Finxact, the emerging leader in Core-as-a-Service banking, today announced that it has appointed Craig Phillips, former Counselor to the United States Secretary of the Treasury, to its Board of Directors.
In this capacity Phillips will be positioned to provide Finxact's leadership team insight on best practices and macro trends in banking as Finxact continues to rapidly grow its customer base and coordinate with the expectations of their regulators.
Phillips brings to Finxact more than three decades of executive leadership in finance in both the public and private sector, with widely regarded expertise in capital markets, risk management, regulatory policy and consumer and commercial credit markets.
"Craig is a most welcome addition to our executive team and we will benefit enormously from his guidance," said Frank Sanchez, CEO and founder of Finxact. "Finxact is committed to working closely with bank regulators as we help the US banking sector with its vital transition from decades-old core systems to modern core banking platforms. Our success will enable the industry's success, and Craig's deep domain experience will improve the prospects for both."
Between 2017 and 2019 Phillips served as Counselor to U.S. Secretary of the Treasury, Steven Mnuchin, where acting in the capacity of Under Secretary for Domestic Finance, he led the development of comprehensive policy recommendations for regulating the US financial system. He also oversaw policy efforts to enhance the financial sector's cyber security and resilience through the Office of Critical Infrastructure Protection and Compliance Policy.
Between 2008 and 2017, Phillips was a Managing Director and member of the Operating Committee of BlackRock where he founded and led the Financial Markets Advisory group, a global risk consulting practice that served over 200 unique clients in 32 countries. From 1994 to 2006, Phillips was Managing Director at Morgan Stanley where he was global head of the Securitized Products Group. Prior to Morgan Stanley, he was Managing Director at Credit Suisse First Boston from 1984 to 1994.
"I am honored to work with the leadership of an organization that is addressing one of the most pressing and important operational challenges for banks and credit unions of all sizes," said Phillips. "I look forward to supporting Finxact as it endeavors to make its cloud-native Core-as-a-Service the new standard in banking."
Finxact, which raised $30 million in strategic funding and increased its employees by more than 85 percent in 2019, will continue to expand in 2020 to modernize banking with its Core-as-a-Service platform.