Fintech: Southeast News

Fintech Southeast News curated each weekday for Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee

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Posted August 12, 2021

 

Finxact, the leader in Core as a Service banking, announced today that First Horizon Bank, the super-regional bank based in Memphis, Tennessee, successfully converted its VirtualBank brand from its legacy core to the Finxact cloud-core over the July 4th holiday weekend.

The successful conversion marks a major milestone for the era of cloud computing in financial services. With the conversion, the regional bank becomes the first US financial institution to convert an existing line of business from a legacy core to the Finxact core, the next-gen core that was natively designed for the cloud. The successful conversion occurs within eight months of the bank's project team signing Finxact as the go-forward core for its VirtualBank brand. With First Horizon live, the number of US Finxact clients operating in production is now 10.

"We congratulate the First Horizon team for being the first bank to convert from a legacy core to the Finxact platform. Many of our clients begin core transformation by creating new digital banks, and that's a pragmatic approach. But First Horizon built customer momentum into their transformation by identifying and migrating an existing line of business that was running on a legacy core. The industry should take note of their approach," said Frank Sanchez, CEO and Founder of Finxact.


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