Thread Bank in Tennessee, US, has partnered with fintech giant Fiserv to implement the Finxact core banking platform as part of a move to scale its own suite of embedded banking solutions.
The community bank says the real-time core will allow “further scalability” throughout its deposit and payments infrastructure. Finxact offers a transaction engine and position keeping platform supporting over 2,800 API endpoints for third-party fintech integrations, and was acquired by Fiserv in 2022 for $650 million.
In addition to the partnership with Fiserv, Thread Bank also reveals that it has opted for the Interlace platform of banking technology start-up Infinant, which is to serve as an embedded banking layer for Finxact. Thread says the platform will provide the bank and its customers with a user interface “to access and manage Thread’s embedded and core banking capabilities along with payment processing”.
The latest advancements to Thread Bank’s digital strategy are now being led by Marty Miracle, who was hired as chief digital officer earlier this month.
Source: https://www.fintechfutures.com/
