Banks will be able to offer customers access to cryptocurrencies from buy/sell/hold to lending, rewards programs, and treasury management services.
JACKSONVILLE, FL, NOVEMBER 17, 2021 – Today Anchorage Digital is proud to announce its partnership with banking core, Finxact, which will allow banks and financial services providers to offer customers access to new crypto products and services. Banking core services are infrastructure technologies that allow banks to provide a number of normal banking services via apps and online. While nearly every bank uses a core banking platform to process deposits and withdrawals, open new accounts, keep a ledger, and provide reporting tools, very few core platforms enable banks to offer crypto products and services to their customers.
“We are proud to partner with Anchorage to make access to crypto part of the Finxact value proposition. As the first federally chartered digital asset bank with the most comprehensive and compliant platform for managing digital assets, Anchorage Digital Bank is the ideal technical partner for Finxact,” said Ryan Victor, Chief Revenue Officer at Finxact.
The pandemic has pushed traditional banks to innovate their offerings, and greater reliance on modern core services has become a necessity with closed branches, limited hours, and more customers shifting to app and web-based banking. Finxact is fast establishing itself as the leading next-gen core platform for enterprise banks and fintechs, with eleven U.S. clients in production, and two recent bank conversions from legacy cores.
With Anchorage, Finxact will be expanding its value proposition to offer banks and fintechs services that keep their offerings relevant to younger customers who see digital assets as the future of financial services.
Finxact’s decision to incorporate crypto purchases through Anchorage comes at a critical time, as most of the world feels uncertainty about their financial future. Millennials, in particular, are leading the move to crypto, with nearly half of the age group already holding crypto.
Initially, these services will include opportunities for banks running the Finxact core to buy, sell, and hold digital assets. The service will also be available to banks to offer as an app apart from any core conversion, making crypto a plug and play offering through Anchorage and Finxact. Future developments may facilitate payments via stablecoins or other digital assets, as well as crypto lending or staking. Banks may also be able to offer crypto rewards programs and direct corporate treasury services for banks.
At Anchorage, we’ve always viewed crypto adoption as inevitable. And the more digital nature of banking, particularly in the last year, has accelerated banks’ interest in offering digital assets and their customers’ interest in purchasing them. Regional banks, bulge bracket banks, and fintechs will now have an opportunity to stay competitive, gain engagement in return, and mitigate lost revenues by offering digital assets. Anchorage is proud to bring secure digital asset products and services to Finxact’s core platform, so banks can easily offer crypto services for their customers.