Why partner with NXTsoft, and who should partner with NXTsoft? Randy Goggans, Senior Vice President of Sales for NXTsoft, outlines the benefits of partnering with NXTsoft for API Connectivity as a Service, both for fintechs and financial institutions.
So, number one, in the market today, if you are a fintech, and a fintech, today, we would describe as any company that is selling software to banks and credit unions, that requires data from the core system to run their application. Fintech today really has three choices. The number one choice is, do nothing. Try to sell your product to a bank or a credit union and just tell them, "Hey, you've got to figure out how to connect it for us." So, that usually doesn't work. Number two is try to figure out how to do it yourself and connect it yourself, which most fintechs today are not going to have the expertise, know-how, time, energy, resources, budget to do that, and build an API, maintain an API, secure that API. So, it's really not feasible to assume a bank or credit union is going to do that for themselves. The third, and best option is to partner with NXTsoft, and partnering with NXTsoft gets you all those items I just mentioned.
Let's just assume I'm a banker. I'm the CEO of a bank, I go purchase a product that I want to purchase, that I'm not isolated to purchase because of certain systems that I use. I may have gone to a show in California, to a banker show, and I might have seen a product that I say, "Hey, that works great for my community. I need that product." So, if I'm partnered with NXTsoft, I don't, then, have to worry about, "Well, is that company connected to my core? Am I going to be able to get the data I need? Is it going to work properly? Am I going to buy a product that I'm using 50% of because I'm not connected to the data?" But, again, partnering with NXTsoft gives the total assurance that any product you buy, we can connect to that core system, and, by partnering with us, we're going to take care of you from soup to nuts, and we're calling our motto, I guess you could say, is Connectivity as a Service, and, today, banks and credit unions pretty much outsource most all of their technology, and the way we look at it is, why would you outsource everything, but not your API, which could be the most critical part of your whole business?
So, again, by partnering with NXTsoft, we partner with, not only the fintech, but also with the financial institution, and whatever core they're running, we connect that core system to that product, we test it, we make sure that that a connection is up 24/7. Again, we don't just build the API, we support it, we keep it up to date, again, we maintain it, we manage it, and most importantly, we secure it. We've got some great partnerships today. We've got over 60 partners and you can see those partners on our marketplace. We're not really a marketing mechanism per se, we're an API company, but we've provided this marketplace, really, to give the banks and credit unions a simple, effective, easy place to go to go buy products and services for their institution that they can ensure are connected to the data in their core system by a company that's been around for 25 years. So, we're super excited about the marketplace, and what that's allowed us to do is expand upon our relationships with fintechs.
We started offering up the connectivity that we have today about a year and a half ago, to fintechs outside of LOS providers. So, again, today we've got anti-money laundering BSA companies, deposit account opening companies, all kind of lending and deposit solutions, payments companies, and even crypto companies, today, that we're connecting to banks and credit unions.
If you're wondering, "What can NXTsoft do for me?" Ask yourself a few simple questions: How do I currently connect to these banks and credit unions? And, also, what will allow me, as a company, to increase my value by allowing me to sell to the whole market in the US, as opposed to just a subset of the market that we might have some sort of connection to? So, that's what NXTsoft can do for you and your business is, again, it can allow your sales team to go out there and sell to anybody, and what we really like about it too is, we've always been around as a company to really benefit the financial institutions and our partners as well.
Until NXTsoft came along, financial institutions really really hadn't been able to buy exactly the products that they wanna buy. So, today we like to say that we're not just benefiting the fintech, but we're also benefiting the bank. We're giving the bank and the credit union the ability to go out to the market, evaluate vendors, and buy whatever product that's best for them and their community.
Also, conversely, we're giving the partner the ability to sell to the whole market, sell to every bank and credit union in the United States, which there's about 11,000 total institutions in the United States. So, what NXTsoft is doing today, as a company, is we truly are opening up the market, we truly are an open banking company focused on delivering APIs as a service to financial institutions.
If you're interested in partnering with NXTsoft, contact us today and schedule a time for a discovery call with our partnership team.