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Accenture, SunTrust and the American Bankers Association, a trade group for U.S. banks have joined a $30M investment round in Finxact, a startup that develops the back-end technology used by banks to process some transactions.
Finxact plans to use the funding to develop its technology and grow its operations, Frank Sanchez, the company’s chief executive and founder, said in an interview. The investment comes as banks of all sizes grapple with old technology infrastructure as they seek to offer more digital services to their customers. Many of these systems were built decades ago and are ill-equipped to handle services customers have come to expect in the internet age such instant peer-to-peer payments or real-time account balance updates.
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