Valley National Bank is launching a new technology and innovation hub designed to accelerate the adoption of emerging technologies and deepen its connection with startups, fintechs, venture capital firms, and technology providers.
The new venture, called Valley Foundry, will serve as the bank’s main execution engine for startups and internal innovation, looking to identify, test, and advance emerging technologies. It will seek to do this through internal and external partnerships, pairing external partners with dedicated Valley business and technology teams.
“Valley has long operated as a technology-forward bank, investing in differentiated capabilities and fostering a deep ecosystem in this space to better serve our clients,” Russ Barrett, chief operating officer of Valley Bank, said. “Technology is changing at an extraordinary rate, and Valley is focused on staying on the front foot by actively engaging with the ideas, companies, and technologies driving that change. Valley Foundry gives us a more direct path to the people, businesses, and technologies shaping the future of financial services, while preserving the trust and risk management discipline our clients expect.”
The Valley Foundry will be led by industry veteran Michael Rappaport. Rappaport will oversee its intake and governance process, evaluate emerging technologies and partnership opportunities, and build a portfolio of initiatives aligned with Valley’s strategic priorities. The initial focus will include artificial intelligence, cybersecurity, data and analytics, process improvement, and operational efficiency.
Before joining Valley, Rappaport led Capco’s Banking & Payments practice for the New York metropolitan area. He also held innovation and emerging technology roles at HSBC, where he helped shape its early quantum computing strategy, and advance the exploration of other next-generation technologies.
“The difference between an idea and innovation is execution,” Rappaport said. “Valley Foundry is designed to create a highway between Valley and the startup, fintech, and venture communities. We want founders and technology companies to know there is a team at Valley that can help them navigate the bank, identify the right business opportunity, test their technology and, when appropriate, evaluate opportunities for potential implementation. At the same time, we are giving our own teams a faster way to engage with the technologies that will shape the next generation of financial services.”
Valley Bank is a subsidiary of Valley National Bancorp (NASDAQ: VLY), a New Jersey-based bank with 220 branch locations and commercial offices in New Jersey, New York, Florida, Alabama, California, Illinois, Pennsylvania and Arizona. Valley has more than $66 billion in assets, delivering a full range of consumer, commercial, and wealth management solutions.