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FedNow’s Shift and AI Data Mapping Eliminates 40% of Project Timelines
PortX Fintech News
In this edition of PortX Fintech News, we highlight community banks pioneering high-value FedNow instant payments, explore how PiXi AI revolutionizes data mapping and compliance, and introduce new product updates like the PiXi AI Data Mapper and automated mTLS management. Discover how these innovations empower financial institutions to navigate integration complexities, enhance security, and drive strategic growth.
Have feedback? Email us at [email protected].
FedNow’s Quiet Shift: Community Banks Lead the Way in High-Value Instant Payments
When FedNow launched in July 2023, its promise was straightforward: Venmo-like convenience within the banking system. Initially, the platform saw modest use, with average transaction values around $323. Yet by Q3 2024, something surprising unfolded—the average payment skyrocketed beyond $51,000, eventually settling near $37,000 by early 2025.
What’s behind this dramatic surge? Banks have moved beyond small P2P tests and are now leveraging FedNow for substantial B2B transactions, supplier payments, and treasury sweeps. This transition makes liquidity controls crucial, as a single batch can instantly empty an account, elevating intraday funding and monitoring from optional to essential.
While headlines often highlight large banks, FedNow’s true trailblazers are community and regional institutions. Over 95% of FedNow participants are small-to-midsize banks and credit unions. Core banking providers such as Jack Henry, serving 339 live FedNow clients (about 28% of all active participants), have made it easier for these institutions to adopt instant payments swiftly.
Community banks are proactively adopting FedNow as a... Read more
To Hesitate or Innovate, $16.5M Series B, ChatGPT & AI-First for Banks, SOC 2, and Product Updates
PortX Fintech News
In this edition of PortX Fintech News, we’re excited to announce PortX’s $16.5M Series B, our perspective on how banks can succeed in both the short and long term during an economic downturn, what’s new for the PortX Platform, and two new partner announcements – Prelim and Abrigo.
Have feedback? Email us at [email protected].
PortX Secures $16.5 Million in Series B Funding With Investors Focused on Community Financial Institutions
We are thrilled to share that we’ve successfully completed our Series B funding round, raising a significant $16.5 million! This milestone reaffirms our dedication and role as innovators in the open banking landscape for community financial institutions.
- Funding underscores shift toward open banking and the demand for seamless core integration and innovation
- Investors represent 200 community financial institutions
- PortX forms Credit Union Service Organization (CUSO)
Our collaboration with FUSE has been a driving force, and as Brendan Wales, Founding Partner at FUSE, shared, “We at FUSE see PortX as a game-changer in the open banking ecosystem. Their vision and technology align perfectly with the industry’s evolving needs. This is our second investment in the company, and it’s not just a vote of confidence in PortX, but a bet on the transformative power of open banking in shaping the future... Read more
Integration Manager 2.0, Jack Henry Insights, New Partners Identifee and MeridianLink
PortX Fintech News
In this edition of PortX Fintech News, we’re excited to share the release of Integration Manager 2.0 – our digital core banking integration software for financial institutions – and two new fintech partnerships with MeridianLink and Identifee. Additionally, a recent report by Jack Henry highlights significant trends in the financial industry that your institution cannot afford to ignore.
Have feedback? Email us at [email protected].
PortX Announces Integration Manager 2.0
We’re thrilled to announce the launch of Integration Manager 2.0 – an advanced tool built to streamline your business operations by facilitating efficient integration between the core and your FI’s software systems. With this technology, your organization can unify and harness data from multiple sources, ensuring seamless communication between various platforms and enabling your customer 360.
Integration Manager 2.0 offers a collection of new and enhanced features, including:
- Powerful innovations: self-service deployment, unified observability tools, and advanced security features for optimal control.
- Revamped infrastructure: streamlined application deployment and elevated debugging capabilities for rapid issue resolution.
- Enhanced user experience: seamless identity and access management, efficient API versioning, and improved data privacy tools.
If you would like to learn more about the next generation of digital core banking integration and payment management with Integration Manager 2.0 and Payment Manager,... Read more
Inaugural Edition, ABA’s Banking Middleware Report, $17.5M Series A
PortX Fintech News
Welcome to the inaugural edition of PortX’s Fintech News. This newsletter will share a handful of the most exciting developments in fintech and financial services, real-life stories from some of our most successful customers, upcoming webinars and events, and more.
Have feedback? Email us at [email protected].
PortX Closes Series A Funding Round
For years, ModusBox 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 the two companies offer their respective customers. In September 2022, we announced PortX’s spinoff from ModusBox and the close of our $17.5M Series A funding round.
“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.”
PortX CEO, David Wexler, shared the details in his public announcement and noted these primary benefits to the two companies and their customers:
- PortX spinoff creates two groundbreaking companies better able to serve their... Read more