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BrightFi Services

Core Provider

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  • Functionality & Response to Areas of Focus

  • Quick Facts

Functionality & Response to Areas of Focus

Core Functionality

  • Consumer Banking: full suite of current account, deposit and transaction solutions
  • Commercial Banking: full suite of corporate account, multi-currency and commercial deposit solutions
  • Lending suite to configure consumer, commercial, mortgage, LOC or SMB products. Applications to support entire customer journey from origination to collections, including documentation auto-generation (on roadmap for Q1 2021)
  • Payments: domestic and international wires, ACH, embedded P2P capability and third-party integrations (e.g. Zelle)
  • Branch and teller products to support in-branch digital capabilities
  • BSA, KYC/AML solutions including automated workflows and AI/ML-supported identity verification, full digital onboarding
  • Active transaction monitoring in up-to-real-time
  • CRM
  • Customer, account and transaction data analytics tools
  • General Ledger and COA
  • Ability to integrate and operate alongside (or replace) with other legacy CBS

Firm's Response to Core Committee's Key Areas of Focus

  • BrightFi states that its customers deserve to own and access their data on demand, at no additional cost.
  • BrightFi states that it provides a fully managed cloud service, horizontal (container), no SQL partitioning by customer, as well as logical separation by customer ID across all services and engines.
  • BrightFi states that it provides customer data through real-time streams to data warehouses, through their core’s CRM application or RESTful APIs.
  • BrightFi states that data is gathered, stored, managed and retrieved/ shared in line with information protection and security requirements and best practices.
  • BrightFi states that virtualized data is stored within the permitted regulatory jurisdiction (i.e., U.S. data stored in U.S. cloud), including backup and disaster recovery.
  • BrightFi states that FDX compliance is included in the roadmap in 2021.
  • BrightFi states that its future-proof architecture and technology principles are based on an API-first approach. This enables it to evaluate, select and integrate the best providers of financial services technology quickly and in a cost-effective way.
  • BrightFi states that its approach is to rapidly integrate any additional third-party functionality not already available into its platform without burdening smaller institutions with development work and costs.
  • BrightFi states that for larger FIs with engineering headcount, BrightFi exposes APIs in a secure and reliable manner for integrations and development.

(Including Exclusivity, Coterminous Contracts, Deconversion Fees, Limitation of Liability, SLAs and Early Termination Penalties)

Bright Fi sates that:

  • No exclusivity provisions are included as standard provisions but can be negotiated by agreement.
  • Contracts are not coterminous by standard but can be negotiated with respect to the third party involved during contracting.
  • Deconversion fees are not included in contracts. Exit services are offered based on the published hourly rate, and compensation is tied to actual services performed. There are no express “deconversion fees” or other punitive provisions that present an exit barrier at the conclusion of a contract.
  • Limitations of liability are variable and negotiated with customer. While general liability is capped, BrightFi is willing to negotiate with customers to extend liability obligations for damage caused by BrightFi’s negligence.
  • Detailed SLAs and remedies are included in all contracts.
  • Early termination provisions are separately negotiated and tied to pricing structure, term and anticipated damage that may be incurred due to early termination.

Quick Facts

Quick Facts
Headquarters LocationPhoenix, Arizona
Websitebrightfiservices.com
Year Established2017
Ownership ModelPrivate
Regionally Focused or NationalNational
Number of Cores Offered1
Name of Core SolutionBrightFi
Number of US Banks on the Core1 live neo-bank, 1 configuration and build in progress; rollout for several clients planned in 2021
If not currently in market, plans to operate in the US by 2021?In market now with first scoping and builds underway.
FunctionalityFull core offering including GL, teller, lending, deposits, digital and ancillary products
Target Bank Asset SizeLess than $10 billion
Business StrategyBrightFi believes in banking local and helping the long tail of smaller U.S. banks modernize and innovate. BrightFi does this by delivering full-service, turn-key digital products and full cloud-based core services to smaller FIs to empower them to compete and stay ahead of the digital curve. BrightFi de-risks digital transformations by providing multiple implementation options—from single digital products to full core transition—avoiding rip and replace. BrightFi configures and builds the core solution with the bank while facilitating secure third-party integrations for additional features.

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Video

ABA Core Platforms Committee interview with BrightFi’s Michael Coghlan

Interview with Michael Coghlan, Founder and CEO, BrightFi

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