With great enthusiasm, I am honored to announce the launch of Finxact, a Fintech company formed with the mission to design, build, deliver and operate a new core banking system. Our founders collectively share a strong sense of purpose and commitment to provide the financial services industry with a new platform to support their banking activities. We will offer new features and new delivery options that support modern banking requirements such as continuously available transaction processing, multiple geographies and time zones, extremely high scalability and reliability, and banking functionality that simply cannot be obtained from any existing core system. We learned how to develop and operate the world’s most highly scalable real-time core systems over the last three decades, and will incorporate our experience into an entirely innovative design that optimizes modern software, hardware and delivery platforms. We are developing a clean slate core system engine to support an open, cloud-based, marketplace of fintech suppliers, or as an enterprise-class technical asset for large FI’s. Our customers will be able to choose applications that best fit their business and operational needs, or retain strategic existing components, and plug them into a core system capable of supporting the future of banking.
The banking industry has evolved significantly over the past 20-30 years, yet it continues to rely on core systems that were designed closer to the dawn of the computer era than to the present. Arguably, it is a credit to these systems that they can accommodate banking circa 2017, but what price glory? Given the evolution of IT technology and methodology over the past three decades as well as the operational efficiency offered via modern operational models, major cost, security and continuity benefits are on the table. Also, the complexity that result from surrounding legacy cores with layers of middleware and integration components results in an increasingly fragile and rigid infrastructure; increasingly difficult to operate and difficult to change.
We recognize that the scale of a core system project is be both large and complex, indiscriminate to failure, while elusive to success. To mitigate that risk we have developed a crystal clear plan with defined scope, resolved architecture and designs, and a mature team and network of resources that have accomplished results at this scale before. We also respect the value of transparency, and intend to communicate openly to our network, our investors, our customers and the financial services industry at large. We boldly plan to provide our project milestones, activities and statuses on our Finxact website for all to review. Additionally, we will provide access to our banking API’s directly from our website so any interested parties, even our competitors can interact with our technology as it continues to evolve.
The Finxact team is a unique blend of experienced industry pioneers, bona fide banking domain experts, top-tier engineering talent and highly reliable partners. We are all aligned around the belief that great companies make great products, and great products make great companies. Our efforts need to be focused on creating tangible and significant value for our customers – or truly why bother. When we execute on these simple tenants, we will have the opportunity to evolve as a leader in the market.
We also believe that this need not be a lonely journey for Finxact. We encourage your involvement, engagement, communication and contribution. The form or dialogue is flexible, what’s important now is the content. Our focus is to ‘get it right’ the first time and with a comprehensive solution that works for you.
Again, I appreciate your visiting with us! Our website will be regularly updated, so come back often. Check out our progress or test our API’s. Or just contact us directly anytime, we look forward to the dialogue.