One is the new digital banking app launched by Bill Harris, the former CEO at PayPal and Intuit.

One is a digital banking start-up that promises “One app. One card. One account.”  It intends to deliver full-service banking via one simple account allowing users to save, spend, share, and borrow. It focuses on middle-income families across the United States.  Currently in beta mode, One will likely launch during summer this year. It has chosen Finxact to power its banking services. (Yahoo Finance)

FinXact: All banking services, plus what you invent

“To deliver on our vision of a single account, we required an extraordinarily elastic core system of record,” said One Chairman Bill Harris. “Finxact anticipated this and built its core with the flexibility for banks to innovate quickly. Finxact is proving its platform is configurable enough for companies such as One that are developing solutions on the frontier of banking.”

Evolve your bank, your way

According to Finxact, 80% of banking IT budgets go towards maintaining legacy systems designed for a bygone banking era. These systems have been modified for Internet banking and are unable to keep up with modern-day demands without the avoidable expenditure of time and resources.

Asks the Finxact website: “What if you could shift 80% of your budget from maintenance to growth?”

“Finxact was designed and created entirely fresh starting in 2017.  For Finxact, modern is not a veneer or modification but rather, an entirely new native cloud, API-first approach …inspired by best of the breed, native SaaS category kings like the App Store, AWS, Salesforce, and others.”

The banking Core-as-a-Service leader raised $30 million in capital last year from various financial services companies.

Its current banking projects range from full core conversions to brand-new digital banks.

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