Thread Bank Selects Finxact from Fiserv to Power Embedded Banking Strategies, Serving as a Model for Community Banks
Infinant to serve as the modern embedded banking layer to Finxact's real-time API core
Thread Bank ("Thread" or the "Bank") today announced that it has selected Finxact from Fiserv, Inc. (NYSE:FI), the cloud-native, real-time banking core that offers enhanced access to data, as the Bank's core banking platform. The Finxact core will allow Thread to further execute on its strategy to deliver modern, compliant, and scalable embedded and core banking solutions, creating value for partners and providing an innovation roadmap for fellow community banks.
As the embedded banking market continues to evolve, Thread sought a modern, real-time core that could offer the Bank a homogeneous solution that will allow further scalability throughout the Bank's deposit and payments infrastructure. Finxact's API-first approach, combined with Fiserv's experience in compliance, was a perfect fit for Thread's long-term strategy.
Additionally, Thread will leverage Infinant and their Interlace Platform as the embedded banking layer for Finxact's API core, providing Thread and its customers a modern user interface to access and manage Thread's embedded and core banking capabilities along with payment processing.
"Our partnership with Fiserv and Infinant serves as a blueprint for community banks looking to innovate, drive new deposits, and ultimately thrive in an ever-changing landscape," said Chris Black, CEO, President, and member of the Board of Directors of Thread. "We did extensive due diligence to find a core that could meet the breadth of our product requirements and deliver in a modern, compliant way. Ultimately, it became very clear to our team that Finxact was the best solution to meet those needs."
"We're energized to be working with Thread to pioneer a new vision for community banks, freeing them from geographic limitations by offering financial services through embedded partnerships," said Sunil Sachdev, SVP and head of embedded finance at Fiserv. "Thread choosing Finxact as its core banking platform to scale its embedded banking offering for a broad range of customers demonstrates Finxact's ability to support banking, payments and data at scale."
Bankers Helping Bankers played an instrumental role in fostering the expansion of the relationship and formalizing the shared vision between Thread, Fiserv and Infinant. The Fiserv and Infinant relationship builds on recent developments solidifying Thread as a digital community banking leader, namely the opening of the Bank's new corporate headquarters in Nashville.
To learn more about Thread's embedded banking offerings, please visit the Thread website.
About Thread Bank
Thread Bank, a wholly owned subsidiary of Thread Bancorp, Inc., is an FDIC-insured bank providing embedded and digital banking services nationwide and local community banking in Eastern Tennessee. To learn more about Thread Bank, visit thread.bank and connect with them on LinkedIn.
About Fiserv
Fiserv, Inc. (NYSE:FI), a Fortune 500 company, moves more than money. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and Clover®, the world's smartest point-of-sale system and business management platform. Fiserv is a member of the S&P 500® Index, one of TIME Magazine's Most Influential Companies™ and one of Fortune® World's Most Admired Companies™. Visit fiserv.com and follow on social media for more information and the latest company news.
About Infinant
Charlotte, N.C.-based Infinant provides resilient financial technology that acts as the growth platform for financial institutions to power their digital and embedded finance channels. The Interlace platform provides a multi-channel, multi-product strategy with accounts, payments and card, on a single platform under bank-control to satisfy bank regulatory requirements. Infinant creates new value propositions for financial institutions, brands and fintech to act and advance their market. To learn more about staying above-the-core, visit www.infinant.com.
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Media Contacts
For Thread Bank:
Caliber Corporate Advisers
[email protected]
For Fiserv:
Mark Jelfs, Senior Manager, Communications
[email protected]
For Infinant:
Chris Siemasko, Chief of Staff
[email protected]