Martha’s Vineyard Bank Selects Finxact for Next-Gen Community Banking
The Bank and The Fintech Collaborative Will Partner with Finxact and Fiserv to Drive Digital Transformation
JACKSONVILLE, Fla.–(BUSINESS WIRE)–Finxact, a Fiserv company and the leading provider of the next-gen banking platform to the U.S. regional and super-regional banking sector, today announced that Massachusetts-based Martha’s Vineyard Bank has selected Finxact to enable its innovation strategies.
The $1.3 billion bank and its subsidiary, The Fintech Collaborative, will utilize Finxact open APIs to deliver innovative new products and services across all channels, including highly personalized experiences for customers across its ten offices, via connectivity between teller applications and the Finxact platform. Through the recent combination of Finxact and Fiserv, the bank also will have access to the entire Fiserv ecosystem of solutions to further their digital transformation.
The decision is the culmination of a two-year evaluation process to identify how the bank could accomplish its primary goal: leveraging technology to meaningfully enhance its employees’ delivery of gold-standard customer service and security. The evaluation process included an exhaustive review of next-gen banking platforms and was informed by independent outside expert consultants.
“Our decision-making process was extraordinarily rigorous because this platform will serve as the foundation on which we build relationships with customers,” said James Anthony, CEO of Martha’s Vineyard Bank. “Ultimately, the power of Finxact technology coupled with the Fiserv digital ecosystem, stability and knowledge of community banking was a very compelling combination.”
The Finxact platform is a comprehensive and extensible financial services model, accessible via API endpoints, that empowers financial institutions to deploy products and integrate third party solutions quickly. As such, it allows financial institutions to implement an iterative and incremental digital transformation strategy at a pace and scale of their choosing and in a manner that is complementary to their existing processes and infrastructure.
“The combination of Finxact and Fiserv is already delivering value to our clients by helping de-risk their modernization journey,” said Guy Chiarello, Chief Operating Officer at Fiserv. “We will continue to bring the next-gen technology of Finxact together with the breadth of the Fiserv ecosystem to enable clients like Martha’s Vineyard Bank and the Fintech Collaborative to execute their digital innovation strategies.”
Finxact is a next-gen core platform engineered to support the scale and regulatory requirements of a broad range of U.S.-based financial institutions. Its cloud-native core banking system provides 100% accessibility to all data and functions via a robust set of modern APIs, empowering financial institutions and their partners to rapidly deliver new experiences by creating products on demand and seamlessly integrating new services as needed. Learn more at www.finxact.com. Finxact is a Fiserv company.
ABOUT MARTHA’S VINEYARD BANK
Martha’s Vineyard Bank is a full-service bank headquartered in Edgartown, Massachusetts. Services offered include commercial and personal banking, trust, investment services, and insurance. The Bank operates 10 locations (plus Martha’s Vineyard Investment Advisors) and 18 ATMs on Martha’s Vineyard and in Falmouth, MA. Martha’s Vineyard Bank reports $1.2 Billion in consolidated assets as of December 31, 2021. Bank deposits are fully insured through the Federal Deposit Insurance Corporation (FDIC) and the Depositor’s Insurance Fund (DIF). Investment services provided by Martha’s Vineyard Investment Advisors, a wholly owned subsidiary of Martha’s Vineyard Bank. For more information, visit mvbank.com.