Finxact, an enabler in Core as a Service banking, announced that First Horizon Bank, the super-regional bank based in Memphis, Tennessee, converted its VirtualBank brand from its legacy core to the Finxact cloud-core over the July 4th holiday weekend.
The successful conversion marks a major milestone for the era of cloud computing in financial services. With the conversion, the regional bank becomes the first US financial institution to convert an existing line of business from a legacy core to the Finxact core, the next-gen core that was natively designed for the cloud.
The successful conversion occurs within eight months of the bank’s project team signing Finxact as the go-forward core for its VirtualBank brand. With First Horizon live, the number of US Finxact clients operating in production is now 10.
“We congratulate the First Horizon team for being the first bank to convert from a legacy core to the Finxact platform. Many of our clients begin core transformation by creating new digital banks, and that’s a pragmatic approach. But First Horizon built customer momentum into their transformation by identifying and migrating an existing line of business that was running on a legacy core. The industry should take note of their approach,” said Frank Sanchez, CEO and Founder of Finxact.
“Our conversion to the Finxact core over the weekend was completed expertly and precisely. I congratulate the teams, both internal and external to the bank, on the careful planning and preparation that ensured that,” said Anthony Restel, Chief Operating Officer for First Horizon. “This is the front-foot start we wanted in our transformation journey, positioned from the core to lean into all the tech and innovation that’s coming to banking.”
Finxact is a high performance, highly scalable, real-time position keeping platform that includes a comprehensive and extensible financial services model exposed as APIs. By accessing its open APIs and extensible components, banks are able to invent, curate, and launch products at the speed required to meet customer expectations in today’s marketplace.
