Finxact, an emerging leader in Core-as-a-Service banking, today announced that it has completed a replatforming initiative to support its financial institution clients on Microsoft Azure.
Finxact is responding to growing market demand from its regional and super regional clients and prospects to support Azure. Finxact chose Microsoft based on its unique strength in accelerating digital transformation, which enables banks to take advantage of Azure’s security innovation and the broadest compliance coverage of any cloud provider.
“Our team worked side-by-side with a talented and attentive team from Microsoft to provision our datacenter infrastructure in a way that optimized our application design and deployment,” said Jim Joyce, Chief Technical Officer, Finxact. “It was an excellent outcome, and we’re looking forward to future co-development efforts with the Microsoft team to position our joint customers well for enhanced analytics, AI, and other Microsoft Azure solutions.”
As the transaction processing engine and inventory management system for all of a bank’s deposit and loan positions, Finxact’s core manages a bank’s most critical workloads. The Finxact Core-as-a-Service was introduced at a time when the banking industry had already experienced significant adoption of public cloud for office productivity suites and front-end customer channel applications. The company now is making a compelling case to the market that the security and operational continuity of critical workloads like core processing are also enhanced in the cloud.
“Many banks are looking for efficiency and agility gains from technology advancements,” said Luke Thomas, Head of Banking U.S. Financial Services at Microsoft. “By adopting Microsoft Azure, Finxact will be able to help its clients accelerate their digital banking presence through greater computing scale, unlocking new capabilities.”
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The companies are also pursuing co-development in areas where core transaction data can be inspected and ingested by enhanced analytics and decisioning tools such as Microsoft Power BI. More information on these developments will be forthcoming in 2020.
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.