One, the San Francisco-based digital banking service founded by former PayPal and Intuit CEO Bill Harris, has selected SaaS-based core banking outfit Finxact to power its service, according to Finextra.
Entering a busy field of American digital banking startups, One is now available in private beta ahead of a planned summer launch when it says it will target an underserved market segment: middle class Americans.
Central to this is One’s efforts to put credit at the heart of its service, helping customers to integrate their finances into one account, making it seamless to save, spend and borrow money.
One is running on Finxact’s platform, which offers open APIs and extensible components to help banks invent, curate, and launch products quickly and simply.
Says Harris: ”In order to deliver on our vision of a single account, we required an extraordinarily elastic core system of record. Finxact anticipated this and built its core with the flexibility for banks to innovate quickly.”