Finxact, a provider of the next-gen core banking platform to the US regional and super-regional banking sector, recently announced that Battle Financial, Inc., an Eagle County Colorado-based firm building Battle Bank, chose Finxact as its platform for banking operations.
Battle Bank is now set to launch in the second half of 2022. The bank is being led by two pioneers in the direct banking sector, Frank Trotter and Vincent Amato. Both were part of the former group of founders of everBank.com, which was “eventually acquired at just over $27 billion in total assets by TIAA in June 2017.”
Trotter served as President of EverBank Direct, headquartered in Jacksonville, “for 17 years, guiding the direct bank through nearly two decades of profitably serving its customers with a broad range of banking, global markets, and non-FDIC precious metals products.”
Amato, co-founding partner of everBank.com in 1998, “served as Head of Banking Operations for 21 years.”
Finxact, established in 2017, has emerged in only five years as a “disruptive force in core banking, challenging the incumbent providers with both technology and terms of service that are upending decades of business as usual.”
Vincent Amato, COO, Battle Bank, stated:
“As an open core, Finxact is a platform for the business of banking that has empowered Battle Bank to be the author of a bespoke product ecosystem, selecting the solutions from the best-in-class providers that we believe will best serve our customers. This level of control and agility is a competitive advantage that with Finxact we will be making part of our foundation.”
Ryan Victor, Chief Revenue Officer, Finxact, remarked:
“We are honored to be selected by Battle Financial, Inc. as the core platform for Battle Bank’s product and service delivery. Throughout our engagement with the bank, it was evident that Vincent and his team wanted a partner that could be flexible and agile as they evaluated prospective solutions for their ecosystem. This selection is validation that Finxact continues on the right path.”
As covered, Finxact’s headless core is “a SaaS platform engineered to support the scale and regulatory requirements of the largest U.S.-based financial institutions.”
Its Cloud-native core banking system “provides 100% accessibility to all data and functions via a robust set of modern APIs, empowering banks and their partners to rapidly deliver new experiences by creating products on demand and integrating new services as needed.”
As noted in the update, Battle Financial, Inc. is building Battle Bank as “a next-generation branchless, direct bank to help savvy consumers rid themselves of their existing banking institutions that continue to offer little to no value in their financial relationships.”
Battle will “offer traditional high yield FDIC Insured deposit products as well as opportunities to diversify out of the US dollar into nearly 20 foreign currencies and non-FDIC insured precious metals accounts, all in one customer view and relationship.”
Battle Financial, Inc. is “actively seeking its national banking charter and is tentatively scheduled to launch the bank in the second half of 2022.”