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PortX's Middleware Hub to Drive Operational Efficiency for Colony Bank
Objective:
Prior to this partnership, Colony Bank relied on their core provider for system integrations and data upload, resulting in significant costs and lengthy one-off integrations. They received nightly data files that required manual upload into their systems, often taking an entire day to complete. As Colony Bank grew and leadership recognized the increasing importance of rapid data access, they sought greater control and an efficient middleware solution, bringing them to PortX.
Solution:
PortX's middleware will enable Colony Bank to reduce core dependency and seamlessly connect all systems. By building reusable APIs, PortX creates substantial savings in time and cost for future projects. Consolidating data from various tools into one reliable source, PortX further enhances the capabilities of systems like Tableau for quick and reliable data access from the warehouse. Colony Bank benefits from improved data integrity, faster time to market, and increased capabilities, while also reducing expenses. This invaluable partnership with a knowledgeable FinTech reaffirms Colony Bank's decision to adopt PortX.
- Simple integrations between vendors
- Build out bank’s data warehouse
- Set up an improved CRM
- Build a better data visualization tool
- Many more use cases on the horizon
"We were looking for a way to streamline our systems and increase the speed and accessibility of our data. That’s what we found in our partnership with PortX. With their middleware solution, we’re poised to cut costs and improve our ability to serve our customers in real time. PortX’s reusable APIs will significantly simplify our workflow, cutting down the time we previously spent on one-off integrations. As we continue to grow and evolve, we see PortX playing a key role in our technology strategy."
– Christian Ruppe, Colony Bank's CIO
Challenges:
Colony Bank's primary challenge was getting buy-in from the bank's leadership to undertake such a significant change. As bank leaders are constantly juggling high-priority projects, this strategic initiative to develop a new, plug-and-play core architecture appeared daunting. Nevertheless, the restructuring offers undeniable value, enabling future projects to be executed more efficiently while keeping pace with the evolving landscape of banking technology. The startup status of PortX compared to established core systems, coupled with the uncertainty typically associated with a young company, raised concerns. However, PortX's transparency, trustworthiness, and track record helped Colony Bank overcome these reservations and recognize the significant value-add of partnering with PortX.
Implementation:
The first month consisted of strategic planning and prioritization of initial projects. Leveraging past integrations with every major core system, PortX has successfully established connections that allow future projects to move the needle forward, faster. After developing APIs and transferring data, testing began mid-May of 2023, resulting in a four-month timeline from start to launch of a substantial use case. Colony Bank's CIO and CTO, along with the operations and customer relations teams, now lean on PortX for various business operations, with the list of participating teams expanding with each new use case.
Looking Forward:
Colony Bank considers PortX to be one of its primary partners moving forward; their relationship being equally as important as with their core. Since all of the bank's data will pass through PortX’s API channels, including BaaS, payments, and products, among other key banking flows, the connection and communication between the two remains vital. Colony Bank has taken steps to become a technology driven institution, positioning themselves for future success.
To Get Connected:
Reach out to Kaitlyn Shevlin at kaitlyn@banktechventures.com to learn more or get connected with PortX directly by contacting Shelba Murphy shelba.murphy@portx.io.
Colony Bank has $2.95B AUM and offers a wide range of banking services including personal and business banking, mortgages, government guaranteed lending solutions, consumer insurance products and more. Founded in 1975, Colony Bank is headquartered in Fitzgerald, Georgia.
PortX is a middleware provider that connects existing banking systems. With the hub having modular architecture, banks can unlock access to core data and utilize reusable API connectivity that abstracts the banking core from other systems to provide full control of the customer data banks own. Future integrations become more efficient and PortX enables rapid delivery of innovative products while ensuring secure and scalable connections and strong data integrity.
