Finxact, a provider of core banking platform, has teamed up with KPMG to promote embedded financial changes and modernisation of the banking core.

KPMG will advise customers on the Finxact platform and assist with their digital transformation as part of the strategic partnership.

KPMG LLP financial services advisory principal Scott Huie said: “Universal Banks, transaction-focused banks, ambient banks and fintechs are each facing unique challenges today that must be addressed with modern infrastructure.

“Whether that challenge is to reach new markets, improve unit economics, or embed finance we are confident that with KPMG’s guidance and the Finxact platform we can help to enable new and winning digital experiences.”

KPMG will assist Finxact, a Fiserv company, in adapting to the pace of market disruption and innovation.

The partnership will integrate KPMG’s digital design and systems integration competences with Finxact’s core banking platform.

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The tech firm will leverage the alliance to enable its banking clients to enhance customer experiences, bring product quickly to market and slash cost.

Finxact noted that the partnership will also allow lenders to reimagine their operating models to better compete and foray into new markets.

Finxact head of partnerships David Ortiz said: “This period of transformation requires modernization.

“KPMG understands the way this manifests uniquely for different banking business models. Together we’re combining technology and expert guidance to help our clients adapt and thrive.” Finxact’s open banking platform is designed to support the scale and regulatory requirements of bif financial companies. Its cloud-native platform offers access to all data and functions through a set of modern APIs.