Live Oak Bank Completes Digital Banking Conversion with the Apiture Open Platform
Complete migration of 60,000 retail customer accounts to Apiture’s API-first solution
Apiture, a leading provider of digital banking solutions, today announced the completion of Live Oak Bank’s retail banking migration to Apiture Open. Following the launch of Live Oak Bank’s business banking experience utilizing Apiture Open in 2020, the bank has expanded the relationship to convert over 60,000 deposit accounts from a legacy core and in-house built digital banking solution to Apiture’s API-first platform.
The solution utilizes Apiture Open along with partners Finxact, Savana, and Payrailz. Apiture Open allows Live Oak Bank to provide a single experience for both retail and business customers to originate, fund, and manage their accounts. Following the migration, Live Oak Bank will continue to leverage Apiture Open’s secure and powerful APIs in conjunction with vertically oriented technology partners to expand the capabilities, efficiency, and analytics of their platform for the benefit of the bank’s customers.
“Live Oak Bank shows unwavering dedication to their customers, further reinforced by their commitment to provide the best digital experience in the industry,” said Chris Babcock, chief executive officer at Apiture. “The Apiture team is proud to be a partner in Live Oak Bank’s journey, and we look forward to continued innovation on this cutting-edge platform.”
Apiture delivers exceptional digital experiences for banks and credit unions of all sizes in order to compete in a transformative market. The Apiture Open platform is built unlike any other digital solution on the market, utilizing Application Programming Interfaces (APIs) to curate digital solutions without limitations for financial institutions.
“This conversion marks the beginning of a new era in banking,” said James S. (Chip) Mahan, III, Live Oak’s chairman and chief executive officer. “Apiture and our ecosystem partners are crucial in delivering an open banking platform that allows us to treat each of our customers like the only customer in the bank. You simply cannot do that on legacy technology and we are thrilled to be live with Apiture Open’s next-generation platform to deliver on our mission to be America’s small business bank.”
Apiture is a leading provider of digital banking solutions. Apiture provides Financial Institutions with the integrations, capabilities, and resources that banks and credit unions have not had access to in the past. Offering two differentiated digital experience platforms, Apiture Xpress and Apiture Open, Apiture has developed innovative solutions that can be used by financial institutions of any size. Apiture products currently serve hundreds of financial institutions within the United States market. Apiture is headquartered in Wilmington, North Carolina, with offices in Austin, Texas. For more information, please visit www.apiture.com.
About Live Oak Bank
Live Oak Bank, a subsidiary of Live Oak Bancshares, Inc. (NASDAQ:LOB), is a digitally focused, FDIC-insured bank serving customers across the country. Live Oak puts a groundbreaking spin on service and technology to redefine banking. Our products help customers buy, build and expand their business, and high-yield savings and CD products to grow their hard-earned money. To learn more, visit www.liveoakbank.com.
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