Backbase partners with Finxact to help digitalisation of banks

Backbase, an omni-channel digital banking platform, has partnered with Finxact partner to help financial institutions across North America with their digital transformation.

The deal sees Backbase combine its portfolio of online and mobile banking applications with Finxact’s cloud native core banking platform. Through the combined front-to-back SaaS solution, clients can launch a greenfield bank in under three months.

Its joint service will also help financial institutions adopt new technology stacks which let them release new banking capabilities quicker.

The companies claim banks and credit unions will have 100% open architecture with the freedom to innovate, move away from vendor lock-in and significantly boost their go-to-market strategy. Clients will gain access to cloud-native core banking services.

Backbase, CEO Jouk Pleiter said, “This partnership provides banks and credit unions the opportunity to break free and reclaim control of their digital destiny.

“The combination enables the rapid launch of digital first greenfield bank operations by established banks and credit unions, or by new entrants in the fast-growing US fintech space. Both Backbase and Finxact share the same digital first DNA and we are super excited about the transformative impact we can make together.”

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