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Backbase & Finxact partner for digital transformation of North American FIs

Omnichannel digital banking platform provider, Backbase has announced that it has entered into a strategic collaboration with Finxact, the Core-as-a-Service platform provider to help banks and credit unions utilise the potential of their digital transformation with a next-gen front-to-back solution.

The partnership combines Backbase’s portfolio of online and mobile banking applications along with enhanced digital customer experiences with Finxact’s next-gen cloud-native core banking platform. The solution has an open architecture and enables banks and credit unions to tap into any third-party solution, thereby enhancing their go-to-market strategy.

“This partnership provides banks and credit unions the opportunity to break free and reclaim control of their digital destiny. The combination enables the rapid launch of digital first greenfield bank operations by established banks and credit unions, or by new entrants in the fast growing US fintech space. Both Backbase and Finxact share the same digital first DNA and we are super excited about the transformative impact we can make together,” said Jouk Pleiter, Backbase, CEO.

The new solution is expected to benefit financial institutions looking forward to introducing new banking capabilities to their clients. Its SaaS-based delivery model helps banks by providing the ability to run the end-to-end solution as a service, receive automatic platform updates, new features and functionality access, meet scale requirements on-demand domestically and internationally.

“Already two of the top thirty financial institutions in the US have begun to explore through their respective POCs the Backbase omni-channel platform running on top of the Finxact core. It’s proving to be a very compelling combination, especially for the regional and super-regional institutions that are eager to move towards a more open and modular technology stack,” said Frank Sanchez, CEO and founder of Finxact.

Recently Bankbase’s platform was selected by Vantage Bank texas for its digital transformation. Its platform is being used by financials including ABN AMRO, AIB, Barclays, Banamex, Bank United, BNP Paribas, Citi bank, Citizens Bank, CheBanca!, HDFC, Hiscox, Central1, KeyBank, Lloyds Banking Group, Metrobank, IDFC First, Navy Federal Credit Union, PostFinance, RBC, Societe Generale and Westpac.

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