Print
Banking & Finance

Live Oak, First Data Close On Deal That Creates New Wilmington Company

By Jenny Callison, posted Oct 2, 2017
Live Oak Bancshares has officially widened its lens on the world of digital banking.

Officials with the Wilmington company and First Data (NYSE: FDC) said Monday that the firms have closed on the joint venture announced in May of this year.

The new company, named Apiture, combines First Data’s and Live Oak Bank’s digital banking platforms, products, and services, and is designed to provide “innovative technology solutions tailored for financial institutions,” according to a release from the partners.
 
Each party owns 50 percent of Apiture, which will be based in Wilmington, and each contributes something proprietary to the venture. The new company is in the process of securing office space in the Port City, said Micah Davis, marketing director of Live Oak Bank.
 
Live Oak (NASDAQ: LOB) brings the work it has done on an initiative it dubbed “Acorn,” designed to bring innovation to merchant services, online banking and bill payment products and services. Atlanta-based First Data supplies the online banking tools, which stem from the company’s acquisition of FundsXpress 10 years ago.
 
FundsXpress has about 550 bank customers, according to Live Oak officials.
 
“With Live Oak’s cloud-based banking technologies, First Data’s digital banking solutions, and the combined research and development of two global leaders in financial services technology, Apiture will accelerate the delivery of new digital banking solutions to the market,” the release stated.
 
“Apiture will provide community and regional banks with technology that matches that of the world’s largest financial institutions,” Chris Cox, president of Apiture and former head of digital banking at First Data, said in the release. “We decided to call the joint venture Apiture because of the focus we have on APIs [application programming interfaces] and providing an open platform to deliver best-in-class solutions to this important market.”
 
Apiture’s digital banking systems include online and mobile platforms designed to make it easier for consumers and businesses to manage such transactions as digital bill payments, balance inquiries, fund transfers, mobile check deposits, according to the release. The goal is to enable financial institutions to provide customized online banking websites and mobile applications to their customers in a cost-effective way.
 
“We believe banking is broken in its current form, and we will continue to invest in the technologies and companies that solve the problem,” James “Chip” Mahan, chairman and CEO of Live Oak Bancshares, said in the release. “To that end, Apiture will play a big role in shaping the future of our industry. As a new Apiture customer, Live Oak will leverage the platform to access low-cost deposits through digital channels at scale.”
Ico insights

INSIGHTS

SPONSORS' CONTENT
Deedee gasch

Kicking Off the New Year: Time to Review Your Business Insurance Policies

Deedee Gasch - Cranfill Sumner & Hartzog LLP
Aaeaaqaaaaaaaaidaaaajdhiztrkodm0lte2yjetngrkmy1hotrmltawmdvlmwqyztmymw

Please and Thank You Go a Long Way

Diane Durance - UNCW Center for Innovation and Entrepreneurship
Mc2 56882

Building Insights: Mark Johnson

Scott Byers - Majestic Kitchen & Bath Creations

Trending News

Serpentarium Building Could Shed Its Past, Become Dental Spa

Cece Nunn - Jan 17, 2019

For 324 Apartments Planned On S. College, Community Meeting Set

Cece Nunn - Jan 18, 2019

CVS Buys Parcel At Southport Shopping Center For $1.65M

Cece Nunn - Jan 18, 2019

Jeweled Heritage

Johanna Cano - Jan 18, 2019

NC Ports Report Annual Record In Container Moves

Christina Haley O'Neal - Jan 17, 2019

In The Current Issue

MADE: Building For The Designer Market

A family-owned furniture manufacturer, Lester Furniture Manufacturing Inc. concentrates in high-end, custom and hand-crafted furniture for i...


Apartments Top List Of Sales

Investors snapping up apartment communities, as well as a rental townhome property, represented New Hanover County’s highest real estate sal...


New Year Brings Cape Fear Museum Changes

The Cape Fear Museum of History and Science is readying new reveals in the new year. Among them, a unique mobile program that’s expected to...

Book On Business

The 2018 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Health Care Heroes 2018
2018 WilmingtonBiz Expo - Keynote Lunch with Eric Dinenberg, Rouse Properties