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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 the full product release announcement on the PortX News page.
Key Insights from Jack Henry’s Recent Financial Study
Jack Henry released its fifth-annual survey, revealing major trends in the strategic plans of banks and credit unions. One of the most compelling findings is the increased focus on fintech integration:
- A staggering 90% of financial institutions plan to embed fintech into their digital banking experiences, signifying the sector’s evolution towards a more tech-driven approach. This integration aims to improve service delivery and meet customers’ increasing expectations for seamless digital transactions.
- In line with this, 65% of these institutions are planning to incorporate payment fintechs specifically, reflecting the industry’s effort to enhance and streamline payment processes.
If you want to learn more, you can freely download and read the report from Jack Henry.
New partnerships: MeridianLink & Identifee
We’re pleased to announce two new partnerships with MeridianLink – a leading provider of modern software platforms for financial institutions and consumer reporting agencies – and Identifee – a pioneering vertical SaaS provider for banks and credit unions.
MeridianLink
MeridianLink’s cloud-based solutions enable customers to build deeper relationships with consumers through data-driven, personalized experiences across the entire lending life cycle. Its scalable platforms help customers accelerate revenue growth, reduce risk, and exceed consumer expectations through seamless digital experiences.
“We are excited to partner with PortX and leverage their platform to bring our digital lending solutions to more FIs,” said Megan Pulliam, SVP of MeridianLink’s Partner Marketplace. “By combining our advanced lending capabilities with PortX’s integration technology, we can provide FIs with a powerful suite of tools that unleash rapid project creation, accelerate speed-to-market, and ultimately drive digital transformation.”
Learn more about our partnership with MeridianLink by reading the full announcement.
Identifee
Identifee’s all-in-one platform empowers FIs to drive deposits and revenue. Combining peer benchmarking, targeted prospecting, and on-demand micro-videos for FIs and their customers, Identifee offers a turnkey solution that empowers FI customer-facing teams to be more strategic and efficient.
“By leveraging PortX’s seamless connection capabilities, Identifee can effortlessly integrate with an FI’s existing systems, providing them with our turnkey solution,” said Vigen Ismailyan, CEO of Identifee. “Our partnership will enhance customer engagements, save time for FIs, and drive significant revenue growth.”
Learn more about our partnership with Idenifee by reading the full announcement.
What’s New in the Blog?
Watch for our latest blog posts, where we share our thoughts on industry trends, insights, and best practices. Here are a couple of our latest posts that you may be interested in:
Every Financial Institution Needs This Indispensable Role – 5 Super Powers of the Product Manager
Find us at these upcoming events:
fintech_devcon (MOOV) – Austin, TX / August 23-25
P3 (Prominent Premier Partners) 2023 Fall Conference – Omaha, NE / September 5-8
Help share PortX Fintech News
Don’t keep us a secret! PortX is removing the barriers that impede innovation in financial services. We build infrastructure that delivers open access to data, simplified application connectivity, and accelerated adoption of new technologies and networks.
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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 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 developing and supporting inclusive and interoperable international real-time payment network infrastructure.
Read David’s full announcement on our News page, which details the history of ModusBox, the motivation for spinning off PortX, and more information about our investors.
ABA Releases 2022 Banking Middleware Report
The American Bankers Association (ABA) released its 2022 Exploring Banking Middleware Solutions report covering the strategic benefits banks can realize by leveraging API-led middleware platforms in their technology stack. The report provides more details about three key advantages:
- Reducing reliance on a legacy core to deliver products faster and make future conversions easier
- Building a single source of truth for customer data leads to better customer experience
- Fostering partnerships with fintech companies
In addition, the report provides information on the present state of middleware providers (find us on pages 13 and 14). It presents a set of factors for banks to assess their internal preparedness and external partner selection to determine their suitability for middleware implementation.
The ABA supports its stance with results from its 2022 Core Platform Survey, in which the organization surveyed bankers and core providers on the importance and effectiveness of 17 bank success-related attributes. For the first time, the survey included respondents from core providers which provided astounding insights into the lack of alignment between banks and their cores.
“Of banks surveyed, 42% say they’re dissatisfied with their core provider, and 21% indicate they are unlikely to remain with their core when the contract expires.”
If you want to learn more, you can freely download and read the report from the links below:
2022 Exploring Banking Middleware Solutions: https://www.aba.com/news-research/research-analysis/exploring-banking-middleware-solutions
2022 Core Platform Survey: https://www.aba.com/news-research/research-analysis/2022-core-platforms-survey
What’s New in the Blog?
Watch for our latest blog posts, where we share our thoughts on industry trends, insights, and best practices. Here are a couple of our latest posts that you may be interested in:
6 Banking Integration Lessons Learned One Month After SVB Collapse
Open Banking API: Building a Universal Data Model for Fintech Integration to the Core
Is Your Financial Institution Paying Twice to Access the Data It Already Owns?
Community FIs Need to Go Beyond Banking Core Integration to “CICaaS”
Find us at these upcoming events:
California Bankers Association Annual Conference – Maui, Hawaii / May 6-9
Experience FinXTech by Bank Director – Tampa, Florida / May 9-10
ThinkBIG Conference by Abrigo – Miami, Florida / May 8-11
MeridianLink Live! User Forum – Anaheim, CA / May 8-11
What to expect in future issues
We will continue to bring valuable insights and updates regarding the latest fintech and financial services industry trends. We’ll share upcoming webinars you won’t want to miss, covering a wide range of topics from digital transformation to customer experience to banking integration best practices. We will also highlight some of our recent customer successes and the innovative ways they are leveraging technology to meet the evolving needs of their clients.
Help share PortX Fintech News
Don’t keep us a secret! PortX is removing the barriers that impede innovation in financial services. We build infrastructure that delivers open access to data, simplified application connectivity, and accelerated adoption of new technologies and networks.
- Share this email with friends.
- Follow us on LinkedIn
- Please send feedback to [email protected]