First Horizon migrates digital-only VirtualBank to Apiture Open Platform
By Leandra Monteiro
Apiture, a cloud-native provider of digital banking solutions, announced the migration of First Horizon Bank’s digital brand, VirtualBank, to the Apiture Open platform. After merging with IBERIABANK in 2020, Memphis, Tennessee-based First Horizon currently has over $87 billion in assets with 500 branch locations across twelve states.
VirtualBank is First Horizon’s digital-only banking experience, which is designed to create a differentiated digital brand for the bank. Through integrations with innovative technology solutions, VirtualBank enables First Horizon to expand its client base by providing a digital-only banking experience to both new and existing clients.
“We are excited to partner with Apiture for our VirtualBank brand,” said Anthony Restel, chief operating officer at First Horizon. “Apiture’s API-first platform will enable VirtualBank to work with the leading technology companies we need to be able to compete in a digital-first market.”
To launch VirtualBank, First Horizon used Apiture’s Direct Bank solution as the backbone to integrate with other API-driven Fintechs, enabling implementation and go-live to be completed in less than eight months.
“The VirtualBank project is a prime example of Apiture’s mission – to empower financial institutions to compete and excel in a digital-first market,” said Chris Babcock, chief executive officer at Apiture. “We have partnered closely with the First Horizon team to provide a differentiated and truly unique banking experience for their clients.”
Apiture Open’s cloud-native, next-generation technology enables financial institutions to deliver a unique digital banking experience, built to evolve in step with the rapid rate of change in today’s financial world.
IBSi Daily News Analysis
September 21, 2023
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