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Bank Midwest launches new digital bank for US healthcare industry powered by Finastra

Bank Midwest Launches OnePlace.bank with Finastra: Key Points

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.

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