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Finxact

Core Provider

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  • Functionality & Response to Areas of Focus

  • Quick Facts

Functionality & Response to Areas of Focus

Core Functionality

  • Finxact Party Model (enterprise-wide customer, and non-customer, information management model)
  • Busines Rules Engine
  • Consumer deposits
  • Consumer lending (secured and unsecured)
  • Commercial deposits
  • Commercial lending (coming soon)
  • Product-agnostic configuration/parameterization (via UI or API)
  • Real-time transaction engine and system of record
  • Extensible banking model
  • Real-time GL balances and extracts
  • Standard reports and ETL extracts
  • Core and Model APIs (2,600+ API end-points)
  • Cloud infrastructure, compute and storage (AWS, IBM Cloud and Microsoft Azure)
  • Finxact Core Servicing user interface (transaction entry, exceptions management, customer record add/update/inquiry, account/position inquiry/maintenance, etc.)
  • Finxact Console user interface (product configuration, GL configuration, bank parameterization, standardized reports/ETLs, multi-calendar management, transaction templates, reconciliation, processing management, extension, training and more)
  • Real-time eventing framework and enterprise message queue
  • Core reporting database
  • Network security (SaaS)
  • Business continuity (SaaS)
  • Mortgages on the roadmap
  • Credit Cards on the roadmap
  • Disaster recovery (SaaS)
  • Rolling upgrades (SaaS)
  • Warm back-ups (SaaS)

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

Finxact states that they leverage a single production PostgreSQL database (per customer) as its persistence layer, rather than creating data silos across system of record functions, as is prevalent in many legacy cores. Finxact provides direct access, down to the model and property levels, via its real-time RESTful APIs. The solution also hosts a production replica Finxact core reporting database for use in any business intelligence, data lake or data warehouse scenario. Finxact’s extracts may also be used as a source of data to third-party reporting utilities where custom reports may be created. Finxact has also implemented temporal database features in support of real-time processing accuracy and reporting/analysis optimization.

Finxact states that their REST API-first design fully supports the consumption of external APIs or integration with a third-party aggregator of any kind. In addition, Finxact states that they provide a real-time eventing framework. In which any update, or change of state, within the core can be delivered to an enterprise message queue for use by third-party applications (SMS/email, fraud/AML detection, PFM, etc.). Finxact’s extensible banking model and robust suite of model/core APIs supports the ability to rapidly integrate with any best-of-breed thirdparty provider. Extension of the Finxact core supports customization of the classes, properties, configuration, DDL and the APIs themselves, all within a single line of code. Finxact’s customers have found that its APIfirst design (2,600+ API endpoints) and extensibility have enabled rapid integration with third-party utilities across the spectrum of their usecases and technology stack. Finxact has been designed with support of global open banking initiatives in mind. 

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

Finxact states the following:

  • No exclusivity provisions.
  • Coterminous contracts are not applicable as this is a single subscription model.
  • No deconversion fees.
  • Does provide Limitation of Liability and SLAs.
  • No early termination penalties.

Quick Facts

Quick Facts
Headquarters LocationJacksonville, Florida
Websitefinxact.com
Year Established2016
Ownership ModelPrivate
Regionally Focused or NationalNationwide
Number of Cores Offered1
Name of Core SolutionFinxact Core as a Service (CaaS) 
Number of US Banks on the Core7
FunctionalityCloud-based, real-time transaction engine and system of record for loan and deposit products.
Target Bank Asset SizeCommunity banks to Tier 1 financial institutions
Business StrategyFinxact states that their primary business strategy is to drive innovation and modernization within the banking and financial services industries with its modern core banking platform. Finxact has been designed from the ground up as a truly real-time, cloud-native and 100 percent API-driven system of record that enables its customers to compete, leverage modern best-ofbreed technology and future proof their technology stack. Additionally, Finxact has designed a new commercial approach to core banking with its volume driven, subscriptionbased pricing model, eliminating long-term contracts, large upfront licensing fees and ongoing maintenance costs.

18:36

Video

ABA Core Platforms Committee interview with Finxact’s Ryan Victor

Interview with Ryan Victor, Chief Revenue Officer, Finxact

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