It all started on a Thursday with a phone call from our CEO, David: “Are you on top of this SVB thing?” By the end of the weekend, Silicon Valley Bank (SVB), one of the most storied banks in the technology industry, had collapsed, the FDIC had taken control, and our team had been all-hands-on-deck […]
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Category: Fintech
Open and Reusable Core API: Building a Universal Data Model for Fintech Integration to the Core
Integrating with the core is hard. In general, the challenges involve legacy systems, data security concerns, regulatory compliance requirements, system complexity, and vendor dependencies. The difficulty is further complicated because each banking core possesses integration nuances specific to its technology. Imagine the impact on innovation in financial services if those subtleties were addressed through standardization. […]
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American Bankers Association: Middleware Helps Banks Minimize Dependencies and Unleash Innovation
The American Bankers Association (ABA) released its 2022 Exploring Banking Middleware Solutions report detailing the strategic benefits of implementing middleware for banks. Community banks’ potential to innovate directly relates to their connection with the core banking vendor. However, according to ABA, nearly 42% of banks surveyed are dissatisfied with their core provider. As a result, […]
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Community FIs Need to go Beyond Banking Core Integration to “CICaaS”
Banks and credit unions require more than just integration between their banking core and other systems. Many community financial institutions (FIs) are looking for a connectivity solution that makes integration easy and repeatable, freeing them from the constraints of their core vendor. Once this solution is in place, community FIs often wish to build upon […]
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Is Your Financial Institution Paying Twice to Access the Data It Already Owns?
Although financial institutions (FIs) already know they must modernize infrastructure to survive and compete, many resist launching transformation initiatives. Fear of the new and unknown is a primary reason that FI decision-makers find themselves stuck in “traditional” methods. Financial technology and open source can be scary concepts until you thoroughly understand them. An API-led, open […]
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Why Every Bank and Credit Union Needs a Fintech Hub
When I joined PortX in August 2017, it was a scrappy startup with a reputation as one of the premier MuleSoft integration consulting partners (winner of two Partner-of-the-Year awards). At the time, PortX had begun its transformation from a pure-play integration consulting firm to a payment and integration software company focused on serving community banks, […]
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Open Banking: Answers to 3 Frequent Questions From Financial Institutions
Open banking enablement should be a big part of any conversation in financial services, whether you’re listening to the latest banking podcast, attending a conference, or talking with your vendor about a renewal. However, in the absence of regulated open banking standards in the US, the term’s meaning can vary significantly depending on the speaker […]
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FedNow Early Adopters Are Enabling Instant Payments Innovation With the Federal Reserve
We recently participated in the FedNow early adopter workshop. The goal of the two-day event was to accelerate connected financial institutions’ ability to support FedNow services. As one of the 120+ organizations participating in the Federal Reserve’s Pilot Program, we attended the event alongside our FedNow pilot partner, Choice Bank, to learn more about how […]
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Rapid Developer Enablement: Choice Bank & PortX Onsite Hackathon
In this post, Charles Colt, VP of Customer Engagement, provides a glimpse of how we work side-by-side with our customers as partners. This real-life portrayal comes from the recent joint hackathon we conducted with our client, partner, and investor, Choice Bank. The event was part of Choice’s PortX enablement roadmap to equip its team with […]
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