Live Oak Bank, a subsidiary of Live Oak Bancshares Inc. based in Wilmington, North Carolina, has converted its retail and commercial deposit accounts to Finxact's core platform. This cloud-native open core solution provides API connectivity to all of the bank's 16 retail suppliers, according to a press release.
With the platform's open APIs, banks can create and launch products faster than before to meet customer needs.
"We had a vision for the way a modern core could be a platform for the business of banking. The Finxact team has delivered that platform," Chip Mahan, chairman of Live Oak Bank, said in the release. "I believe they brought a unique combination of technical innovation and US banking expertise to the table giving us the ability to convert swiftly and run nimbly on next generation technology."
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