Finxact is first core banking provider to join Open API Initiative

Finxact is first core banking provider to join Open API Initiative

Core banking software provider Finxact has made its Open Core API available through its sandbox for fun times in innovation.

The firm says its API is transparent and granular, enabling banks to have full access to their customer data. Finxact adds that it is the first core banking provider to join the Open API Initiative. This consortium’s members include Google, IBM, Microsoft and PayPal.

Finxact CEO and founder, Frank Sanchez, says it’s “seeing increased interest from digital-only ‘parallel banks,’ large established banks, and vendors looking for a truly open core API that is flexible enough to evaluate and launch new products, new channels, even new brands”.

He adds that its architecture will “allow entrepreneurial bankers to think of core banking in the same way many companies test and scale API services like Twilio and SaaS [Software-as-a-Service] like Salesforce”.

Qualified banks, vendors, and partners can create their own sandbox at no charge, with a valid company email address and credentials at Finxact’s website.

Finxact was founded in 2016 and is headquartered in Florida. Its founders, Frank and Mike Sanchez, are also behind the Sanchez core banking system – one of the first real-time core processing solutions, built back in the 1990s. The Sanchez system was later sold to FIS and is known as Profile today.