Urban FT’s newly-launched X-35 FinTech Core will enable financial institutions to centralize their fintech infrastructure into a singular hub that sits beside and is connected to the bank’s existing core or payment processor. The API-based, developer-friendly technology helps FIs create and deploy new, innovative solutions to their customers faster and at significantly less expense.
Urban FT sees the new offering as a tool to help smaller and mid-sized FIs maximize their engagement with their customers via more personalized products and services. Company CEO Richard Steggall said in a statement that providing these resources to banks was not just a matter of helping them keep up with the larger competition, but also was designed to empower them to “leap frog the competition entirely.”
“We founded Urban FT with the vision of giving our clients the means to dream big and deliver exceptional, and that’s exactly what X-35 does,” Steggall explained. He compared his company’s approach to providing “an Amazon Web Services for FIs” enabling them to leverage Urban FT’s R&D team on a continuous basis. “FIs can digitize nearly every interaction they have with their customers while significantly compressing the number of implementations, systems, and platforms they need to outpace the competition.”
Urban FT’s new solution is geared toward bridging the gap between the dreams of open banking and the reality of a fintech infrastructure that is not yet capable of maximizing this opportunity. By contrast, Urban FT’s offering relies on a cloud-based, serverless, microservice architecture that supports continuous innovation, seamless updates, and greater operational efficiencies in a scalable environment. “It makes the ‘impossible’ possible by providing both the foundation and the plumbing that realize the vision that many have tried but few have been able to deliver on,” said Urban FT board member and former Citibank Managing Director Aditya Menon.
Founded in 2013 and headquartered in New York City, Urban FT made its Finovate debut in 2015. A member of the Inc. 5,000, Urban FT has more than 500 financial institution clients, and processes more than $18 billion in transactions a year. The company has raised more than $15 million in funding.
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Source: https://finovate.com/urban-ft-helps-banks-bridge-fintechs-infrastructure-gap/
