Our team was excited and honored to be invited to the BankTech Ventures Summit last week. We would like to extend our gratitude to the ICBA (Independent Community Bankers of America), Carey Ransom, Managing Director at BankTech Ventures, Wayne Miller, Executive Director at The Venture Center, The Community Bankers Association of Illinois, and the participating community banks for hosting the three-day event. Additionally, we had the pleasure of presenting our technology solution alongside other fintechs including Innovation Refunds, Fintel Connect, NYDIG, and Adlumin – all members of BankTech Ventures’ portfolio. And it was good to catch up with our partner, DocFox, who was in attendance along with Unifimoney as part of BankTech Ventures’ accelerator program.
In today’s rapidly evolving financial landscape, community financial institutions (FIs) are embracing innovation and racing to differentiate themselves from the status quo. We were thrilled by the opportunity to present our vision for enabling flexible and reusable connectivity between banking cores and the new wave of fintech applications by helping CFIs:
- Attain banking core independence by implementing an API layer on top of the core. This allows FIs to efficiently integrate the banking core with any outside system instead of building them into the core code.
- Accelerate innovation by enabling rapid project turnaround, plug-and-play vendor relationships, and the ability to experiment, run extensive testing, and develop incrementally.
- Modernize the user experience via digital channels offered through intuitive design and simplified user experiences capable of delivering results in near real-time.
- Create a single view of customer data that enables bank employees to access all customer information from a single screen and provides bank executives with accurate reporting, enabling strategic decision-making.
“I was thrilled to have the ModusBox team present the capabilities of PortX for the 100+ bankers in our limited partnership,” said Carey Ransom, Managing Director at BankTech Ventures. “It was clear from my conversations afterward that PortX is the technology that banks need today to eliminate their dependence on banking core vendors, speed up their innovation cycles, and ultimately, deliver maximum value and impact to their customers.”
During our presentation, the team demonstrated the power of PortX using our virtual bank tool, which includes sandbox environments developed in partnership with Mambu, Fedwire, ACH, RippleNet, and others. The PortX integration platform creates an abstraction layer that facilitates and automates integration between any banking core vendor and external applications and fintechs. With our Mambu demo, for example, we can illustrate how easy it is for FIs to add or remove new fintech partnerships or even transition from one core vendor to another. For fintechs, once connected to the platform, they can easily add new partnerships with FIs through a series of simplified configurations.
Check out this short clip of the virtual bank demo. If you would like to see the full version in action for yourself, contact our team today for a personal walkthrough.