First Data and Live Oak Bancshares have completed the deal for a new digital banking joint venture (JV).
The JV, which has been named Apiture, is based in Wilmington, North Carolina. Both the parties will be equal stakeholders in the JV. Plans for the JV were announced in May 2017.
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Apiture integrates digital banking platforms, products, and services of the two firms to offer technology solutions for financial institutions.
The digital bank will include online and mobile platforms to manage digital bill payments, balance inquiries, fund transfers, mobile check deposits, among other services.
First Data former head of digital banking and Apiture president Chris Cox said: “We decided to call the joint venture Apiture because of the focus we have on APIs and providing an open platform to deliver best-in-class solutions to this important market.”
Live Oak Bancshares chairman and CEO Chip Mahan added: “We believe banking is broken in its current form, and we will continue to invest in the technologies and companies that solve the problem. To that end, Apiture will play a big role in shaping the future of our industry.”
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