JACKSONVILLE, Fla., March 5, 2020 /PRNewswire/ -- 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.
Finxact is innovating the first enterprise class cloud-native Core-as-a-Service platform with a 100 percent accessible open banking API. Finxact's modern architecture enables banks to rapidly deliver new experiences by creating products on demand and integrating new services as needed. The Finxact team has been at the forefront of banking software for 35+ years, and together with its best of breed partners is disrupting core banking so financial institutions can truly transform on their terms. Learn more at www.Finxact.com.
FirstBank began providing banking services in Colorado in 1963. Today, the bank maintains more than $19 billion in assets and operates more than 115 branch locations across Colorado, Arizona and California. FirstBank offers a variety of checking accounts, savings accounts, home equity loans, mortgages, and a full range of commercial banking services, including financing, treasury management and deposit accounts. Since 2000, FirstBank has been recognized as a leader in corporate philanthropy, contributing more than $65 million and thousands of volunteer hours to charitable organizations. The company is also unique in that a large portion of its stock is owned by management and employees, giving all employees a financial stake in the bank's success through its Employee Stock Ownership Program. For more information, visit www.efirstbank.com.