T8 Webware, which provides custom-branded mobile applications, websites and payment card services, has changed its name to Banno.
The new name "better reflects the company's broadened focus on the digital channel and positions it to introduce a suite of solutions that will focus on leveraging behavior-driven banking," Banno said in a news release Tuesday.
The company introduced Grip, a white-label financial aggregation mobile app, at FinovateFall 2011. Additional products, currently in beta testing, will be introduced during the next six months, Banno said.
The name Banno comes from the company's chief executive Wade Arnold and his wife attempting to track expenses during the economic downturn in 2008. During a conversation about their finances, Arnold's son suggested that he ask Banno, his son's imaginary friend.
"Everyone has a Banno moment when they wish they had a clear understanding of their entire financial picture," Arnold said in a news release. "As a company, we assembled a team that was passionate about solving this problem."