Finxact Appoints Banking Executive Christopher McClinton as Chief Marketing Officer

June 4, 2019

Industry leader from the American Bankers Association joins core-as-a-service cloud banking company to lead go-to-market strategy & strategic alliances JACKSONVILLE, Fla., June 4, 2019 – Finxact, the emerging leader in SaaS core banking, today announced it has appointed industry leader in emerging payments and technology, Christopher McClinton, as Chief Marketing Officer. McClinton, who joins the company with over 15 years of experience in financial services technology, will spearhead Finxact’s product and marketing strategy as the company continues to grow to meet the strong market demand for its Core-as-a-Service platform. “The Sanchez brothers, and the exceptional team they’ve assembled, are doing incredibly important work that will transform our industry,” said McClinton. “They have reimagined the notion of a core system as a true platform for innovation. I jumped at the chance to be a part of something that will be so historic.” Prior to joining Finxact, McClinton was Senior Vice President at the American Bankers Association (ABA), heading the payments and operations division. During his eight years at the ABA, McClinton led a team of professionals that assisted member banks with product strategy and execution. For the last four years, he also served as the President of ABA’s for-profit subsidiary, ABA Payment Solutions, Inc. Before joining the ABA, McClinton worked at PaymentVision as the Vice President of Product Strategy. McClinton is an accredited ACH Professional (AAP), Certified Treasury Professional (CTP) and received his MBA with a concentration in Finance from the George Washington University. “We’re thrilled to welcome Christopher to our growing team as we continue to innovate our Core-as-a-Service banking platform,” said Frank Sanchez, Finxact CEO and founder. “Christopher is a highly experienced leader who shares our vision of innovation for financial institutions. His deep knowledge of the industry will be instrumental in helping us continue to drive growth and achieve our strategic objectives.” Following the Company’s recent $30 million strategic investment by leading banking and financial services firms, Finxact 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, and is rapidly building its team to meet strong demand. Finxact’s team has decades of core banking experience having built and operated regulatory compliant core banking systems around the globe. About Finxact 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.

Finxact Appoints Fintech Leaders Ryan Victor as Senior Vice President of Sales and Andrew Weatherl as Vice President of Solution Enablement

February 20, 2019

Expands sales team to meet accelerating progress following its recent $30 million strategic financing Jacksonville, Fla., Feb. 20, 2019 – Finxact, the emerging leader in SaaS core banking in the cloud, today announced that Ryan Victor has joined its rapidly growing team as Senior Vice President of Sales and Andrew Weatherl has joined as Vice President of Solution Enablement. In their new roles, Victor will lead Finxact's strategic sales efforts, building a team to meet the company's strong market interest, and Weatherl will lead the company's pre-sales consulting efforts. Victor and Weatherl are part of Finxact's go-to-market efforts being accelerated in 2019 by strong market demand for its Core-as-a-Service platform and the company's recent $30 million strategic investment by leading banking and financial services firms. Victor and Weatherl bring to Finxact extensive sales and leadership experience in core banking and financial technology, having most recently been at Germany-based Mambu where Victor was a senior sales executive and Weatherl was a senior pre-sales solution consultant. Both Victor and Weatherl also share a common background at core banking provider Finastra. Victor began his career in business development for financial services products before transitioning to Apple and Hewlett Packard Enterprise financial services. Weatherl brings broad industry experience from previous roles with J.P. Morgan and Markit. "We are excited to be building our sales engine with these two leaders who intimately understand our market," said Michael Sanchez, President and founder of Finxact. "The timing is great as we expand beyond our first several bank launches, implementations and conversions, and accelerate our growth to meet the strong demand that we are experiencing." "Having worked for, and competed with, the industry's top core banking and financial technology providers, I can say that Finxact is in a class of its own," said Victor. "I see Finxact emerging as the next dominant core banking platform as it offers every bank a solution to truly differentiate themselves, as well as a business model that completely empowers banks. Our domain expertise and best-of-breed ecosystem relationships are truly market moving." Weatherl added, "Finxact has assembled an exceptional organization and unparalleled, next generation, Core-as-a-Service offering. I am excited to be a part of this proven team with U.S. and global banking expertise that is truly disrupting an industry in collaboration with banks and strong partners." The Company has also recently welcomed a new Chief Information Security & Compliance Officer, Sadhana Akella Mishra, who brings more than 10 years of experience in the banking industry, and Jan Frymyer as Senior Vice President Services for the company. Frymyer joins Finxact after working in the core banking space for more than 25 years. Prior to Finxact, he served as Senior Vice President of Client Services at Nymbus, and held leadership roles at Fiserv and Open Solutions. Finxact is currently working with multiple U.S. and international financial institutions, from de novo banks to top-tier banks, on projects ranging from full bank conversions to digital-only initiatives. Finxact's team has decades of core banking experience having built and...

ABA Invests in Emerging Core Banking Provider

January 25, 2019

The American Bankers Association today announced that it has made a direct investment in Finxact, an emerging technology company that offers an innovative, open core banking platform for financial institutions. The investment — which was recommended by ABA’s Venture Investment Committee — comes as part of ABA’s ongoing effort to ensure that member banks are prepared to make the transition to banking’s digital future, and after the association last year took several steps to address the challenges banks currently face with respect to their core providers.

Finxact Secures $30 Million from Strategic Investors Including the American Bankers Association, Accenture Ventures, and SunTrust Bank

January 25, 2019

Expands base of strategic investors to fuel development and go-to-market of Finxact’s first-of-its-kind core as a service banking solution Jacksonville, Fla., Jan. 25, 2019 - Finxact, the emerging leader in SaaS core banking, today announced it has raised $30 million in equity financing from new and existing investors. New investors include the American Bankers Association (ABA), Accenture Ventures, SunTrust Bank, and other strategic industry leaders. Also investing in this round are all of Finxact’s existing investors, including Live Oak Ventures, First Data, Woodforest National Bank, and T.N. Incorporation Ltd (TNI) of Thailand. The new funding will support Finxact’s growth as it completes development and builds scale to match the market’s demand for a new category of core banking platform. Finxact’s Core as a Service represents a first-of-its-kind option for banks to efficiently differentiate their customer experiences by seamlessly integrating new services and migrating to a real-time digital banking enabled system of record. “We started Finxact in the beginning of 2017, and we have focused on building a banking system of record that can effectively replace legacy core systems and also serve as a platform for rapidly evolving digital banking requirements,” said Frank Sanchez, Finxact CEO and founder. “We’ve developed a platform that is functionally robust, reliable, scalable and highly efficient. We have multiple customer implementations currently underway and have raised capital to expand our capacity to go to market on a broader scale. We also plan to expand our integration activities with the financial services ecosystem and to mitigate the risk and complexity historically associated with core system migrations.” To date, innovations around core banking have been lacking, especially as it relates to building new core technology from the ground up. As a result, many financial institutions are burdened with antiquated high cost systems and the inability to react to rapidly evolving customer demands. Finxact’s approach to core banking goes beyond simply providing the industry with modern technology, to fundamentally changing the way financial institutions and vendors will engage and operate with one another. “Bankers know that innovation is essential to remaining competitive, yet I’ve heard time and again that their relationship with their core provider can make it difficult to be agile in selecting products and partners,” said ABA President and CEO Rob Nichols. “We are confident that the impressive team at Finxact will challenge the entire industry, including banks and their providers, to think differently about the way a core platform enables a bank to innovate.” Finxact and its partners share a vision to provide transformative solutions for every bank. Together with its partners, Finxact is delivering a new category of banking platform, which will be technologically available and economically valuable to banks of all sizes and types. Finxact’s ecosystem brings together best-of-breed modern technologies and practices to deliver commercial and technical scale that is required for all banks to compete and grow. “The core banking market in the U.S. is set to experience significant disruption in the near future, as banks continue to grow frustrated with their...

Finxact Announces the Finxact Adapter for Salesforce on Salesforce AppExchange, Bringing Powerful Customer-Centric Features to Banking Products and Services

October 3, 2018

Finxact Is the First and Only Core Vendor to Leverage Salesforce Financial Services Cloud CRM JACKSONVILLE, Fla., Oct. 3, 2018 -- Finxact, a leading innovator in Core as a Service banking technology, today announced it has launched the Finxact Adapter for Salesforce on Salesforce AppExchange, empowering banks and other financial services companies to leverage Financial Services Cloud to connect into the Finxact Core and access bank accounts directly for creating better customer experiences in banking and other financial services. Built on the Salesforce Platform, Finxact Adapter for Salesforce is currently available on the AppExchange at www.appexchange.com or directly through Finxact as part of its Ecosystem Partner Program. Finxact is the first and only core banking software vendor to partner with Salesforce as a core provider to Salesforce's Financial Services Cloud. "Consumers have grown to appreciate companies that understand what they're looking for, and then shape their communications to be on target. That's why one-size-fits-all messages and products are undermining banks' relationships with their customers," said Frank Sanchez, CEO and founder of Finxact. "The Finxact Adapter for Salesforce enables banks to be data-driven and customer-centric when it comes to not only sales and marketing, but also innovation. If you know your customers better, you'll be able to build better banking products for them." In addition to a powerful banking CRM, Salesforce Financial Service Cloud allows banks to create a central customer repository that can bridge the customer gap between Finxact's modern Core as a Service, and a bank's legacy core system. "We are happy to welcome Finxact onto AppExchange, as they provide banks and financial services companies a way to modernize their systems and legacy operations," said Mike Wolff, SVP, ISV Sales, Salesforce. "The exponential growth of AppExchange underscores the enormous opportunity the entire Salesforce ecosystem has in creating cutting-edge solutions and driving customer success." Banks can use the Finxact Adapter for Salesforce for back office or call center services. It also includes features to open and fund accounts; address customer account and transaction-related questions; perform basic account maintenance; originate one time or recurring payments both intra and interbank; post transactions; and to view account activity. About the Finxact Ecosystem Partner Program Finxact's Core as a Service Ecosystem Partner Program brings together best-of-breed partners who share Finxact's vision of maximizing a bank's agility both technically and commercially. The program was designed to accelerate collaboration with innovative banking technology providers and create a services ecosystem on top of the Finxact Core. By leveraging Finxact's modern architecture, partners are able to push the envelope with novel capabilities, providing their customers with long-term value and higher return on investment by reducing upgrade costs, obsolescence, and ultimately – vendor risk. The "plug-and-play" program is unique in that it is for vendors who want to deploy in the cloud on a native, real-time core service, and be auto-provisioned for banks wanting to do proof of concepts. Finxact's new partner program is open to all qualified independent software vendors who are selling to the U.S. banking industry....

Salesforce Expands Financial Services Cloud to Unify Experiences Across Consumer and Commercial Lines of Business

September 17, 2018

Salesforce, the global leader in CRM, today announced new advancements in Financial Services Cloud to unify customer experiences across consumer and commercial lines of business in banking, wealth management and insurance. Finxact is integrating their Core as a Service solution with Financial Services Cloud to facilitate account opening and real-time financial account balances and transactions.

Finxact Announces Expanded Sandbox Capabilities for Open Core-as-a-Service Banking

September 19, 2017

Native cloud core banking sandbox enables new levels of core banking functionality accessible through Finxact’s Open Core API JACKSONVILLE, Fla., September 19, 2017 – Finxact, an innovator in Core-as-a-Service banking technology, today announced the availability of new features in its sandbox for qualified banks and ancillary service partners to begin exploring, innovating, and building novel products, mobile services, and modern banking capabilities. These new features are part of Finxact’s Core-as-a-Service being launched in full-scale operations late this year with one of its first customers. Finxact’s sandbox and Open Core API allows banks and partners to launch new products, services and markets with minimal disruption to legacy and ancillary systems. The new features which are available immediately will enable banks to begin testing new or parallel operations, and even use their existing customer system of record. The Finxact Core as a Service is designed to allow banks to easily migrate from their current batch processes to “all-the-time real-time” without windows, batches, phases or stages. “Finxact is taking a novel and fresh approach to core banking, not just by creating an entire new core banking system natively in the cloud and exposing the full core system through APIs, but we are also pushing the innovation envelope as it relates to banking functionality,” said Finxact CEO and founder, Frank Sanchez. “The new capabilities we’re providing in our sandbox today, begin to lay the groundwork for banks and our mutual partners to use a modern core today, with their business as usual, and be prepared with novel capabilities to extend to the limits of their imagination.” Key new Finxact sandbox features include: Transaction templates – Combine configuration tables with dynamic transaction templates to rapidly create complex transactions in configuration instead of code, thus eliminating costly development time and maintenance. Payment orders / ACH / electronic transfers – Accept and post ACH payments and other electronic transfers with straight through processing, greatly improving back-office efficiencies. Multiple positions per account – Unlike most core systems that support only a single position or balance per account, the Finxact Core-as-a-Service supports 1 to many positions per account, thus enabling novel account products and services such as ladders and accounts with multi-currency positions. Over time, banks may choose to use the Finxact Core-as-a-Service for both their banking products and brokerage products with accounts holding multiple security positions. Real-time as-of position – To support a true batchless, real-time infrastructure, the Finxact core implements database features and accessible API’s that can retrieve account positions as-of any point in time enabling next generation real-time services while also reducing operational costs associated with offline reconciliations and processing. Finxact’s Open Core API is the most open and transparent core banking API available. Finxact will continue to expand its capabilities, exposing APIs for connecting ancillary services, creating rules, configuration, and accessing transaction, customer and product data. As Finxact expands its partner ecosystem, banks will have the option to connect to Finxact’s Core-as-a-Service through its APIs and/or through Finxact’s partners. “Finxact's Core-as-a-Service is uniquely exposing fresh core...

Finxact Announces the Availability of its Open Core API in Parallel with its Sandbox, Aimed at Accelerating Bank Innovation

July 11, 2017

Native cloud core banking sandbox launched in less than 6 months   JACKSONVILLE, Fla., July 11, 2017 – Finxact, an innovator in Core-as-a-Service banking technology, today announced the availability of its Open Core API, which is available through its sandbox. The Finxact Open Core API is transparent and granular, enabling banks to have full access to their customer data. Finxact is the first core banking provider to join the Open API Initiative in a move to significantly reduce the complexity and time it takes for banks and partners to integrate into a modern core banking system.   Finxact is leveraging its team’s 30+ year history of developing, implementing and delivering core banking systems worldwide to develop the most transparent and granular core banking API available today. The Company’s unique approach is democratizing data for its customers, allowing them access to the most granular information, not available through any other core system on the market.   “We are seeing increased interest from digital-only ‘parallel banks,’ large established banks, and vendors looking for a truly open core API that is flexible enough to evaluate and launch new products, new channels, even new brands,” said Finxact CEO and founder, Frank Sanchez. “Whether it’s to evaluate replacing an existing core solution, or to launch a new initiative, our modern approach to core banking architecture will allow entrepreneurial bankers to think of core banking in the same way many companies test and scale API services like Twilio and SaaS services like Salesforce.com.”   “The increasing market demand for real-time and personally relevant communications with flexible triggers, delivered at marginal costs, will require more source systems data to fuel the rules engines that power the communications workflows. This data demand is the biggest challenge for Customer Experience (CX) management and will only be met by the open API approach developed by Finxact for core banking services,” said CEDAR Document Technologies’ CEO, John DiMarco. “Finxact’s strategy enables FIs to meet the data challenge for true CX automation.”   “We were able to integrate parts of our bank call center and customer service system into Finxact’s test environment in less than a week,” said Mike Wolfel, Chief Technology Officer of Savana, Inc. “Finxact’s Open Core API and the Company’s approach to partners will allow us to innovate while reducing our cost and time to market.”   Qualified banks, vendors, and partners can create their own sandbox at no charge, with a valid company email address and credentials at https://finxact.com/open-core-api About Finxact Finxact is innovating the first enterprise class public cloud/private data Core-as-a-Service platform with a completely Open Core API. The Finxact Core will allow banks to seamlessly deliver new services for today’s omni-channel consumer. The Finxact team has been at the forefront of banking software for 35+ years, revolutionizing the industry in the 1990s with the first real-time core banking solutions for Internet banks, and is now creating a new cloud-based core banking solution for today’s real-time, digital-first world. Learn more at www.Finxact.com.  

Finxact Appoints Jim Joyce as Chief Technology Officer in Conjunction with Joining the Open API Initiative

June 7, 2017

Industry trailblazer joins core-as-a-service cloud banking technology company to lead development and oversee Finxact's work with the Open API Initiative JACKSONVILLE, Fla., June 7, 2017 Finxact, an innovator in Core-as-a-Service banking technology, today announced it has appointed industry veteran, Jim Joyce, as Chief Technology Officer. Joyce, who joins the Company with nearly 30 years of experience in the banking and financial technology industries, will spearhead Finxact's participation in the Open API Initiative (OAI) as well as its developers' program. Finxact is also announcing today that it has become a contributing member to the Open API Initiative as Finxact collaborates with the banking industry on an Open Banking API. "Finxact's belief in providing open solutions that give banks more freedom to meet customer needs and capitalize on new technology made this opportunity appealing," said Joyce. "I am thrilled to lead a team – and a larger community – that aims to bring a modern approach to an industry that has lacked innovation and the rapid pace of innovation enjoyed by so many other industries." Most recently, Joyce held the position of Chief Technology Officer at Zenbanx, which in the first quarter of 2017 was acquired by SoFi. Joyce also served as SVP, R&D and VP, Architecture Usability and Tools at Fidelity National Information Services (FIS). Joyce joined FIS with the company's acquisition of Sanchez Computer Associates in 2004. Joyce's experience at Zenbanx, and involvement in building core systems at FIS and Sanchez, has given him the skills to help Finxact develop an enterprise-class, highly scalable core banking system that utilizes the most modern technologies available. "I'm delighted to welcome Jim to our team as we look to transform core banking once again – now for the always-on digital world," said Frank Sanchez, Finxact CEO and founder. "He's the ideal choice to drive the growth of our product and our developer community through our work with the Open API Initiative. We are confident that his commitment to delivering innovative and open technology for our customers and partners will take our organization to the next level." "The OAI and its growing board of members is excited to welcome Finxact to the workgroup. Finxact will be the first core banking provider to officially embrace our workgroup's mission of openness, transparency and interoperability," said Ole Lensmar, chairman of the OAI. "Finxact and its partners are making groundbreaking contributions that will enable banks and FinTech companies to interoperate freely and transparently using the Open API Specification (OAS) as the enabler for their interactions." Finxact is building upon the OpenAPI Specification – OAS (f.k.a. the Swagger Specification) to develop an open banking API with its community. Finxact's core is "headless" meaning it is a Virtual Core Banking System, built natively in the public cloud. As a virtual core, third party services and banks' existing systems plug into Finxact's core processing rules engine and system of record through Finxact's Open Banking API. By being open to new innovations, instead of being yet another closed core banking system, the Finxact Core...

Finxact Secures $12 Million in Seed Funding for Cloud-Based Core Banking Solution

May 9, 2017

New Core-as-a-Service offering will enable banks to quickly address the service requirements of today’s always-on, digital-first customers Jacksonville, FL, May 9, 2017 - Finxact, an innovator in Core-as-a-Service banking technology, today announced it has raised $12 million in seed funding from strategic investors and angels that include Live Oak Ventures and other industry pioneers. The investment represents one of the largest seed financings of its kind for fintech companies in recent years. It will be used to complete development of the Finxact Core, which is targeted for its first live customers in 2017 and general availability in 2018. According to a recent KPMG study, 39% of banks have already begun replacing their entire core system and an additional 21% are in the planning stages of a complete replacement. Finxact’s investors understand the challenges legacy vendors and next-gen core banking in the cloud vendors face to deliver a true, enterprise-class core banking solution. Many of the next-gen vendors are focused on de novo banks, new entrants in fintech, and “challenger banks.” Finxact is focused on existing banks whose core banking needs are much more comprehensive. Frank Sanchez, Finxact CEO and founder said, “We are fortunate to have the support of the banking and financial services industry. We have known, and worked with our investors for 30+ years, and together we have delivered new core solutions to banks of every size. 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.” “We’ve been building and delivering enterprise class core banking for decades and Finxact is taking a unique approach to solving the significant problems banks face today,” said Mike Sanchez, Finxact founder. “It is critical that banks have the flexibility to rapidly respond to consumer demands, and the Finxact team is uniquely qualified to deliver the technology that will enable this.” Finxact’s founders, Frank and Mike Sanchez, are industry pioneers who have been at the forefront of core banking software since developing the first real-time core banking solution for Internet banks in the 1990s with Sanchez Computer Associates. The entire Finxact team, which has been involved in core banking for decades, is focused on creating an open API, cloud-based Core-as-a-Service platform that will enable the next generation of always-on, digital-first banking. About Finxact Finxact is innovating the first enterprise class public cloud/private data Core-as-a-Service platform with a completely open banking API. The Finxact Core will allow banks to seamlessly deliver new services for today’s omni-channel consumer. The Finxact team has been at the forefront of banking software for 35+ years, revolutionizing the industry in the 1990s with the first real-time core banking solutions for Internet banks, and is now creating a new cloud-based core banking solution for today’s real-time, digital-first world. Learn more at www.Finxact.com. ### Media Contact: Alyson Kuritz for Finxact Alyson@0to5.com (908) 892-7149