One, a digital banking startup that aims to provide financial services mainly intended for middle class workers, has chosen Finxact, which is a leading software-as-a-service (SaaS)-based core banking solution.
Established by Bill Harris, the former CEO at PayPal and Intuit, One will use Finaxct to help run its digital banking platform.
The One platform is currently available in private beta mode. The digital bank will officially launch during the summer months of this year. The neobank’s management notes that One will cater to the underserved market segment, which mainly includes middle-class US workers.
One aims to make it easier for middle-class Americans to gain access to credit. The company says it will assist clients with integrating their finances into a single, easy-to-manage account, which will make saving, spending and borrowing a lot simpler.
One is now using Finxact’s platform, which provides access to open APIs and extensible components in order to assist financial institutions with inventing, curating, and launching various products and services in a simple and efficient manner.
Harris remarked:
“In order to deliver on our vision of a single account, we required an extraordinarily elastic core system of record. Finxact anticipated this and built its core with the flexibility for banks to innovate quickly.”
Frank Sanchez, CEO and founder at Finxact, stated:
“We have been working extensively with the team at One to support their unique vision of the future of financial services and the customer experience. Their team has been able to concentrate on the customer proposition and experience, and leverage the real-time transactional, recordkeeping and regulatory features embedded in the Finxact SaaS platform.”
Finxact acquired $30 million in capital from various financial services companies last year, and is presently working with several US and international companies on initiatives ranging from full core conversions to all-digital projects.
Earlier this month, Backbase, an omnichannel digital banking solution provider, partnered with Finxact, in order to assist banks and credit unions with their digital transformation efforts.
The partnership between Backbase, a Netherlands-based digital banking software developer, and Finaxct aims to combine the best of online and mobile banking experiences from Backbase with a cloud-powered core banking solution from Finaxct.