First Horizon Bank selects Finxact to power its core transformation
By Pavithra R
Finxact, a Core banking software provider, has announced that First Horizon Bank, the regional bank based in Memphis, Tennessee, has chosen Finxact core to underpin its product and service delivery through its VirtualBank brand.
Following First Horizon Bank’s merger with LA-based IBERIABANK in 2020, the combined entity has $84 bn in assets, $60 bn in deposits, and services over 1 mn customers spanning 11 states.
Incumbent regional and super-regional banks are facing increasing competition from Tier 1 banks, FinTech, bigtech, and retail. However, mid-tier banks still retain a critical advantage in their established and loyal customer bases. First Horizon Bank by using their VirtualBank brand as an innovation ground for long term technology modernization, is aiming to deliver technology capabilities that compete with all-comers in the marketplace while maintaining a focus on their existing client base.
“VirtualBank’s conversion to the Finxact cloud core is an important step in First Horizon’s overall efforts to modernize infrastructure and product delivery. This is an opportunity to test and learn the most efficient and effective ways to serve our clients in the future,” said Anthony Restel, Chief Operating Officer for First Horizon.
Finxact is a high performance, highly scalable, real-time position keeping platform that includes a comprehensive and extensible financial services model exposed as APIs. By accessing its open APIs and extensible components, banks are able to invent, curate, and launch products at a speed required to meet the customer expectations.
“We are honored that the First Horizon team found in Finxact a platform that meets their demands for the level of performance, scale, and resiliency required for the next generation of banking. Our solution is uniquely suited for an institution of their size and ambitions,” said Frank Sanchez, CEO and founder of Finxact.
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.
IBSi Daily News Analysis
June 02, 2023
How wealth management firms can grow revenues in a declining marketRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage