Archway, a firm that provides a single access point to connect any banking platform to third-party financial software providers, has bagged $15m.
The company also launched its platform for banks to modernise and personalise digital customer interactions. The round was led by Madrona and WaFd Bank.
Archway’s platform enables banks to easily integrate their core banking products into the latest web, mobile, voice, and AI technologies. Archway said that it centralises the data from disparate systems and allows banks to have a holistic view of their customers to serve their banking needs better.
Archway provides a single access point through an API to seamlessly connect a bank’s core internal technology stack to consumer-facing applications. These applications could be anything from budgeting apps to loan application workflows.
Archway also helps banks consolidate and integrate their data safely, providing one source of truth for decision support and untangling the complexity of merging back-end systems.
Archway president Dustin Hubbard said, “The consumer fintech revolution has reimagined what is possible for banks, but the technology is hard to build and expensive to integrate. Banking infrastructure is heavily regulated, and many banks have systems that work well for the business of running the bank but are not optimized for customer service, which puts the bank at a disadvantage.
“With a cloud-native approach, we are abstracting the complexity for banks and enabling them to easily integrate the technologies their consumers want.”
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