Apiture, a provider of virtual banking services, reveals that it has completed Live Oak Bank’s retail bank migration to Apiture Open.
After the deployment of Live Oak Bank‘s business banking experience using Apiture Open last year, the banking institution had further expanded the relationship to convert more than 60,000 deposit accounts from a traditional, legacy Core and in-house built virtual bank solution to Apiture’s API-first platform.
The service uses Apiture Open along with strategic partners Finxact, Savana, and Payrailz. Apiture Open enables Live Oak Bank to offer a unified experience for retail and business clients to originate, fund, and manage accounts.
After the migration process, Live Oak Bank will keep using Apiture Open’s APIs along with vertically oriented tech partners to expand the overall capabilities, efficiency, and analytics of their platform for the bank’s clients.
Chris Babcock, CEO at Apiture, stated:
“Live Oak Bank shows unwavering dedication to their customers, further reinforced by their commitment to provide the best digital experience in the industry. The Apiture team is proud to be a partner in Live Oak Bank’s journey, and we look forward to continued innovation on this cutting-edge platform.”
Apiture offers quality digital experiences for banking institutions and credit unions so they can meaningfully compete in a fast-evolving industry. The Apiture Open platform has been using APIs to curate all-digital services without any limitations for financial institutions.
James S. (Chip) Mahan, III, Live Oak’s Chairperson and CEO, remarked:
“This conversion marks the beginning of a new era in banking. Apiture and our ecosystem partners are crucial in delivering an open banking platform that allows us to treat each of our customers like the only customer in the bank. You simply cannot do that on legacy technology and we are thrilled to be live with Apiture Open’s next-generation platform to deliver on our mission to be America’s small business bank.”