Finxact expands sandbox capabilities

Source: Finxact

Finxact, an innovator in Core-as-a-Service banking technology, today announced the availability of new features in its sandbox for qualified banks and ancillary service partners to begin exploring, innovating, and building novel products, mobile services, and modern banking capabilities.

These new features are part of Finxact’s Core-as-a-Service being launched in full-scale operations late this year with one of its first customers.

Finxact’s sandbox and Open Core API allows banks and partners to launch new products, services and markets with minimal disruption to legacy and ancillary systems. The new features which are available immediately will enable banks to begin testing new or parallel operations, and even use their existing customer system of record. The Finxact Core as a Service is designed to allow banks to easily migrate from their current batch processes to “all-the-time real-time” without windows, batches, phases or stages.

“Finxact is taking a novel and fresh approach to core banking, not just by creating an entire new core banking system natively in the cloud and exposing the full core system through APIs, but we are also pushing the innovation envelope as it relates to banking functionality,” said Finxact CEO and founder, Frank Sanchez. “The new capabilities we’re providing in our sandbox today, begin to lay the groundwork for banks and our mutual partners to use a modern core today, with their business as usual, and be prepared with novel capabilities to extend to the limits of their imagination.”

Key new Finxact sandbox features include:
· Transaction templates – Combine configuration tables with dynamic transaction templates to rapidly create complex transactions in configuration instead of code, thus eliminating costly development time and maintenance.
· Payment orders / ACH / electronic transfers – Accept and post ACH payments and other electronic transfers with straight through processing, greatly improving back-office efficiencies.
· Multiple positions per account – Unlike most core systems that support only a single position or balance per account, the Finxact Core-as-a-Service supports 1 to many positions per account, thus enabling novel account products and services such as ladders and accounts with multi-currency positions. Over time, banks may choose to use the Finxact Core-as-a-Service for both their banking products and brokerage products with accounts holding multiple security positions.
· Real-time as-of position – To support a true batchless, real-time infrastructure, the Finxact core implements database features and accessible API’s that can retrieve account positions as-of any point in time enabling next generation real-time services while also reducing operational costs associated with offline reconciliations and processing.

Finxact’s Open Core API is the most open and transparent core banking API available. Finxact will continue to expand its capabilities, exposing APIs for connecting ancillary services, creating rules, configuration, and accessing transaction, customer and product data. As Finxact expands its partner ecosystem, banks will have the option to connect to Finxact’s Core-as-a-Service through its APIs and/or through Finxact’s partners.

“Finxact's Core-as-a-Service is uniquely exposing fresh core banking functionality to ancillary service partners and banks," said Tia Lee, CEO of TRG Mobilearth Inc. "We are able to truly innovate the mobile branch of the future with Finxact's novel functionality being made available in this new sandbox release." 

Contributed | what does this mean?
This content is contributed or sourced from third parties but has been subject to Finextra editorial review.

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