Bank Midwest, a US-based employee-owned bank, has partnered with financial software applications and marketplaces provider Finastra to launch its digital bank, dubbed OnePlace.bank.
Powered by Finastra, OnePlace.bank will particularly focus on addressing the financial requirements of the healthcare community.
The initiative is said to broaden Bank Midwest’s partnership with the financial software provider, harnessing its Phoenix core solution and Digital Banking suite to enter the market swiftly and effectively.
OnePlace.bank builds on Bank Midwest’s OnePlace Capital business line, which provides specialised equipment financing options for dental, medical, and veterinary practices.
The new digital bank serves as the exclusive virtual platform for the niche loan programme. The platform offers tailored deposit solutions, treasury management, and additional banking services customised for healthcare professionals.
Besides Phoenix and Digital Banking, OnePlace.bank is connecting with fintechs through Finastra’s open finance ecosystem to expand the new digital bank’s offerings.
This includes incorporating conversational AI chat, texting, and calling services from Glia and Clinc. It also integrates loan and account opening solutions from Newgen, payments from Veem, as well as statement and notice generation from MPX.
Bank Midwest chief information operations officer Bryan Wilken said: “We offer a personalised, tailored, and consistent customer experience, and we know that our loyal customers expect the latest products and services.
“With Finastra’s platform, commitment to open finance, and expertise, we can deliver on this promise quickly and efficiently, allowing us to deliver innovative solutions and exceed customer expectations.”
According to Finastra, its solutions supported by open application programming interfaces (APIs), the cloud, and microservices will enable OnePlace.bank to adapt swiftly to evolving customer needs. The solutions will also help the bank expand its digital footprint efficiently over time.
Furthermore, Finastra’s open architecture along with the configurability of both Phoenix and the Digital Banking suite will help financial firms to implement new brands quickly and securely.
Finastra’s solutions along with its partner ecosystem will allow Bank Midwest to deliver its focused financial experience across the US.
Finastra product management vice president Peter Longo said: “We are delighted to support Bank Midwest in its innovative vision to create a digital bank that caters to the healthcare sector.
“By going live with our core and digital banking solutions, OnePlace.bank offers a seamless and personalised banking experience, while also benefiting from the scalability, security, and agility of the cloud.”
