Finance Breaking news Live Oak Bank moves to Finxact cloud-native core last financial news

Breaking-Finance.Com - Finxact, the leader in Core as a Service banking, announced today that Live Oak Bank (Live Oak), the nation's leading small business bank, is now powering its digital banking ecosystem with the Finxact core.

Finance Breaking news Live Oak Bank moves to Finxact cloud-native core last financial news

Breaking-Finance.Com - Finxact, the leader in Core as a Service banking, announced today that Live Oak Bank (Live Oak), the nation's leading small business bank, is now powering its digital banking ecosystem with the Finxact core.

Finance Breaking news Live Oak Bank moves to Finxact cloud-native core last financial news
21 September 2020 - 20:30

Breaking-Finance.Com - This week the bank began offering business savings and CDs on the Finxact platform to Live Oak's rapidly growing deposit customer base. Finxact is also currently powering the bank's PPP loan portfolio that is helping over ten thousand small businesses, including both new and existing customers.With over $8 billion in assets, Live Oak is one of America's most active small business lenders, with specific expertise in SBA 7a and USDA programs. In choosing Finxact's core computing platform for its retail operations, Live Oak is now able to better meet the evolving needs of its customers during this era of rapid change by improving integration among banking channels, lowering operating costs, and shortening the time to market for new products."This is a significant milestone for Live Oak Bank. We have put an incredible amount of energy into recreating the financial services landscape, and a modern core is key to that transformation. As we move forward, the possibilities of what we can build for our customers are endless," said Chip Mahan, Live Oak Bank Chairman and CEO.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 the speed required to meet customer expectations in today's marketplace.

. As we develop purpose-built products and services for our customers, we can now do so at a pace that customers have come to expect but rarely see from their bank," said Huntley Garriott, President of Live Oak Bank.In the Live Oak deployment, Finxact is integrated with a number of other best-in-class Fintech providers that deliver a full stack of banking services to Live Oak's customers. These providers include Savana for account servicing, Apiture for digital origination and banking, and nCino for a 360 degree view of the customer."We're excited to provide the core banking platform that Live Oak Bank will rely on to implement their vision of the future of banking in the digital era," said Frank Sanchez, CEO and founder of Finxact. "We worked very closely with the bank and best-in-class fintech providers to deliver a scalable, agile and regulatory compliant solution that will allow Live Oak to innovate and evolve their business on their own terms."Finxact secured a $30 million strategic investment by leading banking and financial services firms in 2019 and is currently working with multiple U.S. and international financial institutions, from de novo banks to top-tier banks, on projects ranging from full core conversions to digital-only initiatives. 

Source = Breaking-Finance.Com

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Finance Breaking news Live Oak Bank moves to Finxact cloud-native core last financial news


Finance Breaking news Live Oak Bank moves to Finxact cloud-native core last financial news


Finance Breaking news Live Oak Bank moves to Finxact cloud-native core last financial news


Finance Breaking news Live Oak Bank moves to Finxact cloud-native core last financial news

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