NXTsoft, the market leader in API connectivity, announces the launch of its NXTsoft Marketplace, the first true FinTech-focused open banking marketplace connecting Fintech vendors and financial institutions that is completely vendor agnostic.
NXTsoft, who has been providing data connectivity to banks and credit unions for over 25 years, has existing connection to 39 of the 41 current core banking platforms and believes that its open banking marketplace will position financial institutions to adapt their banking strategy for a post-COVID 19 environment. During COVID 19, traffic died in financial institution branches. Consumers looked to conduct their financial business online, a trend that NXTsoft believes will continue.
The problem is that digital banking as it stands today was not designed to replace the branch. NXTsoft’s chief strategy officer and division president of Omni, Rich Longo, cites the example of an individual who may have experienced a job loss and wants to downgrade a checking account to a less expensive option through digital banking. If the customer submits this request online, on the back-end this requires an employee to access the deposit origination system and go through a change of product disclosures, then run it through another system for a fraud and compliance check, access another system that manages the change forms, then another system for the customer to have the forms digitally signed and then finally pass that to the core and effect the change in the CIF and Account. If these disparate systems were connected through secure API’s functionality offered through the NXTsoft Marketplace, the customer would be able to immediately request and receive this change digitally with no human intervention or back-end work required by the financial institution.
NXTsoft believes that its open banking connectivity marketplace will help financial institutions to significantly reduce operational costs, focus on generating additional non-interest income, lower human capital and drive robust digital banking. The NXTsoft Marketplace will reduce manual costs both from a back and front office perspective by creating more automation through connectivity among disparate systems. With a fully-integrated digital banking presence and robust API connectivity in place, all bank-level or call center-level functions can be pushed into a direct digital customer experience, thereby lowering the cost to the financial institution in servicing a commercial or consumer customer.
Not only does NXTsoft have over 25 years of proven experience connecting banks and credit unions with FinTech applications, it also has strong security background. Recently the company introduced OmniAlert, an additional layer of security monitoring for its API connectors that monitors for anomalies and suspicious activities and is backed by a 24/7, US-based SOC that ensures safer networks, earlier detection of intrusion and relevant and specific threat intelligence. These measures ensure institutions fulfill their compliance obligations and meet the demands of regulators.
“The NXTsoft Marketplace is YOUR marketplace, not one that belongs to a Core or CRM vendor” said Longo. “Our doors open a broader base of connectivity that is independent of any provider. If you change cores, no problem, you will still maintain the time and investment made in your connectivity ecosystem. NXTsoft’s goal is to enable financial institutions connect to the FinTech applications they need to provide the best, seamless digital banking experience for consumers,” he said.
Another benefit of the NXTsoft Marketplace is that it serves to accelerate data strategy. With the connectivity of all disparate systems, NXTsoft can centrally aggregate data into a “data lake” that provides financial institutions an opportunity to monetize the data like Visa and Mastercard have been doing for years.
FinTech vendors, are you interested in joining the NXTsoft API Marketplace? Or are you a financial institution interested in application connectivity? Visit nxtsoft.com/marketplace, email marketplace@nxtsoft.com or call 800-915-3381.
About NXTsoft
NXTsoft is headquartered in Birmingham, Ala., NXTsoft is the market leader in API connectivity, connecting Fintech companies to banks and credit unions throughout the United States. NXTsoft’s other solutions include data security, data analytics, data management and data migration. For more information, visit www.nxtsoft.com, email info@nxtsoft.com or call 1-800-915-3381.
