Transaction: Thread Bank selects Fiserv’s Finxact core
$722M digital bank also chose Infinant for embedded banking
Thread Bank is implementing the Fiserv Finxact core to boost its embedded banking capabilities.
The $722 million digital bank is switching to Fiserv Finxact from Fiserv Premier, Thread Chief Executive Chris Black told Bank Automation News.
Additionally, Thread is tapping tech provider Infinant and its Interlace Platform to serve as the embedded banking layer for the Finxact core, according to Thread’s Aug. 26 release.
“It is the combination of Finxact’s real-time, modern core that allows us flexibility to offer a disciplined and innovative set of banking solutions with Infinant,” Black said.
Implementing the core
The “multiphase” implementation will be executed through next year, beginning with the embedded banking platform, Black said.
“The full core conversion will follow, resulting in real-time core and modern API capabilities that will be extensible across numerous banking activities,” he added.
Thread offers personal and business banking services along with the following solutions:
- Embedded banking;
- Payments tools;
- Card issuance; and
- Lending.
The selection of Finxact and Infinant are the bank’s latest moves to support its embedded finance efforts.
In August, Thread named Marty Miracle its chief digital officer responsible for scaling the embedded banking business.
Jack Henry and FIS are among Infinant’s financial services partners, according to Infinant.
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