Finxact announces availability of Core-as-a-Service on Microsoft Azure
Finxact, a Core banking software provider, has announced that it has completed re-platforming initiative to support its financial institution clients on Microsoft Azure. The FinTech is responding to the expediting market demands from its regional and super-regional clients and prospects to support Azure.
Finxact offers SaaS Core Banking system a modern digital banking system of record (SOR) for secure record-keeping and processing of transactions with the integrity of system, business, and regulatory rules. The platform is made elastic technically, functionally and commercially to meet current and future needs from conversions to digital-only launches. Its Core allows banks to deliver new services for omnichannel and event-driven customers seamlessly.
Finxact has chosen Microsoft based on its strength in accelerating digital transformation, which enables banks to take advantage of Azure’s security innovation and the compliance coverage of the cloud provider.
“Our team worked side-by-side with a talented and attentive team from Microsoft to provision our datacenter infrastructure in a way that optimized our application design and deployment. It was an excellent outcome, and we’re looking forward to future co-development efforts with the Microsoft team to position our joint customers well for enhanced analytics, AI, and other Microsoft Azure solutions,” said Jim Joyce, Chief Technical Officer, Finxact.
The Finxact Core-as-a-Service was introduced at a time when the banking industry was experiencing adoption of public cloud for office productivity suites and front-end customer channel applications. Now, the company is making a compelling case to the market that the security and operational continuity of critical workloads like core processing can be enhanced in the cloud.
“Many banks are looking for efficiency and agility gains from technology advancements. By adopting Microsoft Azure, Finxact will be able to help its clients accelerate their digital banking presence through greater computing scale, unlocking new capabilities,” said Luke Thomas, Head of Banking U.S. Financial Services at Microsoft.
Both companies are also pursuing co-development in areas where core transaction data can be inspected and ingested by enhanced analytics, AI and decisioning tools such as Microsoft Power BI. Recently middle class focused digital bank One has selected Finxact to power its service.
Founded in 2016, Finxact is innovating the first enterprise-class public cloud/private data Core-as-a-Service platform with a completely open banking API. Its mission is to free banks from the burdens of their systems so they can rethink their bank, for a future they see, a future that is not constrained by technology. Finxact has secured the funding and support of strategic investors that include the American Bankers Association (ABA), First Data, Accenture Ventures, SunTrust Bank, Live Oak Ventures, Woodforest National Bank, T.N. Incorporation Ltd., and other strategic industry leaders.