Byline Bank announced on May 12, 2025, the expansion of its Payments and Fintech Banking division, including several key new hires and leadership appointments. This expansion signifies a substantial investment in embedded finance and modern digital payment solutions, aiming to enhance services for commercial clients.
The division is now led by industry veterans David Prochnow and Joe Wolsfeld, who previously managed a portfolio of over 100 fintech clients representing $2 billion in deposits at Fifth Third Bank’s Newline embedded payments division. Their expertise is crucial for building a sponsorship banking and embedded payments model focused on direct oversight, regulatory compliance, and faster access to payment networks.
The expanded group will offer third-party payment processing for treasury payment flows, issuing and deposit sponsorship banking for virtual card and account programs, and network sponsorship banking for independent sales organizations and payment processors. This strategic move is designed to streamline execution and provide enhanced services to fintech clients directly, without relying on outside intermediaries.
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