Live Oak, First Data Form Digital Banking JV
International paytech firm First Data and a bank in North Carolina, Live Oak, have partnered to form a new digital banking joint venture (JV) called Apiture, reports Paybefore sister publication Banking Technology.
The startup aims to help community banks compete with the industry heavyweights like Bank of America. Live Oak’s president, Neil Underwood, says the top five financial institutions in the U.S. “have teams of hundreds that are on their development sites.” Apiture, he says, “will allow other banks to acquire industry-leading technology to better compete with those large companies.”
Apiture will combine Live Oak’s cloud-based digital banking platforms, products and services and First Data’s digital banking solutions. The company will be based in Wilmington, N.C.
The JV will offer banking solutions including online and mobile platforms for consumers and businesses to manage bill payments, balance inquiries, funds transfers and mobile check deposits.
Last year, First Data introduced “Digital Banking Reimagined,” an initiative that evaluated the way consumers interact with their finances.
After more than 18 months of research and development, the company launched a new digital banking user interface to manage money in a mobile-focused way. This will continue under the JV.