Last year in September, Live Oak launched new commercial savings and term deposit products on the cloud-native open core platform. Credit: Gerd Altmann from Pixabay

US-based digitally-focused lender Live Oak Bank, a unit of Live Oak Bancshares, has converted all of its retail and commercial deposit accounts to Finxact core.

The lender now operates on software from Finxact hosted on Amazon Web Services (AWS).

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Early last year, Finxact core was ready for the bank to originate nearly $2bn in PPP loans amid the peak of the pandemic.

Last year in September, Live Oak, which has over $8bn in assets, launched new commercial savings and term deposit products on the cloud-native open core platform.

“The bank’s retail operations rely on 16 best-in-class suppliers that specialise in solutions ranging from omni channel loan origination to issuer card processing to customer servicing all having in common seamless API connectivity to its real time core running in the AWS cloud,” stated the vendor.

Finxact said that by accessing its open APIs and extensible components, banks can invent, curate, and launch products quickly.

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Live Oak Bank chairman Chip Mahan said: “We had a vision for the way a modern core could be a platform for the business of banking. The Finxact team has delivered that platform.

“I believe they brought a unique combination of technical innovation and US banking expertise to the table giving us the ability to convert swiftly and run nimbly on next generation technology.”

Last month, First Horizon Bank’s VirtualBank brand went live on Finxact cloud-core.

In 2019, Finxact secured $30m in equity financing from new and existing investors to support the development of its core platform.

New backers included Accenture Ventures, SunTrust Banks and American Bankers Association, a trade group for US banks.

The round was also joined by the start-up’s existing investors including Live Oak Ventures, First Data, Woodforest National Bank, and TNI.