First Data and Live Oak Bancshares Close Deal for Digital Banking Joint Venture
October 02 2017 - 7:00AM
First Data (NYSE:FDC), a global leader in commerce-enabling
technology, and Live Oak Bancshares, Inc. (NASDAQ:LOB), today
announced they have closed the digital banking joint venture that
was announced earlier this year. The new company, named Apiture,
combines First Data’s and Live Oak Bank’s digital banking
platforms, products, and services, delivering innovative technology
solutions tailored for financial institutions.
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.
“With the agility of a startup, and the resources of First Data
and Live Oak, Apiture will provide community and regional banks
with technology that matches that of the world’s largest financial
institutions,” said Chris Cox, President of Apiture and former Head
of Digital Banking at First Data. “We decided to call the joint
venture Apiture because of the focus we have on APIs and providing
an open platform to deliver best-in-class solutions to this
important market.”
“We believe banking is broken in its current form, and we will
continue to invest in the technologies and companies that solve the
problem,” said Chip Mahan, Chairman and CEO of Live Oak Bancshares.
“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.”
Apiture’s digital banking solutions include online and mobile
platforms that make it simple for consumers and businesses to
manage digital bill payments, balance inquiries, fund transfers,
mobile check deposits, and more. With these solutions and services,
financial institutions can provide customized online banking
websites and mobile applications to their customers in a
cost-effective way.
Last year, First Data introduced “Digital Banking Reimagined,”
an initiative that evaluated the way consumers interact with their
finances. With more than 18 months of research and development, the
company launched a new digital banking user interface to simplify
money management in a mobile-focused way, which will continue under
the joint venture.
First Data and Live Oak Bancshares each own 50 percent of
Apiture. The new company is based in Wilmington, N.C.
About First Data
First Data (NYSE:FDC) is a global leader in commerce-enabling
technology, serving approximately six million business locations
and 4,000 financial institutions in more than 100 countries around
the world. The company’s 24,000 owner-associates are dedicated to
helping companies, from start-ups to the world’s largest
corporations, conduct commerce every day by securing and processing
more than 2,800 transactions per second and $2.2 trillion per
year.
About Live Oak Bancshares, Inc.
Live Oak Bancshares, Inc. (Nasdaq:LOB) is a financial holding
company and the parent company of Live Oak Banking Company, a
national online platform for small business lending.
Media Contacts
Live Oak Bancshares, Inc.Micah Davis micah.davis@liveoakbank.com
910-550-2255
First DataHally SheldonHally.Sheldon@FirstData.com
212-515-0174
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