Finxact, a Core as a Service banking provider, reveals that First Horizon Bank, the super-regional bank based in Memphis, Tennessee, has converted its VirtualBank brand from its legacy core to the Finxact Cloud-core.
The conversion represents a key milestone for the new era of Cloud computing in the financial services sector.
With the conversion, the regional bank has notably become one the first US financial institutions to convert a line of business from a legacy core to the Finxact core.
Finaxct core is described as the next-generation Core that has been natively developed for the Cloud. The conversion took place within 8 months of the bank’s project team signing Finxact as the go-forward core for its VirtualBank brand. With First Horizon now live, the number of US Finxact customers operating in production is currently 10, the announcement noted.
Frank Sanchez, CEO at Finaxct, stated:
“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.”
Anthony Restel, COO at First Horizon, remarked:
“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. 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 financial services model that’s offered via APIs. By leveraging its APIs and extensible components, banking institutions can invent, curate, and introduce products at the pace needed to address client expectations in today’s fast-evolving marketplace.