Apiture is a leading provider of digital banking solutions for community and regional banks and credit unions throughout the U.S. Its flexible, highly configurable solutions meet a wide range of financial institutions’ needs, from leveling the playing field with larger institutions to supporting growth through innovative data intelligence and embedded banking strategies. With Apiture’s API-first approach, its clients can maximize the capabilities of their platform while preserving a seamless user experience. Apiture focuses exclusively on digital banking and has a team with hundreds of years of collective experience working at U.S. financial institutions.
Apiture wanted to provide its financial institutions with the ability to streamline the online account opening process so they could be more competitive with larger banks and digital-only banks.
“We’re seeing our customers expand into markets that weren’t available before. Because of digital account opening, they are no longer confined to locations and branches,“ said Bob Burgarino, Executive Vice President, Professional Services and Client Delivery at Apiture.
As a long-standing MX partner, Apiture worked with MX to implement Instant Account Verifications (IAV) to allow consumers to quickly and easily connect an external account with another financial institution and fund a new account.
With IAV, organizations can verify accounts in less than 5 seconds with the latest security standards through direct OAuth connections, eliminating reliance on slower methods like microdeposits, and reducing risk by removing credentials from the environment.
The MX and Apiture teams worked closely together to bring IAV to Apiture’s 300+ financial institutions, addressing any challenges along the way. “The leadership at MX was fantastic. They worked with us through all of the challenges that we encountered and ensured that everyone at MX understood the urgency of the issues,” said Jennifer Dimenna, Senior Vice President of Product, Apiture. “MX was great to ask the questions, to understand what the problem was, and then to help devise a solution that ended up being fantastic... I really can’t say enough about how excellent that partnership was at the leadership level.”
Since launch, Apiture clients have seen a significant increase in account openings and as a result, deposits. For instance, one institution increased its client deposits by 121% within the first four months since rolling out Apiture’s digital account opening solution. Additionally, while many of Apiture’s clients are in less urban areas, they are still seeing an impressive 45% of account verification requests leveraging OAuth connections, which provide a more secure and reliable connection experience for consumers.