904 356-JOBS (5627)

904 356-JOBS (5627)

(Courtesy of the Jacksonville Business Journal) – Since completing its massive merger-of-equals with IberiaBank — a move that ballooned its assets to more than $80 billion — First Horizon has repeatedly made new technological investments.

In September 2020, the institution announced the launch of ClearPath Fast Payments, a program that will give businesses the chance to disperse and receive funds at any point in the day. Then, in October, the bank revealed it had moved clients to NCR D3, a digital platform hosted by Amazon Web Services (AWS) and managed by the Atlanta-based software company NCR.

Now, First Horizon has made another move, selecting the software of Finxact — a Jacksonville-based fintech company — to underpin the product and service delivery of VirtualBank, an operation it gained in the merger with Iberia.

“VirtualBank’s conversion to the Finxact cloud core is an important step in First Horizon’s overall efforts to modernize infrastructure and product delivery,” Anthony Restel, First Horizon’s COO, said in a press release. “This is an opportunity to test and learn the most efficient and effective ways to serve our clients in the future.”

Finxact provides an open and customizable digital backbone for financial institutions to conduct daily operations, facilitate mobile applications for consumers, deploy artificial intelligence, and more.

The business took its product to the market in 2019, after scoring $30 million in fundraising from organizations like Accenture Ventures, SunTrust Bank (now Truist), and the T.N. Incorporation of Thailand. It also received an investment from the American Banking Association (ABA), becoming just the second company to do so.

At the time, ABA president Rob Nichols said it would “challenge the entire industry.”

Finxact logo courtesy of Finxact

https://www.bizjournals.com/jacksonville/news/2021/02/05/first-horizon-invests-in-finxact.html?ana=e_me_prem&j=90549327&t=Morning&mkt_tok=eyJpIjoiTkRZNFpqTTROMk0xTldJNCIsInQiOiJvRTl5clVOWDI0NmhmZG9DNGkzZHJEVWM2QlpWajFLWEl2cGhETG5BUmZ0ak53WDB6bU8xUFhYNXdjdG8wR1BXQjJaSkwxZVZDaWJaRDlHaVJ1anpUOFZuaU5EcXl4cmlkWng5c0R0czBob0dCc2NlZ29pUFgyWk5RWERjdU54XC8ifQ%3D%3D