Bank Midwest launches new digital bank for US healthcare industry powered by Finastra
Bank Midwest, which operates a range of consumer and commercial business banking services throughout Iowa, Minnesota and South Dakota in the US, has tapped global financial software provider Finastra to launch a new digital bank called OnePlace.bank.
Finastra’s tech is powering OnePlace.bank by Bank Midwest
According to a statement by the two firms, the new offering will be “focused exclusively on the financial needs of the healthcare community”.
Bank Midwest says the launch marks “a natural progression” of its OnePlace Capital business line, which provides business banking and loan services to dental, medical and veterinary practices.
With this, OnePlace.bank will serve as “the virtual home of this niche loan programme”, while also supporting a broader remit of deposit, treasury management and ancillary banking services.
The offering will run on Finastra’s Phoenix core solution and Fusion Digital Banking platform, which both feature open API, cloud and microservices architectures to allow for a “high level of configurability”.
Additionally, the digital bank will also utilise the vendor’s “open finance ecosystem” to connect with fintechs and build out its offering with conversational AI chat services, calling services, and account opening and payment solutions, among others.
Finastra’s latest go-live follows closely behind its efforts to support the market arrival of ORO Bank – which claims to be Asia’s first full reserve online bank – in Bhutan, which announced its launch powered by the vendor’s cloud-based solutions last month.
