(courtesy of Jacksonville Business Journal)
The Finxact Core is a program that handles the main processes of all transactions in a banking environment, whether it be through branch or mobile banking or other channels. The Finxact Core is designed to provide next-gen services to financial institutions that may be operating on code written in the 1970’s or 80’s.
Finxact was founded late last year and the $12 million of funding obtained by the company will allow Finxact to enter the core banking software marketplace with other companies such as FIS. Sanchez says the first round of funding gives Finxact cash to pay for the necessary talent needed to make their new product formidable in the market.
According to a recent KPMG study, 39 percent of banks have already begun replacing their entire core system and an additional 21 percent are in the planning stages of a complete replacement. Finxact enables banks to quickly and easily offer new services for a growing digital-first population.
“Today, we have the depth in our team, the know-how, the technology, a great set of early customers, and now – the initial resources, to launch a new class of core banking as a service,” Sanchez said.