Bank Midwest Launches OnePlace.bank with Finastra: Key Points
- New Digital Bank Launch:
- Bank Midwest, serving Iowa, Minnesota, and South Dakota, has partnered with Finastra to launch OnePlace.bank.
- The digital bank focuses exclusively on the financial needs of the healthcare community.
- Expansion of OnePlace Capital:
- OnePlace.bank is an extension of Bank Midwest’s OnePlace Capital business line, which caters to dental, medical, and veterinary practices.
- The digital bank will be the virtual home for this niche loan program and offer additional banking services.
- Technology Platform:
- The digital bank will run on Finastra’s Phoenix core solution and Fusion Digital Banking platform.
- These platforms feature open API, cloud, and microservices architectures for high configurability.
- Open Finance Ecosystem:
- OnePlace.bank will leverage Finastra’s open finance ecosystem to integrate with fintechs.
- Features include conversational AI chat services, calling services, and solutions for account opening and payments.
- Recent Finastra Projects:
- The launch of OnePlace.bank follows Finastra’s support for ORO Bank in Bhutan, Asia’s first full reserve online bank, using its cloud-based solutions.
