US-based Reseda Group has launched Bolt, a BaaS platform, with TAPP Engine as its first fintech partner and MSUFCU as institution of record.
Bolt gives financial institutions and fintech companies access to banking infrastructure through APIs and software development kits (SDKs), with MSUFCU acting as the Financial Institution of Record (FIoR).
In addition, the service provides a suite of APIs, SDKs, and software tools that support account opening, payments and money movement, debit card issuance, external account connectivity, and Embedded Finance functions. Developers can also use webhooks and other development tools to integrate the services. Onboarding, account management, payments, debit card services, and digital banking functionality are available through a single platform. According to the company, the platform lets users adjust their offerings without redesigning their systems as well.
Reseda Group developed the platform using MSUFCU's experience of building and deploying fintech solutions. Ben Maxim, Chief Operating Officer at Reseda Group and Chief Technology Officer at MSUFCU, said Bolt was built to remove the barriers that slow product launches through the process of connecting fintech firms directly with financial institutions, so new services can reach consumers sooner.
Compliance and risk model
Within a governed framework, the platform works with selected vendor partners to carry out KYC and KYB checks before accounts are opened. Once accounts are live, MSUFCU handles ongoing account monitoring, compliance oversight, and the identification of unusual account activity.
For fintech companies, this means they can offer banking products without becoming licensed financial institutions and without managing the regulatory and operational requirements that come with a licence. For financial institutions, Reseda Group presents Bolt as a way to expand fintech partnerships, extend digital banking capabilities, introduce new deposit products, and support embedded finance.
TAPP Engine as first client
TAPP Engine is using Bolt to connect its cash management tools directly to the financial institutions that hold its clients' deposits, with MSUFCU as the FIoR. The integration allows TAPP Engine to provide a white-labelled private banking experience. Each TAPP client can offer branded cash management while the deposits stay with credit unions.
Will Dolan, President of TAPP Engine, said that holding deposits with credit unions allows the company to combine a premium user experience with the community focus associated with those institutions.
The launch brings a credit union-owned entity into the BaaS market. Bolt combines two roles within the same credit union group: Reseda Group provides the technology layer, and MSUFCU acts as the regulated institution of record responsible for account oversight. Under this structure, fintech partners handle their customer-facing products, while compliance monitoring stays with the credit union.
According to Reseda Group, Bolt forms part of its broader aim of strengthening connections between people and their financial institutions. The company also sees the platform as a way to expand access to financial services through collaboration between credit unions and technology companies.
