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Corgi seeks to launch banking services via an API
The API documentation describes core banking functions including checking and savings, debit cards and ATMs, and payments rails like ACH, wires, and instant payments.
Insurance outlet Coverager reports that insurance startup Corgi appears to be building a banking offering, based on information it obtained.
The outlet points to a public documentation site that describes a Corgi Bank API, covering checking and savings accounts, debit cards and ATMs, ACH, wires and instant payments, business loans, and mortgages.
Coverager also notes that the documentation includes materials typically used by chartered banks, such as a Federal Reserve master account, regulatory Call Reports, and FDIC deposit insurance calculations, while an API endpoint listed as api.bank.corgi.com is not live yet.
Coverager adds that getting a bank charter from scratch can be difficult, and cites examples including SoFi, which pursued a charter for years before buying a community bank, and Chime, which announced a $590 million cash deal to acquire its longtime banking partner, Stride Bank.