First Horizon Bank picks Finxact’s cloud-based core
Tennessee-based First Horizon Bank has selected Finxact to provide core banking services to its VirtualBank subsidiary brand.
First Horizon is testing out the Finxact solution
First Horizon Bank uses VirtualBank as a testing ground for future technology. It will deploy Finxact’s core banking system on the cloud.
“This is an opportunity to test and learn the most efficient and effective ways to serve our clients in the future, says Anthony Restel, chief operating officer for First Horizon.
“VirtualBank’s conversion to the Finxact cloud core is an important step in First Horizon’s overall efforts to modernise infrastructure and product delivery,”
First Horizon recently completed a 2020 merger with Los Angeles-based IberiaBank. The combination boosted its financials to $84 billion in assets and $60 billion in deposits.
The bank claims to serve more than one million customers across 11 states in the US.
Finxact calls its platform a “high performance, highly scalable, real-time system”. It claims its “API-first” design enables clients to invent, curate, and launch products at speed.
“We are honoured that the First Horizon team found in Finxact a platform that meets their demands,” says Frank Sanchez, CEO and founder of Finxact.
“Our solution is uniquely suited for an institution of their size and ambitions.”
Related: Digital app One selects Finxact core banking system
I sometimes feel like a group of bystanders asking “Who is that masked man?” as the Lone Ranger races off with Tonto after performing his heroic tasks. I now ask a similar question about Finxact until I go back to my archives to retrieve the accomplishments of the Brothers Sanchez, acquired by FIS, and now on their own again. Which major well run banks would risk acquiring a core system from a startup. This announcement has the answer.