Finxact and KPMG announce alliance to drive banking core modernisation and embedded finance transformations

By Edlyn Cardoza

Finxact, a Fiserv company and one of the leading providers of the next-generation core banking platform for the U.S. regional and super-regional banking sector, announced its alliance with KPMG. As part of the strategic relationship, KPMG will advise and help digitally transform clients on the Finxact platform.

“Universal Banks, transaction-focused banks, ambient banks and fintechs are each facing unique challenges today that must be addressed with modern infrastructure. Whether that challenge is to reach new markets, improve unit economics, or embed finance we are confident that with KPMG’s guidance and the Finxact platform we can help to enable new and winning digital experiences,” said Scott Huie, Financial Services Advisory Principal, KPMG LLP.

KPMG is helping financial institutions across the globe build resilience into their business models to adapt to the pace of market disruption and innovation that is becoming the new normal. According to the latest KPMG Pulse of Fintech H1’22, banks aim to meet the increased demand for new and unique digital experiences to retain and attract customers and are looking to implement next-generation core technology to achieve this.

This new alliance will combine KPMG innovation, digital design, and systems integration capabilities with Finxact’s next-generation core banking platform to deliver differentiated customer experiences, enhance product speed-to-market and help improve cost efficiency. It will also enable banks to reimagine their operating models to compete nimbly and enter new markets.

“This period of transformation requires modernization,” said David Ortiz, Head of Partnerships at Finxact. “KPMG understands the way this manifests uniquely for different banking business models. Together we’re combining technology and expert guidance to help our clients adapt and thrive.”

Finxact is a high-performance, highly scalable, real-time banking platform that leverages an API-first extensible financial services model. By accessing its open APIs and extensible components, banks and FinTechs can develop, test, and launch products at speed required to meet customer expectations in today’s marketplace.