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Rain Files Application With the OCC to Establish Rain National Trust Bank

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Proposed national trust bank will bring custody, stablecoin reserve management, and stablecoin issuance and redemption for the payments ecosystem under federal supervision

Former Square Financial Services CFO Brandon Soto named proposed President and CEO

Key facts

Rain has filed an application with the Office of the Comptroller of the Currency (OCC) to establish Rain National Trust Bank (RNTB), a proposed national trust bank headquartered in New York.If approved, Rain National Trust Bank will provide fiduciary custody of digital assets and US dollars, reserve management for permitted stablecoin issuers, and issuance and redemption of US dollar-backed stablecoins for institutional clients.Rain National Trust Bank will not accept deposits, offer consumer accounts, or make commercial loans. Brandon Soto, former Chief Financial Officer of Square Financial Services and most recently Chief Financial Officer of Coastal Financial Corporation, will serve as the proposed President and CEO of Rain National Trust Bank.

NEW YORK, Oct. 5, 2026 /PRNewswire/ — Rain, the enterprise-grade infrastructure for stablecoin payments, announced today that it has filed an application with the Office of the Comptroller of the Currency (OCC) to establish Rain National Trust Bank (RNTB), a proposed national trust bank headquartered in New York. If approved, RNTB will bring the custody, reserve management, and stablecoin issuance and redemption functions behind Rain partners’ programs under a single federal supervisory framework. Rain also announced that Brandon Soto will serve as RNTB’s proposed President and Chief Executive Officer.

Rain’s partners run stablecoin card, wallet, and money movement programs for millions of end users. Today the assets behind those programs sit across state licenses, third-party custodians, and third-party stablecoin issuers. A national trust bank will allow Rain to expand its offerings to include fiduciary custody of assets under OCC supervision and examination, and to issue and redeem stablecoins.

“The institutions building on Rain want the assets behind their programs held by a fiduciary that answers to a federal regulator,” said Farooq Malik, CEO and co-founder of Rain. “Rain National Trust Bank is how we plan to meet that expectation. Rain remains a payments platform. The proposed trust bank will be a separate subsidiary that holds client assets in custody, as a fiduciary and subject to OCC examination.”

What Rain National Trust Bank will do

If approved, RNTB will serve institutional clients in the digital asset payment ecosystem through three lines of business:

Custody: Safeguard approved digital and fiat assets as a fiduciary, with client assets segregated from the proposed bank’s own assets.Reserve management: Hold and administer reserves for permitted stablecoin issuers under the GENIUS Act.Issuance and redemption: Issue US dollar-backed stablecoins as issuer of record in accordance with the GENIUS Act.

What Rain National Trust Bank will not do

If approved, as an uninsured national trust bank, RNTB will not accept deposits and will not make commercial loans. Assets held by RNTB for clients will be custody assets held for identified owners, not liabilities of the bank, and the reserves backing any stablecoin RNTB issues will not be pledged, lent, or reused. RNTB will not offer consumer accounts. Rain is not a bank and will remain a stablecoin payments platform and a Visa and Mastercard Principal Member through its other subsidiaries; RNTB will be a separately capitalized subsidiary supervised and examined by the OCC.

Leadership

Brandon Soto will serve as proposed President and Chief Executive Officer of RNTB, subject to OCC review. Soto was most recently Executive Vice President and Chief Financial Officer of Coastal Financial Corporation. Before that he was Chief Financial Officer of Square Financial Services, Inc., Block’s Utah-chartered industrial bank, where he helped prepare the charter application approved by the FDIC and the Utah Department of Financial Institutions and led finance, treasury, and capital management. Earlier he served as Chief Financial Officer and Chief Administrative Officer of Green Dot Bank.

“A trust bank’s first job is simple. Know what you hold, know who you hold it for, and keep it safe,” said Soto. “I have sat across from bank examiners for twenty years, and the best answer you can give is, ‘Here’s the reconciliation.’ That is the discipline we are building into the proposed national trust bank from day one. Clear ownership, daily reconciliation, strong controls, and the right level of capital.”

What happens next

The application is subject to OCC review and approval, including a public comment period. The public portion of the application will be available on the OCC’s website at occ.gov. Rain leadership and RNTB’s organizers recognize the responsibility that comes with seeking a national trust bank charter and will work diligently with the OCC throughout the process.

Rain worked with Paul Hastings in preparing the application.

Frequently Asked Questions

Question: What is Rain National Trust Bank?
Answer: Rain National Trust Bank (RNTB) is a proposed national trust bank. Rain has filed an application with the Office of the Comptroller of the Currency (OCC) to establish it. If approved, RNTB will be a separately capitalized subsidiary of Rain, headquartered in New York, supervised and examined by the OCC, and limited to the operations of an uninsured trust bank, including: fiduciary custody of digital assets and US dollars, reserve management for permitted stablecoin issuers, and issuance and redemption of US dollar-backed stablecoins for institutional clients. RNTB has not yet been approved and will only begin operations after receiving all required OCC approvals.

Question: Is Rain becoming a bank?
Answer: Rain is applying to establish a separate, limited-purpose trust bank subsidiary. Rain itself remains a stablecoin payments platform and a Visa and Mastercard Principal Member, and that does not change. Rain National Trust Bank will be a separately capitalized subsidiary of Rain with a limited purpose: holding client assets as a fiduciary, managing stablecoin reserves, and issuing and redeeming stablecoins, all under OCC supervision. Rain National Trust Bank will be an uninsured trust bank and will not accept deposits and will not make commercial loans.

Question: Will Rain National Trust Bank be FDIC insured?
Answer: No. Rain National Trust Bank will not accept deposits and will not be FDIC insured. Assets held by Rain National Trust Bank for clients will be custody assets held for identified owners, segregated from RNTB’s own assets, not liabilities of RNTB.

Question: What will Rain National Trust Bank do?
Answer: If approved, Rain National Trust Bank will operate three lines of business for institutional clients. Custody: safekeeping of approved digital and fiat assets as a fiduciary. Reserve management: custody and administration of reserves for permitted stablecoin issuers under the GENIUS Act. Issuance and redemption: issuing US dollar-backed stablecoins as issuer of record.

Question: Who is the proposed President and CEO of Rain National Trust Bank?
Answer: Brandon Soto is the proposed President and Chief Executive Officer of Rain National Trust Bank. He was most recently Executive Vice President and Chief Financial Officer of Coastal Financial Corporation, and previously Chief Financial Officer of Square Financial Services, Inc., Block’s Utah-chartered industrial bank, where he helped prepare the bank’s charter application and led finance, treasury, and capital management. He earlier served as Chief Financial Officer and Chief Administrative Officer of Green Dot Bank. He is a CPA.

Question: Does this change Rain’s card programs or partnerships?
Answer: No. Rain’s card, wallet, and money movement programs continue as they operate today, and Rain continues to work with its existing partners. Rain National Trust Bank is a multi-year initiative that, if approved, will add a federally supervised option for custody, reserve management, and stablecoin issuance and redemption alongside the infrastructure Rain and its partners use today.

Question: When will the OCC decide on Rain National Trust Bank?
Answer: The OCC’s review follows its own process and timeline, which includes a public comment period. The public portion of the application will be available on the OCC’s website over the coming days, and Rain National Trust Bank can begin operations only after receiving all required approvals.

About Rain

Rain is the global stablecoin payments platform for enterprises, neobanks, platforms, developers, and AI agents. Our technology allows partners to move, store, and use stablecoins instantly and compliantly through global payment cards, rewards, on/offramps, stablecoin and fiat wallets, and cross-border rails. As both a Visa and Mastercard Principal Member, Rain issues cards that work at more than 175 million merchant locations in over 200 countries and territories. Built natively for stablecoins and trusted by more than 100 organizations worldwide, Rain delivers secure, scalable infrastructure that makes money move freely and instantly around the world. Learn more at https://www.rain.xyz/.

Media Contact:
press@rain.xyz 

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Freshworks Set to Join S&P SmallCap 600

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NEW YORK, Oct. 5, 2026 /PRNewswire/ — Freshworks Inc. (NASD: FRSH) will replace BioLife Solutions Inc. (NASD:BLFS) in the S&P SmallCap 600 effective prior to the open of trading on Thursday, October 8. S&P MidCap 400 constituent Repligen Corp. (NASD:RGEN) is acquiring BioLife Solutions in a deal expected to be completed soon, pending final closing conditions.

Following is a summary of the change that will take place prior to the open of trading on the effective date:

Effective Date 

Index Name

Company Name 

Ticker 

GICS Sector 

October 8, 2026

S&P SmallCap 600

Addition 

Freshworks

FRSH 

Information Technology 

October 8, 2026

S&P SmallCap 600 

Deletion 

BioLife Solutions

BLFS

Health Care

ABOUT S&P DOW JONES INDICES

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spglobal.com/spdji/en/. 

FOR MORE INFORMATION:

S&P Dow Jones Indices
index_services@spglobal.com

Media Inquiries
spdji.comms@spglobal.com

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University of Phoenix Debuts New Locked-In Pricing Guarantee, Building on Nearly a Decade of Price Certainty and Transparency

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New students will know their full per-course cost before they enroll and keep it through program completion; current enrolled students’ tuition remains locked under the University’s long-standing Tuition Guarantee 

PHOENIX, Oct. 5, 2026 /PRNewswire/ — University of Phoenix today announced its Locked-In Pricing Guarantee, which gives new students one price per course, covering both tuition and the resource fee, locked from enrollment through completion in their enrolled program. The guarantee builds on the Tuition Guarantee the University introduced in 2018, which has locked tuition for enrolled students for nearly a decade.

The guarantee takes effect with the University’s updated pricing on Nov. 2, 2026. For new students, tuition will increase 7% and the resource fee will increase $10 per course, presented as a single all-in, locked-in price per course. For current students’ their tuition in their enrolled program remains unchanged under the Tuition Guarantee; and their resource fee will increase $10 per course, its first increase in nearly a decade. [Active-duty military graduate tuition rates will update Jan. 4, 2027.]

The price update responds to rising operating costs and expands students’ access to learning technologies, including Microsoft® Copilot® through each student’s Microsoft 365® account.

“Price transparency should be the norm in higher education. At University of Phoenix, it has been our practice for nearly a decade,” said Chris Lynne, president, University of Phoenix. “When we update pricing, we do it the way we always have— in plain terms, published in advance and with a price students can count on. The Locked-In Pricing Guarantee takes that commitment further. New students will see one all-in price before they enroll, and it’s the price they keep through program completion. Working adults value knowing the full cost, up front, so they can plan for it, without surprises, and finish what they started while living their busy, full lives.”

One price, known up front, kept through graduation
Under the Locked-In Pricing Guarantee, before enrolling, new students will see one all-in per-course price for tuition and resource fees for their enrolled program. That price includes tuition and the resource fee, which covers course electronic textbooks and materials, support resources, and AI tools, so students aren’t left to add up separate charges to understand what a course will cost. It’s one price, all-in and locked. The price stays the same from their first course through the completion date of their enrolled program, giving students a fixed number to plan around for the length of their degree.

Current and upcoming tuition and fees are published in the University’s Academic Catalog, in each student’s web account and at phoenix.edu.

Students are asking for certainty and transparency
The University’s approach aligns with what students and families say they want. In The Price Transparency Imperative, an April 2026 report from Strada Education Foundation based on a nationally representative survey of more than 5,000 people, the top-ranked affordability solutions were cost transparency (68%) and a price guarantee (65%), and 62% also prioritized a single, all-in price. Among prospective adult learners, cost and affordability were the most-cited factors in choosing where to enroll.

Preparing students for work in the age of AI
The resource fee includes course electronic textbooks and materials, Microsoft 365®, access to Microsoft® Copilot® and AI learning resources, the University Library, virtual tutoring, the Centers for Math and Writing Excellence and virtual science labs. Students also receive guidance on responsible AI use through the University’s Center for AI Resources. The University recently published a white paper about its approach to AI implementation, detailing the AI pillars framework and resources for students.

“Employers increasingly expect people to use AI well, and our students are building that capability while they learn,” said John Woods, Ph.D., provost and chief academic officer of University of Phoenix. “Putting these tools in courses helps students study more efficiently and practice the skills they’re already being asked to use at work.”

Ways to lower the cost of a degree
A locked price tells students what each course will cost. The University also helps students potentially reduce how many courses they need to take. Over the past eight years, University of Phoenix has applied more than 7 million transfer credits, helping students save an estimated $3 billion in tuition and fees by avoiding repeated coursework.

Other ways eligible students can reduce the time and cost of a degree include:

Credit for prior learning (CPL). Students may earn credit for relevant learning and experience through Prior Learning Assessment, national testing programs and military service. In fiscal year 2024–2025, students whose degree programs included CPL saved an average of $5,408 in tuition.Alternative credit providers. Eligible students can complete coursework through an alternative credit provider such as Study.com or StraighterLine that may count toward degree requirements.Scholarships. The Transfer Student Scholarship provides up to $3,000, applied over 20 courses, for qualified new bachelor’s degree students who transfer 12 to 60 credits and maintain eligibility requirements. The University’s Scholarships and Savings Guide helps students find additional opportunities.Employer tuition benefits. Upgrade skills and pursue a degree with the support of one’s employer through the University’s flexible education options for employees and members of 2,300+ organizations in healthcare, information technology, retail, financial services and many other industries.Savings Explorer®. Prospective students can use this tool to explore options based on their experience and see what students with similar backgrounds have saved.

Full tuition and fee information and program completion deadlines are available in the University’s Academic Catalog and at phoenix.edu.

About University of Phoenix
University of Phoenix is Built for Real Life. 50 Years Strong. The University innovates to help working adults enhance their careers and develop skills in a rapidly changing world through flexible online learning, relevant courses, academic AI pillars, and skills-mapped curriculum for associate, bachelor’s and master’s degree programs. Active students and alumni have access to Career Services for Life® resources including career guidance and tools. For more information, visit phoenix.edu.

Microsoft, Copilot, and Microsoft 365 are registered trademarks of Microsoft Corporation in the U.S. and/or other countries.

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Glimmer Launches Creator+ offering turnkey Managed Services for Global and Regional Creator/Influencer Campaigns on its Enterprise Platform

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As more traditional advertising dollars move to creators, Fortune 5000 brands can now benefit from the turnkey ability to offload campaign sourcing, managing and back-office payments for their global creator campaigns.

NEW YORK, Oct. 5, 2026 /PRNewswire/ — Glimmer®, the enterprise global content production and creator platform, announced today at ADVERTISING WEEK NY, the launch of Creator+, a managed service for creator campaigns, run by experienced producers, with every dollar and contract tracked and governed in one place. Glimmer has quickly become the global platform that sources, contracts, manages and pays creators worldwide on behalf of Fortune 5000 companies and global news organizations who rely on Glimmer’s infrastructure for global content production, real-time budget visibility and AI-powered content spend insights.

Glimmer has quickly become the global platform that sources, contracts, manages and pays creators worldwide.

The announcement comes as creator and influencer budgets are surging. Goldman Sachs projects the creator economy will grow from $250 billion to $480 billion by 2027.

“The hard part isn’t finding the creators. For large brands, it’s onboarding, contracting, paying, and tracking thousands of creators in every region with different contracts, rates and deliverables,” said Alex Ragir, Founder and Co-CEO of Glimmer. “Creator+ gives them the control and financial visibility they need, while they get access to expert local teams that adapt to their internal workflow.”

In private beta the past two years, Creator+ has been used by Fortune 500 companies, from technology to advertising to finance, for global creator campaigns in dozens of countries including one where over 3,000 creators were onboarded, contracted and paid within six weeks.

“Lots of influencer platforms have gotten good at finding creators and measuring results,” said Alan Schulman, Advisory Board member and former Chief Creative Officer of Deloitte Digital. “What most Fortune 500 brand CMOs and CFOs lack is a way to outsource how their creator and influencer budgets get managed and disbursed without having to maintain large internal staff. Glimmer’s Creator+ solves that problem for both heads of influencers and the marketing procurement departments.”

What brands get

One system of record for creator spend. Glimmer handles creator onboarding, e-contracts, secure messaging and global payouts in 190 countries, including 1099-K tax reporting. Budgets are set by the business unit and enforced automatically, and spend data can sync directly into the brand’s ERP, including Oracle and NetSuite, and existing content stack.

Budget intelligence. Real-time visibility into every content dollar, spend forecasting and AI-powered budget insights give procurement, finance and creative teams the same view of what is being spent, from where and with whom.

Producers who run the campaign. Creator+ draws on Glimmer Select, Glimmer’s network of 326 executive producers vetted through more than a decade of work for clients including CNN, Bloomberg, Starbucks and Warner Bros. Discovery. They handle strategy, creator sourcing and list curation, negotiation, onboarding, workflow management, brand-safety checks and monitoring.

Creator and production work in one place. Creator campaigns are tracked in the same system brands use for their video and photo production, which draws on more than 50,000 vetted production teams worldwide. Marketing and finance get one view of content spend across departments, regions and creators.

Works with existing teams and tools. Creator+ works with a brand’s in-house influencer or marketing team and can integrate current technology or creative resources/partners, rather than replacing them.

Availability

Creator+, see the overview here, is available now to enterprise brands and to agencies running creator programs on behalf of their clients. To request pricing or scope a campaign, contact Sam Nada at sam(at)glimmer.io 

About Glimmer

Glimmer is the enterprise content production & creator platform behind CNN, Bloomberg, Morgan Stanley, Hearst, Warner Bros. Discovery, Starbucks and more. It connects Fortune 5000 companies with more than 50,000+ vetted creators, production companies and creator agencies, with the financial controls to manage that spend. Learn more at glimmer.io.

Press: press(at)glimmer.io

General: contact(at)glimmer.io

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SOURCE Glimmer

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