BetaBank has selected Finxact, part of Fiserv, to power its product ecosystem, according to a release.
BetBank is still working on the regulatory side, having applied for a banking charter earlier this year.
BetaBank is said to be working on a fully automated digital lending platform designed to remove inherent decisioning bias from traditional underwriting processes for small businesses. As a digital bank, it will have the ability to lend across the country, but says it is focused on the Chicago-area community of small businesses.
Ryan Victor, Chief Revenue Officer of Finxact, said that BetaBank is the future of banking, fully automated transparent and fair able to serve SMEs as well as sole proprietors.
“The opportunity to start a bank from scratch presents us with a host of exciting and consequential decisions, among them which core system to use,” commented Seke Ballard, Founder and Chairman of BetaBank. “We considered very carefully our options and concluded that Finxact will create a distinct competitive advantage for the bank.”
