First Horizon Bank completes core transformation of VirtualBank brand
First Horizon Bank set a milestone for the financial services industry last month, as its VirtualBank brand went live on Finxact core.
First Horizon Bank has successfully converted its VirtualBank from its legacy core to the Finxact cloud-core, marking a milestone for the era of cloud computing in financial services.
The transition, which happened in July, makes the super-regional bank based in Memphis, Tennessee, the first US financial institution to convert an already existing line of business from a legacy core to the Finxact core.
Anthony Restel, chief operating officer for First Horizon, said: “This is the front-foot start we wanted in our transformation journey, positioned from the core to lean into all the tech and innovation that’s coming to banking.”
Finxact is a platform with an open banking API, allowing banks to create products on demand and integrate new services at the speed required to meet customer expectations. With the addition of First Horizon Bank, Finxact’s US clients operating in production now total 10.
Frank Sanchez, CEO and founder of Finxact, said others in the financial services industry should take note.
“Many of our clients begin core transformation by creating new digital banks, and that’s a pragmatic approach. But First Horizon built customer momentum into their transformation by identifying and migrating an existing line of business that was running on a legacy core,” he said.