Bank Midwest's OnePlace.bank goes live with Finastra to deliver tailored financial services to the healthcare sector

Powered by Finastra's cloud-based Phoenix core and Digital Banking, Oneplace.bank is a digital-native financial hub designed for healthcare professionals

LAKE MARY, Fla., June 24, 2024 /PRNewswire/ -- Finastra today announced that Bank Midwest, an employee-owned bank with locations throughout Iowa, Minnesota and South Dakota, has launched OnePlace.bank, a digital bank powered by Finastra, focused exclusively on the financial needs of the healthcare community. The move expands Bank Midwest's collaboration with the financial software provider, utilizing its Phoenix core solution and Digital Banking to go to market quickly and efficiently.

"When we made the decision to launch OnePlace.bank, we turned to our partners at Finastra, leveraging their agile solutions and partner ecosystem to build a digital bank specifically tailored to healthcare professionals," said Bryan Wilken, Chief Information Operations Officer at Bank Midwest. "We offer a personalized, tailored, and consistent customer experience, and we know that our loyal customers expect the latest products and services. With Finastra's platform, commitment to open finance, and expertise, we can deliver on this promise quickly and efficiently, allowing us to deliver innovative solutions and exceed customer expectations."

Building on the bank's OnePlace Capital business line, which offers unique equipment financing options tailored to meet the needs of dental, medical, and veterinary practices, the digital bank represents a natural progression for the brand. OnePlace.bank is now the virtual home of this niche loan program, which also offers new deposit, treasury management, and ancillary banking services designed specifically for healthcare professionals.

"Digital transformation is at the foundation of our strategy of improving the convenience and efficiency of our delivery, allowing us to continue our focus on new and innovative products and services healthcare professionals need to thrive in this ever-changing marketplace," said Scott Stewart, President of OnePlace Capital.

Finastra's open architecture, combined with the high level of configurability of both Phoenix and Digital Banking, enables financial institutions to deploy new brands quickly and securely with significantly reduced time to market, cost, and investment. These solutions, in conjunction with Finastra's partner ecosystem, enable Bank Midwest to deliver its focused financial experience across the United States. As its customer needs evolve, Finastra's solutions, powered by open APIs, the cloud, and microservices, provide OnePlace.bank with the agility needed to continue to address these emerging needs, empowering the bank to efficiently expand its digital footprint over time.

"We are delighted to support Bank Midwest in its innovative vision to create a digital bank that caters to the healthcare sector. By going live with our core and digital banking solutions, OnePlace.bank offers a seamless and personalized banking experience, while also benefiting from the scalability, security, and agility of the cloud," said Peter Longo, VP Product Management at Finastra. "This is a prime example of how open finance can help more people and businesses access the banking services they need to prosper. Finastra's open and collaborative solutions enable our customers to quickly create innovative programs and brand extensions that not just meet, but exceed the needs of the communities they serve."

In addition to Phoenix and Digital Banking, OnePlace.bank is connecting with fintechs via Finastra's open finance ecosystem to expand its offerings, including conversational AI chat, texting, and calling services from Glia and Clinc, loan and account opening solutions from Newgen, payments from Veem, and statement and notice generation from MPX.

About Finastra

Finastra is a global provider of financial software applications and marketplaces, and launched
the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions
of all sizes, providing award-winning software solutions and services across Lending, Payments,
Treasury & Capital Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by over 8,000 institutions, including 45 of the world's top 50 banks.
For more information, visit finastra.com

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SOURCE Finastra