Finxact and KPMG Announce Alliance for Innovative Delivery of Banking & Advisory Services to Drive Banking Core Modernization and Embedded Finance Transformations
JACKSONVILLE, Fla., Nov. 21, 2022 /PRNewswire/ -- Finxact, a Fiserv company and a leading provider of the next generation core banking platform for the U.S. regional and super-regional banking sector, announced today its alliance with KPMG. As part of the strategic relationship, KPMG will advise and help digitally transform clients on the Finxact platform.
"Universal Banks, transaction-focused banks, ambient banks and fintechs are each facing unique challenges today that must be addressed with modern infrastructure. Whether that challenge is to reach new markets, improve unit economics, or embed finance we are confident that with KPMG's guidance and the Finxact platform we can help to enable new and winning digital experiences," said Scott Huie, Financial Services Advisory Principal, KPMG LLP.
KPMG is helping financial institutions across the globe build resilience into their business models to adapt to the pace of market disruption and innovation that is becoming the new normal. According to the latest KPMG Pulse of Fintech H1'22, banks are aiming to meet the increased demand for new and unique digital experiences to retain and attract customers, and are looking to implement next generation core technology to achieve this. This new alliance will combine KPMG innovation, digital design and systems integration capabilities with Finxact's next generation core banking platform to deliver differentiated customer experiences, enhance product speed-to-market and help improve cost efficiency. It will also enable banks to reimagine their operating models to compete nimbly nd enter new markets.
"This period of transformation requires modernization," said David Ortiz, Head of Partnerships at Finxact. "KPMG understands the way this manifests uniquely for different banking business models. Together we're combining technology and expert guidance to help our clients adapt and thrive."
Finxact is a high-performance, highly scalable, real-time banking platform that leverages an API-first extensible financial services model. By accessing its open APIs and extensible components, banks and fintechs can develop, test and launch products at the speed required to meet customer expectations in today's marketplace.
ABOUT FINXACT, a Fiserv Company
Finxact's core is an open banking platform engineered to support the scale and regulatory requirements of the largest financial institutions. Its cloud-native platform provides 100% accessibility to all data and functions via a robust set of modern APIs, empowering banks, fintechs, and their partners to rapidly deliver new experiences by creating products on demand and integrating new services as needed. Learn more at www.Finxact.com.
KPMG LLP is the U.S. firm of the KPMG global organization of independent professional services firms providing audit, tax and advisory services. The KPMG global organization operates in 144 countries and territories and has more than 236,000 people working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients. Some or all the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities. Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.
KPMG is widely recognized for being a great place to work and build a career. Our people share a sense of purpose in the work we do, and a strong commitment to community service, inclusion and diversity, and eradicating childhood illiteracy. Learn more at www.kpmg.com/us.
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