Finxact Core System – It’s Different!
Guest: Michael Sanchez, Founder and President of Finxact
Podcast Show Notes:
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Topic: Finxact Core System – A New Generation of Core!
Insights from Michael Sanchez, Founder and President of Finxact
Based in Jacksonville, Florida, Finxact launched in 2017 with a mission to design, build, deliver and operate a new core banking system that could effectively replace legacy core systems and also serve as a platform for rapidly evolving digital banking requirements. The Company has an open system that runs on Amazon’s cloud and is paid for as a service with a per-user monthly subscription fee and little capital outlay and hardware maintenance. In January 2019, Finxact received $30 million in equity investments from the American Bankers Association, SunTrust Bank, Live Oak Bank, Woodforest National Bank, First Data and others. Following an 18-month period of product development, Finxact is now selling its product in the US – starting out with regional community banks such as Live Oak Bank and Woodforest. Finxact is the first core banking vendor to join the Open API Initiative. The Company provides access to their banking API’s directly from their website so any interested parties, even competitors, can interact with their technology as it continues to evolve. Now that’s different!
Michael Sanchez email: email@example.com
Michael Sanchez Biography
Michael Sanchez is the founder and President of Finxact. He also currently serves as Chairman and CEO of Savana, Inc., a fast-growing business process automation company serving the financial services marketplace. Mr. Sanchez has led Savana, Inc. for eight years, providing banking, mortgage origination and mortgage servicing for some of the largest financial institutions in the industry.
Prior to his current role, Mr. Sanchez served as the President of International Divisions of Fidelity National Information Services Inc. (FIS) (NYSE: FIS), where he led significant growth during his tenure. Prior to FIS, he was the founder and Chairman of Sanchez Computer Associates (NASDAQ: SCAI), a leading global supplier of core banking systems, which went public in 1998 and was acquired by FIS for $184M in 2004.
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Watch for episode 47 of This Month in Banking to be released on Wednesday, November 27, 2019 and a new episode on the last Wednesday of every month.
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