners, and see a consolidated view of our spend in one platform.”-Sara Mauskopf, CEO & Co-Founder, Winnie
We are offering expanded solutions to help businesses swiftly secure their finances:
- Get introductions to reputable banks. We work with some of the most reliable banking partners in the industry who have dedicated resources to support Ramp customers with account openings. In the first 48 hours we’ve already helped hundreds of customers with over $1B in deposits connect to new banking solutions.
- Diversify your holdings and easily connect multiple bank accounts to one centralized spend management platform. Ramp offers connections to the top 100 banks (and thousands of others), ensuring higher credit limits for your business, up to 20x higher than traditional options. On average, Ramp customers maintain two to four banking accounts at any given time.
- Centralize spend and manage business payments seamlessly across card, checks, ACH, and international wires.
- Spend smarter using our card anchored by finance automation software. Save with card controls, flexible capital, and real-time insights designed for your bottom line.
A smarter way to manage your finances
Let’s get you back to running your business as quickly and efficiently as possible. We are committed to ensuring the safety and stability of assets for both new and existing customers. If you need a new card provider, sign up for Ramp today.
Ben leads Financial Partnerships at Ramp. He previously led B2B Fintech and Partnerships in North America for Visa and spent a decade at American Express focused on commercial payments in various global roles.
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