Finxact, the emerging leader in Core-as-a-Service banking, today announced that FirstBank, one of the largest privately held banks in the United States with over $19 billion in assets and 119 locations throughout Colorado, Arizona, and California, will launch new digital banking products and services on the Finxact Core.
FirstBank, one of the first regional banks to adopt Real Time Payments (RTP) and Zelle, will leverage Finxact's next-gen core to rapidly innovate new products and experiences that meaningfully engage its customers and differentiate it in the market. In the coming months, FirstBank will develop and launch multiple products on the Finxact Core with the ultimate goal of full conversion to Finxact from its 35 year-old in-house core system.
"We looked at most of the major core players, but Finxact was the only one that had exactly what we were looking for - a real-time, cloud-native headless core. We've been building a services environment for several years that acts as our API and Finxact's open API approach fits perfectly into our architecture," said Christian Winward, CIO, FirstBank. "Real-time access to core data was also very important to us as a bank that uses tools like Tableau for analytics and BI. The Finxact core is meeting all of these requirements."
The Finxact Core banking platform is the only cloud-native system-of-record (SOR) with open APIs that allows product innovation to happen at speed and transaction processing to happen at scale. By leveraging Finxact's modern architecture, banks are able to invent, curate, and launch products at the speed required to meet customer expectations in today's marketplace.
"The Finxact Core is a highly scalable, real-time position keeping and product platform that banks can use to transform their business," said Frank Sanchez, CEO and founder of Finxact. "Innovative financial institutions understand the benefits this platform can provide, and we are pleased that FirstBank will be among the first to bring to market products developed on the Finxact Core."
Finxact secured a $30 million strategic investment by leading banking and financial services firms in 2019 and is currently working with multiple U.S. and international financial institutions, from de novo banks to top-tier banks, on projects ranging from full core conversions to digital-only initiatives.