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.”
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