Finxact, an innovator in Core-as-a-Service banking technology, today announced the availability of its Open Core API, which is available through its sandbox.
The Finxact Open Core API is transparent and granular, enabling banks to have full access to their customer data. Finxact is the first core banking provider to join the Open API Initiative in a move to significantly reduce the complexity and time it takes for banks and partners to integrate into a modern core banking system.
Finxact is leveraging its team's 30+ year history of developing, implementing and delivering core banking systems worldwide to develop the most transparent and granular core banking API available today. The Company's unique approach is democratizing data for its customers, allowing them access to the most granular information, not available through any other core system on the market.
"We are seeing increased interest from digital-only 'parallel banks,' large established banks, and vendors looking for a truly open core API that is flexible enough to evaluate and launch new products, new channels, even new brands," said Finxact CEO and founder, Frank Sanchez. "Whether it's to evaluate replacing an existing core solution, or to launch a new initiative, our modern approach to core banking architecture will allow entrepreneurial bankers to think of core banking in the same way many companies test and scale API services like Twilio and SaaS services like Salesforce.com."
"The increasing market demand for real-time and personally relevant communications with flexible triggers, delivered at marginal costs, will require more source systems data to fuel the rules engines that power the communications workflows. This data demand is the biggest challenge for Customer Experience (CX) management and will only be met by the open API approach developed by Finxact for core banking services," said CEDAR Document Technologies' CEO, John DiMarco. "Finxact's strategy enables FIs to meet the data challenge for true CX automation."
"We were able to integrate parts of our bank call center and customer service system into Finxact's test environment in less than a week," said Mike Wolfel, Chief Technology Officer of Savana, Inc. "Finxact's Open Core API and the Company's approach to partners will allow us to innovate while reducing our cost and time to market."