FirstBank picks Finxact to replace 35 year-old core banking system
FirstBank, a Colorado-based bank for businesses and consumers, has selected Finxact to help it launch a series of new digital products using the Finxact Core platform.
The bank will develop and launch multiple products on the cloud-based Finxact Core with the ultimate goal of full conversion from its 35 year-old in-house core system.
Christian Winward, CIO at FirstBank, says that it looked at most of the major core banking providers in the market.
“Finxact was the only one that had exactly what we were looking for – a real-time, cloud-native headless core. We’ve been building a services environment for several years that acts as our API and Finxact’s open API approach fits perfectly into our architecture.”
Real-time access to core data was also “very important” to FirstBank, says Winward. “The Finxact core is meeting all of those requirements.”
Founded in 1936, FirstBank operates 115 branches across Colorado, Arizona, and California, and holds around $19 billion in assets.
Frank Sanchez, CEO and founder of Finxact, says FirstBank “will be among the first to bring to market products developed on the Finxact Core”.