Saturday, June 15, 2024

One, a New Digital Banking Service, Selects Finxact’s Core-as-a-Service

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.

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