San Diego-based Silvergate Bank has selected Finastra’s Total Payments to expand its financial infrastructure with an API-enabled solution for payment processing, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).
“With more than 500 digital currency and fintech customers using our platform to scale their business, Silvergate understands the importance of providing its clients with robust technology solutions,” said Chris Lane, chief operations officer, Silvergate Bank.
He added: “Finastra’s API-enabled payment platform running in the cloud reinforces our deep-rooted commitment to regulatory compliance while ensuring we are offering the most progressive solutions in the market.”
Total Payments is powered by Microsoft Azure. Finastra says its platform model helps ensure regulatory compliance across the solution with updates around regulations, standards, and clearing connections, all managed by Finastra.
The platform also connects multiple channels, consolidates payment systems, and reduces the number and complexity of back-office interfaces.
Back in March 2017, Silvergate implemented a suite of systems from FIS in a major tech overhaul – from a new core banking system to branch, digital and mobile banking, compliance and risk.
The new core banking platform – Horizon – will let the bank “streamline” its third-party systems, such as account opening and loan servicing.
Privately held, Silvergate has nearly $1 billion in assets. It has operated in the San Diego area since 1988.