Finxact, an innovator in Core-as-a-Service banking technology, today announced it has appointed industry veteran, Jim Joyce, as Chief Technology Officer.
Joyce, who joins the Company with nearly 30 years of experience in the banking and financial technology industries, will spearhead Finxact's participation in the Open API Initiative (OAI) as well as its developers' program. Finxact is also announcing today that it has become a contributing member to the Open API Initiative as Finxact collaborates with the banking industry on an Open Banking API.
"Finxact's belief in providing open solutions that give banks more freedom to meet customer needs and capitalize on new technology made this opportunity appealing," said Joyce. "I am thrilled to lead a team - and a larger community - that aims to bring a modern approach to an industry that has lacked innovation and the rapid pace of innovation enjoyed by so many other industries."
Most recently, Joyce held the position of Chief Technology Officer at Zenbanx, which in the first quarter of 2017 was acquired by SoFi. Joyce also served as SVP, R&D and VP, Architecture Usability and Tools at Fidelity National Information Services (FIS). Joyce joined FIS with the company's acquisition of Sanchez Computer Associates in 2004. Joyce's experience at Zenbanx, and involvement in building core systems at FIS and Sanchez, has given him the skills to help Finxact develop an enterprise-class, highly scalable core banking system that utilizes the most modern technologies available.
"I'm delighted to welcome Jim to our team as we look to transform core banking once again - now for the always-on digital world," said Frank Sanchez, Finxact CEO and founder. "He's the ideal choice to drive the growth of our product and our developer community through our work with the Open API Initiative. We are confident that his commitment to delivering innovative and open technology for our customers and partners will take our organization to the next level."
"The OAI and its growing board of members is excited to welcome Finxact to the workgroup. Finxact will be the first core banking provider to officially embrace our workgroup's mission of openness, transparency and interoperability," said Ole Lensmar, chairman of the OAI. "Finxact and its partners are making groundbreaking contributions that will enable banks and FinTech companies to interoperate freely and transparently using the Open API Specification (OAS) as the enabler for their interactions."
Finxact is building upon the OpenAPI Specification - OAS (f.k.a. the Swagger Specification) to develop an open banking API with its community. Finxact's core is "headless" meaning it is a Virtual Core Banking System, built natively in the public cloud. As a virtual core, third party services and banks' existing systems plug into Finxact's core processing rules engine and system of record through Finxact's Open Banking API. By being open to new innovations, instead of being yet another closed core banking system, the Finxact Core will help banks and third parties protect their investment in technology and be able to more quickly adapt to changing customer demands and industry regulations.
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