Throughout my time in banking and now with BankTech Ventures, something I’ve heard consistently from financial institutions of all sizes when discussing new technology is “does it integrate with my core?” The trauma we’ve all experienced from having to get multiple vendors to talk to each other, let alone convince one to allow the other to plug into their systems, was probably the cause of my first few gray’s (thanks, vendor I won’t name).
The cost and slow-moving speeds associated with having to work with core restrictions slows innovation, halts momentum, and brings projects to a standstill. Having to do multiple point-to-point integrations as you’re expanding your product and feature offerings is draining on resources and opens your bank to additional risk as you attempt to manage individual vendor access across your platforms.
If this sounds like you and your bank – good news! Our friends over at PortX have built just what you need. PortX creates a consistent integration layer that enables much more predictable and cost-effective integrations to build and operate on top of existing core technology. PortX helps FIs and hub operators eliminate dependencies on banking core vendors and leverages the core for what it does best; implement API agility layers for rapid integration and the freedom to easily add or remove systems. As FIs continue to innovate, PortX allows customers the ability to reuse assets in the form of custom APIs, reducing the time to integrate future features or products whether built internally or externally across financial services.
What does engaging with PortX look like?
Want to see what the other banks are doing?
Check out how PortX helped a bank reduce integration time by over 5 months and vendor integration cost by up to $150,000.
How can BTV help?
BTV is available for support with PortX through:
- Working with Bank’s internal technology teams to clarify your use cases (the business processes you want automated).
- Engaging with PortX for a two-way discovery session. We’ll help you understand how PortX can provide banking core independence and other modernization services as well as let PortX know your goals and challenges.
- Working with the Bank's executive team to determine resources. When you engage in PortX, they have a highly flexible delivery model that puts little to no demand on your resources.
- Working with Bank’s internal teams + PortX. Let’s connect on putting together strategic plans with measurable KPIs.
- Serving as a continued point of contact and escalation resource for the Bank post-”go-live”.
- Introducing Bank to fellow Limited Partners currently using PortX’s services.
- Work with your team to provide board/executive committee memos and documentation needed for approval for working with PortX as needed.