Jared Wolff: No, the new clients. We on boarded one or two new clients so far this quarter, which is great. And we wanted to do it in what I call it a soft test environment. You don’t want to put on massive volume. You want to put on the volume that you can monitor and if something happens, you can — it breaks, you can fix it without it disrupting. So it’s moving the way we thought and our team is doing a great job. We’re excited to share and really to open up the floodgates as it were to get this thing moving at a faster speed. We’re just not ready to do that yet until we’ve pressure tested in and make sure that we can fulfill our compliance obligations.
Gary Tenner: All right. That’s helpful. Thank you.
Lynn Hopkins: Thanks, Gary. I was able to pull that one piece of detail for the benefit of everybody. So our brokered CDs have a tenure of about nine months and our rates are — weighted average rate is about 3.85%.
Gary Tenner: Thank you, Lynn.
Operator: Thank you. And our next question today comes from David Feaster with Raymond James. Please go ahead.
David Feaster: Hey, good morning.
Jared Wolff: Good morning.
David Feaster: So you guys have been — just kind of following up on the DeepStack stuff, you’ve been pretty active in the tech and the payments side with the Finexio investment and DeepStack now and you’ve been pretty forward looking from that standpoint. I guess at a high level, as you step back and think about it, are there any other innovative aspects in banking that you’re interested in expanding into, any other pieces that may be additive to these businesses that you have now? And just kind of how do you think about that? Or do you have all the pieces now that you need and it’s really just execution and growth from what you have?
Jared Wolff: Well, I think we have all the pieces and certainly all the people. We just added a new head of payments risk who’s got a deep background in payments and she joined us yesterday and she’s going to provide a big lift to the team. There aren’t a lot of people in the industry that have been in payments that long and also have been at banks. And so we’re thrilled to have her here. Continuing to add really, really high quality talent. I would say, David, that from a vision standpoint, we have the people, we have the technology, but we see, as I mentioned in my comments, being able to build out a complete ecosystem for payments. And so we’re pursuing in parallel paths both what we have on the DeepStack side as well as what we think we can do on the issuing side.
And our Chief Operating Officer, John Sotoodeh has both of these pass underneath him and he’s kind of pursuing them directly and in parallel. And there — so we’re rolling out solutions for clients that we think will provide complete solution. So we can also be the issuer as well as the merchant processor. And what JP Morgan created many years ago was a closed loop system where they were on both sides of the transaction and that’s obviously very attractive if you have the systems to get there. So we are forward looking. I think we’re thinking about it potentially differently than others and we’re putting the pieces together that will allow us to capture as much as possible, but it’s early. So I’m just — I’m excited to share the vision, but we obviously have to execute and demonstrate each of these pieces before we get too excited about the endgame.
David Feaster: And still kind of thinking about it kind of breakeven this year more contribution in 2024?
Jared Wolff: Yes. And if we’re able to outperform that, that would be great. But I think that’s right with a look at it.
