JACKSONVILLE, Fla., March 30, 2020 /PRNewswire/ -- Finxact, the emerging leader in Core-as-a-Service banking, announced today that One, the new digital banking app launched by Chairman Bill Harris (former CEO of Intuit, PayPal and Personal Capital) and CEO Brian Hamilton (former CEO of Azlo and Capital One executive) selected Finxact to power its service.
One is designed to deliver full-suite banking in one simple account that allows users to save, spend, share, and borrow in a way that suits their lifestyle and financial goals. While many fintechs are targeting younger customers and more established banks target the mass-affluent, One serves the needs of middle-income families across the United States, including married or partnered couples who often support children, parents or other family members.
"In order to deliver on our vision of a single account, we required an extraordinarily elastic core system of record," said Harris. "Finxact anticipated this and built its core with the flexibility for banks to innovate quickly. Finxact is proving its platform is configurable enough for companies such as One that are developing solutions on the frontier of banking."
Finxact is a highly scalable, real-time position keeping platform that includes a comprehensive and extensible financial services model. By accessing its open APIs and extensible components, banks are able to invent, curate, and launch products at the speed required to meet customer expectations in today's marketplace.
"We have been working extensively with the team at One to support their unique vision of the future of financial services and the customer experience. Their team has been able to concentrate on the customer proposition and experience, and leverage the real-time transactional, recordkeeping and regulatory features imbedded in the Finxact SaaS platform," said Frank Sanchez, CEO and founder of Finxact.
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.
One was built to help everyday people and their loved ones make the most out of the money they earn. With a single account that unifies saving, spending, borrowing and sharing in one place, One helps people save more, spend less and gain control of their finances. Based in San Francisco and Sacramento, One was founded in 2019 by Bill Harris, the founder and former CEO of Personal Capital, and Brian Hamilton, the founding CEO of Azlo and a former SVP at Capital One. For more information visit OneFinance.com.