September 20, 2017 10:13 AM ET

Software

Company Overview of Finxact LLC

Company Overview

Finxact LLC designs and develops Core-as-a-Service platform for the banking industry. Its public cloud/private Core-as-a-Service platform allows banks to construct the products, services, and markets they choose. The company was founded in 2016 and is headquartered in Jacksonville, Florida.

3500 Sunnyside Drive

Jacksonville, FL 32207

United States

Founded in 2016

Phone:

866-834-6922

Key Executives for Finxact LLC

Co-Founder and Chief Executive Officer
Age: 59
Co-Founder
Age: 59
Co-Founder and Chief Product Officer
Co-Founder and Chief Technology Officer
Co-Founder and Chief Marketing Officer
Age: 54
Compensation as of Fiscal Year 2017.

Finxact LLC Key Developments

Finxact Announces Expanded Sandbox Capabilities for Open Core-as-a-Service Banking

Finxact announced the availability of new features in its sandbox for qualified banks and ancillary service partners to begin exploring, innovating, and building novel products, mobile services, and modern banking capabilities. These new features are part of Finxact's Core-as-a-Service being launched in full-scale operations late this year with one of its first customers. Finxact's sandbox and Open Core API allows banks and partners to launch new products, services and markets with minimal disruption to legacy and ancillary systems. The new features which are available immediately will enable banks to begin testing new or parallel operations, and even use their existing customer system of record. The Finxact Core as a Service is designed to allow banks to easily migrate from their current batch processes to "all-the-time real-time" without windows, batches, phases or stages. Key new Finxact sandbox features include: Transaction templates " Combine configuration tables with dynamic transaction templates to rapidly create complex transactions in configuration instead of code, thus eliminating costly development time and maintenance. Payment orders /ACH /electronic transfers " Accept and post ACH payments and other electronic transfers with straight through processing, greatly improving back-office efficiencies. Multiple positions per account " Unlike most core systems that support only a single position or balance per account, the Finxact Core-as-a-Service supports 1 to many positions per account, thus enabling novel account products and services such as ladders and accounts with multi-currency positions. Over time, banks may choose to use the Finxact Core-as-a-Service for both their banking products and brokerage products with accounts holding multiple security positions. Real-time as-of position " To support a true batchless, real-time infrastructure, the Finxact core implements database features and accessible API's that can retrieve account positions as-of any point in time enabling next generation real-time services while also reducing operational costs associated with offline reconciliations and processing. Finxact's Open Core API is the most open and transparent core banking API available. Finxact will continue to expand its capabilities, exposing APIs for connecting ancillary services, creating rules, configuration, and accessing transaction, customer and product data. As Finxact expands its partner ecosystem, banks will have the option to connect to Finxact's Core-as-a-Service through its APIs and/or through Finxact's partners.

Finxact Appoints Jim Joyce as Chief Technology Officer

Finxact announced it has appointed Jim Joyce, as Chief Technology Officer. Joyce, who joins the Company with nearly 30 years of experience in the banking and financial technology industries, will spearhead Finxact's participation in the Open API Initiative (OAI) as well as its developers' program. Most recently, Joyce held the position of Chief Technology Officer at Zenbanx. Joyce also served as SVP, R&D and VP, Architecture Usability and Tools at Fidelity National Information Services (FIS). Joyce joined FIS with the company's acquisition of Sanchez Computer Associates in 2004.

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