CBSC Partners With PortX to Provide Core Integration Solutions

CBAI Members Have Access to a Complimentary Integration Assessment and Plan

Springfield, IL. (September 27, 2022)—Community BancService Corporation, Inc. (CBSC), the business services subsidiary of the Community Bankers Association of Illinois (CBAI), the state’s largest bank trade association dedicated exclusively to representing the interests of Illinois community banks, announced it has entered into a strategic partnership with PortX, Inc. (formerly ModusBox), the financial infrastructure and integration technology company that enables community banks to eliminate dependencies on banking core vendors through its Integration-Platform-as-a-Service (IPaaS), an API-based management solution that unlocks access to banking core data, accelerates fintech partnerships, and speeds up new product launches.

“The digital transformation is well underway in banking,” said Doug Parrott, CBAI Board Chairman and President & CEO at State Bank of Toulon. He added, “As community bankers develop plans to implement new technologies that will increase operational efficiencies and better serve their customers, the challenge always seems to be accessing their core in a timely and cost-effective manner. The PortX IPaaS API management solution will help community bankers develop an integration strategy that will be the foundation for launching new products and applications quickly and affordably for many years into the future.”

The agreement provides for member discounts and a free virtual-based architectural assessment and plan for all CBAI members who request it. “Currently, the integration plan for most community banks looks like spaghetti with many cables connecting to different points,” said David Loundy, Chairman of the Board at Devon Bank, Chicago, and a member of the CBAI Board of Directors and the CBSC Innovation Committee, which discovered PortX. He added, “implementing a PortX-developed plan could reduce those connection points to just a few, possibly reducing interface charges from the core and speeding the launch of new products from 9-12 months to just a few weeks, and enable us to select best of breed solutions, which is why we engaged PortX for our bank.” He concluded, “You’ll never keep up with the competition if you’re not innovating.”

“Community banks are up against big bank competition with billions in their annual tech budget; they face a new breed of bankers in the form of niche and neo banks; and they have to decide what to do with the onslaught of new fintechs and embedded finance solutions available,” said David Wexler, CEO of PortX. “This partnership will accelerate our work with CBAI member banks to leverage their existing core data through a modern approach to API management, allowing them to unlock faster development cycles and interchangeable fintech partnerships – on the bank’s terms, not the other way around.”

For more information about PortX integration services for community banks, please contact David WexlerStephanie Rush, or Mike Kelley, CBSC President at 1-800-736-2224.

PortX Launched as New Entity by ModusBox and Secures $10M in New Funding for Total Combined $17.5M Series A

  • PortX spinoff creates two groundbreaking companies better able to serve their target markets and stakeholders.
  • Fuse and BankTech Ventures invest $10M in PortX to accelerate next-gen connections between community financial institutions and fintechs. 
  • ModusBox focuses on the development and support of inclusive and interoperable international real-time payment network infrastructure.

 

By David Wexler

SEATTLE, WA – ModusBox’s Board of Directors has approved a plan to separate PortX Inc., our North American-based integration software business for community financial institutions, from our Mojaloop development and support team delivering real-time payment infrastructure and financial inclusion initiatives. Additionally, I’m pleased to announce that PortX has closed a $10M Series A funding round with Fuse and BankTech Ventures to propel company growth and scale product capabilities.

With some luck, we built two companies

In 2013, along with Co-founder and CTO, Kent Brown, I started ModusBox to build a premier services team of integration experts and develop a tool for simplified B2B integration and EDI messaging for the logistics industry. We bootstrapped the company by investing funds from consulting services back into R&D for the software.

During this time, we completed several integration projects for community financial institutions (CFIs) – namely, banks and credit unions. In the process, we learned that the financial services industry was in dire need of modern integration capabilities and that the CFI market demanded a solution tailored to their needs instead of the typical general-purpose integration technologies available. This led us to develop our integration platform, PortX, which proved its flexibility as it easily adapted to solve the typically complex challenges faced by CFIs when integrating disparate applications and digitally connecting to fintech partners.

We pivoted the business and invested in the PortX platform by expanding functionality and building reusable API-centric integrations for financial service technologies. Soon, the PortX platform gained traction in the financial services marketplace as a leading integration and infrastructure technology connecting CFIs and fintechs.

Our expertise in solving application integration challenges in the financial arena also led us to design and develop Mojaloop – the first open source software for interoperability in real-time payment networks. This was a defining achievement for ModusBox as it set us on a trajectory to help solve financial inclusion challenges globally. In the process, we added some of the brightest technologists working on real-time payments solutions to our team and quickly gained a reputation as a payment industry leader.

ModusBox became a member of the Mojaloop community and one of the primary contributors, building and supporting this groundbreaking open source payment network. Elements of the PortX platform enhanced Mojaloop usability by simplifying the onboarding process for CFIs joining a Mojaloop-based payment network.

These parallel developments are what lead us to today’s announcement.

Motivation for spinning off PortX

For several years, ModusBox has operated complementary yet independent sides of its business: Supporting Mojaloop to develop, deploy, and operate an open source real-time payment network (ModusBox) and delivering a world-class iPaaS for the financial services industry (PortX). Inevitably, a corporate reorganization was necessary to maximize the potential for each side of the business and magnify the value they offer their respective customers.

As separate entities, ModusBox and PortX are empowered to:
  • Realize additional financial security as a result of a capital structure change;
  • Independently pursue strategic objectives with financial targets that more appropriately match the distinct market-fit opportunities;
  • Seek capital investment and other partners that pursue similar business objectives;
  • Efficiently allocate capital, technology, and team resources in a manner best suited for each company’s strategic goals;
  • Execute on key performance indicators that align with improved profitability forecasts;
  • Foster unique company cultures, benefits, and career opportunities for team members in harmony with distinct geographic customs and company missions.

Meet PortX’s Series A investors

This funding round is led by FUSE and BankTech Ventures, and they join Patamar Capital, Choice Bank, and American Capital Partners – our investors from the $7.5M Series A round we announced earlier this year – to bring the total combined value of the Series A round to $17.5M.

FUSE is a venture capital firm based in Seattle that launched in 2020 as a spinoff from Ignition Partners – a well-respected firm that invested in Seattle technology startups for 20 years, including the likes of DocuSign and iCertis.

“FUSE invests in Pacific Northwest-based technology businesses with an unmistakable drive for solving the biggest industry challenges that organizations face today,” said Brendan Wales, Founding Partner at FUSE. “PortX fits perfectly into our portfolio because its platform unlocks innovative new solutions, fintech partnerships, and speed to market for community financial institutions struggling to keep pace with big bank competitors with even bigger budgets.”

I’m pleased to have BankTech Ventures join this funding round. The firm participated in ModusBox’s $7.5M Series A round at the end of April and has played an instrumental role in our success this year by introducing PortX to CFIs throughout their network.

“We were thrilled to double down on our investment and partnership with PortX. Just in the last four months, we’ve observed firsthand the benefits that PortX’s seamless integration platform provides to our network of banks,” said Carey Ransom, Managing Director at BankTech Ventures. “We are excited for the increased focus that the new PortX entity will have on the community banking world and working with the team to open new, innovative opportunities and fintech connections for our banks.”

Partnering with Fuse and BankTech Ventures will scale PortX as an industry leader that connects CFIs to the new crop of fintech partners that are revolutionizing the industry.

Independent company focuses with a common mission

The spinoff creates two independent companies focused on solving unique challenges for the variety of customers we serve across distinct sectors of the financial services landscape and better positions each entity to unlock its full market potential.

ModusBox Inc. will operate payment infrastructure for financial inclusion initiatives, particularly throughout Southeast Asia and Africa. The company remains committed to the ongoing design, development, and advocacy of Mojaloop technology and interoperability in Mojaloop-based real-time payment networks.

PortX Inc. will focus on providing best-in-class integration solutions to CFIs and fintechs, including the PortX platform – the Integration-Platform-as-a-Service (IPaaS). The company will strive to grow the technology to support global transformation and API capabilities for CFIs.

Despite the differences between ModusBox and PortX, our companies remain focused on a shared mission to create universal access to reimagined financial services that improve people’s lives.

Here’s to what’s next

Today is the most significant moment in the history of ModusBox and PortX, but it’s also just the beginning.

To the team that made this possible – thank you and congratulations. Few organizations ever realize the level of success we’ve had – let alone the success that both of our businesses have achieved.

To our customers, partners, and investors – without you, we wouldn’t have had the runway to get in the air. Thank you for your business and your support.

I’m excited to see ModusBox continue to succeed with its focus on enabling interoperable, instant payment systems that drive financial inclusion in parts of our world where vulnerable people need it most. And I’m looking forward to accelerating PortX’s advancement as a leading integration and infrastructure company that transforms the business model of CFIs and fintechs.

About PortX

PortX is a technology company focused on financial services integration software that unlocks access to banking core data, eliminates vendor dependencies, and enables embedded banking-as-a-service solutions. We help financial institutions empower their teams to connect to fintech partners and real-time payment networks like Zelle®, ACH, Fedwire, Mojaloop, and others. Our solutions enable interoperability between internal systems and member services such as online banking, credit checks, mortgage and loan applications, and others, allowing for a timely and accurate view of customer data. For more information, please visit www.portx.io.

About ModusBox

ModusBox is a global software company delivering equitable and inclusive financial services by driving participation in real-time payments. It maintains a leading role in the Mojaloop community through contributions to the core solution and development of adjacent capabilities. ModusBox supports government, industry, and commercial organizations with scheme creation, hub business operations, and technical operations for self-hosted or cloud-based Mojaloop real-time clearance solutions. The company provides financial institutions with training and integration through the Payment Manager onboarding and participation tools. Its enterprise support licenses ensure dependable service by covering implementations of core solutions or the participation service used by connected financial institutions. For more information, please visit www.modusbox.com.

About FUSE

FUSE is an early-stage venture capital firm investing in Pacific Northwest-based Seed and Series A companies that are reinventing the modern economy with software. FUSE is committed to supporting the next generation of B2B technology entrepreneurs building category-defining businesses of lasting value. Founding Partners Kellan Carter, Brendan Wales, and Cameron Borumand are joined by Venture Partner and 8-time Pro-Bowler Bobby Wagner, as well as Senior Operating Partners John Connors and Satbir Khanuja. The strategic LP base includes current and former executives at the Pacific Northwest’s top companies, including Microsoft, Amazon, Nike, Starbucks, Costco, T-Mobile, Avalara, DocuSign, Smartsheet, and many more. For more information, please visit www.fuse.vc.

About BankTech Ventures

Established in 2021, BankTech Ventures, LP is the first venture fund created for and by key leaders in community banking, bank technology, and fintech. BTV serves the community banking ecosystem through strategic investments, education, and collaboration with its limited partners and ICBA members by delivering a de-risked and/or fully vetted network of leading and emerging bank technology companies to enhance a community bank’s value, as well as aim for strong returns from the underlying investments in these companies. For more information, please visit www.banktechventures.com.

ModusBox Secures $7.5 Million in Series A Funding to Accelerate Innovation for Community Financial Institutions

Milestone investment led by Patamar Capital will be used to propel the company’s growth, scale product capabilities, and expand fintech partnerships, empowering IT modernization for financial institutions.

SEATTLE, WA – ModusBox, the infrastructure and integration technology company for financial services, today announced the close of a $7.5 million Series A investment. The round is led by Patamar Capital, a social impact fintech venture fund, and co-led by Choice Bank, a leading sponsor bank. BankTech Ventures and American Capital Partners also participated in the round.

ModusBox was founded in 2013 and took on the challenge to improve lives by accelerating universal access to reimagined financial services. The company developed PortX, the Integration-Platform-as-a-Service (iPaaS) for the financial services industry, and collaborated to build a new class of real-time payment networks as one of the founding members of the Mojaloop project. Today, PortX is an industry-leading technology for community financial institutions (CFIs) that unlocks access to banking core data, eliminates vendor dependencies, and creates simplified connectivity for the new wave of fintechs and real-time payment networks that are reshaping the global financial system.

The company will use the new funds to accelerate the development of its PortX products, drive key partnerships with advanced fintech solutions, and continue its contributions to the Mojaloop real-time payments ecosystem. The funds will also scale the company’s recruiting, marketing, customer success, and engineering groups as ModusBox responds to rapidly growing demand.

CFIs leverage PortX to scale their IT infrastructure and organizational capabilities in developed economies to compete with big banks and deliver modern financial services to their customers. In developing countries, millions of people rely daily on microfinance institutions and other small lenders to support their livelihood and thriving economies. These small financial institutions can utilize the suite of ModusBox-supported solutions to simplify connectivity to real-time payment systems and minimize the operational costs and technical challenges of participating in a modern national payments infrastructure.

“At Patamar Capital, we invest in generation-defining companies that unlock better economic opportunities for low-income communities across various industries, including financial services, SME digitization, education, healthcare, and agriculture,” said Geoff Woolley, Co-Founder and Partner of Patamar Capital. “ModusBox is a perfect fit for our portfolio because the PortX platform and Mojaloop support the underlying national-level infrastructure and the participating financial institutions that are connected. This two-pronged approach is vital to unlocking sustainable economic opportunities for individuals and small businesses in emerging economies.”

“Choice Bank is proud to have been a long-time customer and strategic partner of ModusBox,” said Tim Heilman, Chief Innovation Officer of Choice Bank. “We have observed firsthand the evolutionary progression of the PortX platform and were happy to partner with ModusBox as the sponsor bank for its ‘Fedwire-as-a-Service’ solution. Our partnership with ModusBox has allowed us to explore innovation and delivery of banking services in new ways and are excited by the possibilities of what this means for our customers. We are thrilled to join the round and continue partnering with ModusBox in its mission to serve the communities and people who don’t currently have access to banking services.”

“We’re eyewitnesses to the difficulties that community banks experience when trying to innovate and work with fintechs, especially as they have to navigate their core provider challenges and limitations,” said Carey Ransom, Managing Director at BankTech Ventures. “ModusBox is the ideal industry partner to ease integration effort, allow for re-use, and accelerate banks’ opportunities to build and launch new solutions for their customers. As the community bank ecosystem fund, BankTech Ventures believed that world-class integration capabilities was a key investment mandate for us, and we found ModusBox to be the clear leader. We’re excited by the opportunity to work with them, and we’ve already seen tremendous interest and support from our banks.”

“The global financial services industry is in the middle of a massive transformational shift fueled by unprecedented social behavioral changes, red hot consumer demand, and new technologies introduced daily,” said David Wexler, Founder and CEO of ModusBox. “We could not be more excited to partner with Patamar Capital, Choice Bank, BankTech Ventures, and ACP in this round. Our goal is to accelerate digital transformation for our CFI customers, enabling them to embrace the new era of open banking and embedded finance with the fintech partnerships and crypto solutions their customers want. Our investors share in our mission to facilitate financial inclusion and will play an instrumental role in helping us drive worldwide interoperability and participation in national-level real-time payment networks.”

About ModusBox

ModusBox is the infrastructure and integration technology company focused on open banking solutions that unlock access to banking core data, eliminate vendor dependencies, and simplify connections to fintechs and real-time payment networks. Our PortX platform is the iPaaS (Integration-Platform-as-a-Service) built for financial services. It helps financial institutions empower their teams to connect to real-time payment networks like Zelle®, Mojaloop, ACH, Fedwire, and others. In addition, our solutions enable interoperability between online banking, credit checks, mortgage and loan applications, and other internal systems allowing for a timely and accurate view of customer data. For more information, please visit www.modusbox.com.

About Patamar Capital

Patamar Capital (“Patamar”) is a leading impact venture capital firm investing in early-stage technology companies to transform the lives of the emerging middle class. Patamar works with entrepreneurs to build sector-defining business models, drive economic impact, and generate top-tier financial returns. Patamar is founders’ trusted thought partner throughout their growth journey by fueling ambition, weathering tough times, and expanding across geographies. Patamar is currently investing out of Patamar Fund II and manages its Proof-of-Concept portfolio, Patamar Fund I, and the Investing in Women fund. Through these four funds, the management team has invested in more than 30 companies, many of which have grown quickly, scaled to reach large populations, and had financial success. For more information, please visit www.patamar.com.

About Choice Bank

Choice is more than just a bank. As a People First organization, we provide a wide array of innovative financial solutions to make banking and managing finances easily accessible from anywhere. Our People First approach led us to become a leading fintech sponsor bank delivering flexible and accessible online banking services, globally. We partner with fintechs that share Choice’s passion for serving our communities and those who do not have ready access to banking services. Established in 2001, Choice now exceeds $3 billion in assets and has been recognized as one of the fastest-growing banks in America. For more information, please visit www.bankwithchoice.com.

Choice Bank and ModusBox Partner for Cloud-Hosted Connection to Fedwire Funds Service and Automated Wire Transfer Process

SEATTLE, WA. Apr 27, 2022. ModusBox has partnered with Choice Bank to support innovative banking-as-a-service (BaaS) and embedded banking solutions for financial institutions and fintechs. Choice Bank has a proven track record of innovation in digital solutions over the last 20 years and over 5 years in BaaS to enable the new era of financial services. Choice Bank will provide sponsor bank responsibilities in the new partnership – ensuring regulatory compliance – while ModusBox will deliver innovative financial integration capabilities.

The two companies built a cloud-based, API-led integration to the Fedwire Funds Service and worked together to develop a fully automated wire transfer process for the bank and its fintech partners. The solution, now a part of Payment Manager, leverages an established cloud-hosted connection to the Fed and exposes a simple public API, making it easy for innovative FIs to build simpler, more automated Fedwire solutions and more.

“We evaluated a handful of suitors for our sponsor with the Fed. We chose Choice Bank because of its emphasis on technology and being a people-first organization – a value we share in our company,” said David Wexler, CEO of ModusBox. “Because of our shared vision, we’re looking forward to building more capabilities and connections in our PortX products through our partnership with Choice.”

In addition to the Fedwire-as-a-Service partnership, the two companies also announced a milestone PortX platform deal. The agreement will establish the PortX platform as the Integration-Platform-as-a-Service (iPaaS) for Choice Bank. The technology will streamline Choice’s ability to quickly connect to new fintech partnerships and modern real-time payment solutions critical to remaining competitive in a rapidly evolving industry.

“We are excited about the new capabilities that PortX and our partnership with ModusBox unlock for our team and our customers,” said Tim Heilman, Chief Innovation Officer at Choice Bank. “At Choice, we’re ultra-focused on driving solutions that make a real difference in our communities for the people who need them most. PortX will enable us with the flexibility to respond quickly to the new wave of banking services and consumer demand for fresh experiences.”

About Choice Bank

Choice is more than just a bank. As a People First organization, we provide a wide array of innovative financial solutions to make banking and managing finances easily accessible from anywhere. Our People First approach led us to become a leading Fintech sponsor bank delivering flexible and accessible online banking services, globally. We partner with Fintechs that share Choice’s passion for serving our communities and those who do not have ready access to banking services. Established in 2001, Choice now exceeds $3 billion in assets and has been recognized as one of the fastest-growing banks in America. For more information, please visit www.bankwithchoice.com.

About ModusBox

ModusBox is the infrastructure and integration technology company focused on open banking solutions that unlock access to banking core data, eliminate vendor dependencies, and simplify connections to fintechs and real-time payment networks. Our PortX platform is the iPaaS (Integration-Platform-as-a-Service) built for financial services. It helps financial institutions empower their teams to connect to real-time payment networks like Zelle®, Mojaloop, ACH, Fedwire, and others. In addition, our solutions enable interoperability between online banking, credit checks, mortgage and loan applications, and other internal systems allowing for a timely and accurate view of customer data. For more information, please visit www.modusbox.com.

QCash and ModusBox to Automate Connection to Life Event Loan Decision Engine for Credit Unions Via PortX Platform

OLYMPIA, WA. Feb. 16, 2022. QCash is excited to announce its newest partnership with ModusBox, the financial infrastructure and integration technology company that developed PortX. PortX is the Integration-Platform-as-a-Service (IPaaS) that enables financial institutions to accelerate innovation by eliminating the dependency on banking core vendors. The platform’s API technology simplifies the integration process, enabling credit unions to add new member services and fintech solutions in a fraction of the time. With this partnership, any credit union can instantly “turn on” QCash’s Life Event Loan decision engine.

The QCash Life Event Loan origination platform evaluates a member’s relationship with their credit union instead of using traditional credit scores to approve small dollar loans. Additionally, QCash’s lending qualifies for CDFI (Community Development Financial Institutions) grant funds, specifically loan loss reserves and technical assistance. By partnering with ModusBox, QCash seeks to accelerate access to and distribution of CDFI funds for credit unions and their members. Combining QCash’s proprietary technology with the rapid integration capabilities of PortX will increase speed to market for credit unions, fueling vibrant economic growth for communities.

“QCash is ultra-focused on delivering critical access to funds for those who truly need it – making it an ideal partner aligned with our mission to enable financially inclusive member services,” said David Wexler, CEO of ModusBox. “One in four Americans either don’t have a bank account, lack the credit history to gain access, or turn to predatory and expensive alternatives like payday loans and check-cashing schemes. I believe that using technology to create automated integrations to the banking core will help CUs speed up the implementation of inclusive member services, like QCash, that serve the underserved.”

“Partnering with ModusBox will allow QCash to even better serve credit unions and help them accomplish their mission of helping their members,” said Seth Brickman, CEO, QCash Financial. “The ability to help members in their actual time of need and going from clicking a link to funds in their account in under 60 seconds all without using a credit score is only possible with strong technology partners like ModusBox”

About ModusBox

ModusBox is a financial services technology company focused on open banking solutions that unlock access to banking core data, eliminate vendor dependencies, and enable embedded banking services. We help financial institutions empower their teams to connect to real-time payment networks like Zelle®, Mojaloop, ACH, Fedwire, and others. Our solutions enable interoperability between online banking, credit checks, mortgage and loan applications, and other internal systems and member services, allowing for a timely and accurate view of customer data. For more information, please visit www.modusbox.com.

About QCash

QCash Financial is a purpose-driven CUSO empowering Credit Unions in their quest to improve the financial well-being of their communities. The QCash Life Event Loan decision engine is a proven, proprietary platform built on member relationships and behavior data. This engine has been perfected over more than a decade of credit union lending experience, data analytics, automated underwriting, and real-time funding. In other words, we know what we’re doing and we want to do it for you and your members — to help the underserved find the support they need to achieve financial health and overall stability. For more information, please visit www.qcashfinancial.com.

Mambu and ModusBox Partner to Accelerate Digital Modernization and Improve Access to Data for Financial Institutions

SEATTLE, WA. Sep. 28, 2021. ModusBox is pleased to announce its partnership with Mambu – the Global Fintech Platform. The partnership will support the next generation of financial institutions to challenge the status quo. Mambu and ModusBox bring a combination of local and global experiences and assets to the US market. They will continue to expand their collaboration by integrating Mambu into PortX – ModusBox’s integration platform and connectors for financial institutions.

Mambu’s SaaS, API-first, composable model, allowed ModusBox to establish and fully test the connection to a pilot network in a matter of hours. This speed and access will help any financial institution gain the agility to develop best-in-class experiences and successfully compete in the market.

“We are excited to partner with Mambu because we believe the composable banking model is a critical component of enabling all types of financial institutions, from MFIs to commercial banks, to have a financially inclusive strategy,” said David Wexler, CEO of ModusBox. “The key to true financial inclusion is focusing on the service that the client receives, not the service that financial institutions intend to provide. That’s exactly where Mambu and ModusBox are focused.”

“This partnership elevates our clients’ capabilities to build custom experiences from Mambu’s diverse ecosystem of fintech partners,” said Johanna Pugh, Managing Director NAM at Mambu. “ModusBox’s SaaS-based, cloud-native integration tools align perfectly with the Mambu platform both technically and from a financially inclusive perspective. We are excited to deliver that value to our clients, partners, and prospects.”

About Mambu

Mambu is the world’s only true SaaS cloud banking platform. Mambu fast-tracks the design and build of nearly any type of financial product for banks, lenders, fintechs, retailers, telcos, and more. Our unique composable approach means that independent components, systems, and connectors can be configured any way our clients require to meet their customer’s needs. Founded in 2011, Mambu has 700 employees​ and ​200 customers globally, including N26, OakNorth, Tandem, ABN AMRO, Bank Islam, League Data, and Orange Bank. For more information, please visit www.mambu.com.

About ModusBox

ModusBox is a financial services technology company focused on open banking solutions that unlock access to banking core data and eliminate vendor dependencies. We help financial institutions empower their teams to connect to real-time payment networks like Zelle®, Mojaloop, ACH, Fedwire, and others. In addition, our solutions enable interoperability between online banking, credit checks, mortgage and loan applications, and other internal systems allowing for a timely and accurate view of customer data. For more information, please visit www.modusbox.com.

DocFox Partners with ModusBox to Create a Fully Automated Business Onboarding Experience for Community Banks and Credit Unions

SEATTLE, WA.  Sep. 2, 2021. ModusBox is pleased to announce its partnership with DocFox – the SaaS-based automated business onboarding tool for financial institutions. The two companies provide a powerful solution that enables banks and credit unions to unlock access to banking core data and rapidly onboard any new business.

DocFox provides a white-labeled, paperless experience that handles document collection and validation through automated analysis, performs enhanced review and screening of high-risk customers, and a single point of view for real-time tracking of BSA (Bank Security Act) compliance.

ModusBox’s PortX integration platform unlocks access to banking core data through an API layered approach, allowing FIs to easily connect DocFox and other FinTech solutions to core applications and real-time payment channels.

“It’s clear that DocFox supports modern architecture for financial institutions,” said David Wexler, CEO of ModusBox. “It’s a great example of the type of new FinTech vendor that we want to join forces with to enable our bank and credit union customers to compete in their industry. This partnership creates a better cost factor for FIs to manage high-risk and business account opening, and create reusable assets to drive new use cases and additional efficiencies.”

“Financial services is evolving daily with new opportunities around every corner,” said Ryan Canin, CEO of DocFox. “Building the right nimble technology architecture that allows financial institutions to keep pace will be critical. DocFox is thrilled to be able to support our clients in partnership with ModusBox to leapfrog what they thought was previously possible and fully automate the onboarding of business and complex entities.”

About DocFox

DocFox is used by over 200 financial institutions to automate their account opening processes.  It provides intelligent, highly customized workflows for any type of client. DocFox allows for an omni-channel account onboarding process with the flexibility for any client type, whether a corporation, offshore trust, crypto business, money services business, or an LLC. DocFox has innovative modules for the latest experience in automated business onboarding, including intelligent custom digital forms, automated document analysis, ID&V, risk rating, and sanctions screening with adverse media. For more information about DocFox and its comprehensive banking technology, visit www.docfox.io.

About ModusBox

ModusBox is a financial services technology company focused on open banking solutions that unlock access to banking core data and eliminate vendor dependencies. We help financial institutions empower their teams to connect to real-time payment networks like Zelle®, Mojaloop, ACH, Fedwire, and others. In addition, our solutions enable interoperability between online banking, credit checks, mortgage and loan applications, and other internal systems allowing for a timely and accurate view of customer data. For more information, please visit www.modusbox.com.

Ongoing Operations and ModusBox Partner to Revolutionize Credit Union Digital Transformation

We’re pleased to announce our partnership with Ongoing Operations (OGO) to extend the PortX Integration Platform to its customers. OGO is a credit union-owned technology services provider committed to delivering thought leadership, resources, and solutions that help credit union executives and IT leaders align technology with business strategy, maximize their IT investment, and improve operational performance. Learn more in the full announcement.

ModusBox Partners With FTSI to Offer an API-Led Integration Solution

ModusBox has partnered with Financial Technology Solutions International (FTSI) to help financial institutions unlock access to their banking core data and accelerate digital transformation. We are excited to partner with FTSI and leverage their deep financial services industry expertise to deliver the next generation of digital transformation initiatives for banks and credit unions. Read the full announcement here.

December 15, 2020

ModusBox and MS3 Officially Add DataSonnet to Apache Camel

We are ecstatic to share the news that Apache Camel has included DataSonnet in its latest release 3.7. DataSonnet is the project ModusBox started to create an open source data transformation scripting language. With the help of Mountain State Software Solutions (MS3), it is now officially part of the Apache Camel family. Learn more in the press release or visit the Datasonnet blog for more information.

November 10, 2020

ModusBox Partners with Sound Credit Union for Zelle® Integration

We are delighted to share the announcement of our newest partnership with Sound Credit Union to integrate the Zelle Network®. Sound Credit Union has been a long-time partner of ours, and this represents the latest in its commitment to delivering innovative solutions to its members. With Payment Manager, it will be able to rapidly offer Zelle® to its members during a time in which digital payments are more critical than ever before. You can read the full press release here.