Birmingham, Ala. December 2, 2021 – NXTsoft, a company focused on data connectivity, data analytics, data management and data migration announced today that it is continuing to experience record growth in its OmniConnect division, which features API connectivity solutions that securely and seamlessly connect financial institutions and Fintech companies.
Through November 2021, NXTsoft has contracted with Fintechs and financial institutions for over 430 new API integration or migration deals, representing over 90% growth above 2020’s full year total.
In addition to this growth, NXTsoft has added 21 new Fintech partners thus far in 2021.
Overall NXTsoft provides API connectivity to over 700 financial institutions with 2,000+ individual connections in place.
Non-banks (like fintech and even non-fintech businesses) build products on top of the traditional banking infrastructure that are integrated with financial institutions via APIs (like NXTsoft’s OmniConnect). By embracing Banking-as-a-Service, traditional financial institutions can also embed finance and BaaS services presented to retain customers and increase their significance by offering a better experience. Many banks and credit unions are focused on consumer empowerment by delivering a seamless experience enabled by open finance and BaaS, which allows them to share financial data across financial solutions, products and platforms.
NXTsoft is poised to take advantage of the recent explosion of BaaS as its OmniConnect solution has been developed and updated over the past 25 years and therefore has pre-built connectivity to 99% of the core systems in the United States, empowering Fintechs and financial institutions to connect expediently and at a lower cost than other alternatives.
“We are excited about our growth and the role of our APIs in the future of open banking,” said Alysa Sheckler, president of NXTsoft’s OmniConnect division. “The concept of Banking-as-a-service is not going anywhere and NXTsoft is well-positioned to take advantage of any financial-institution-to-Fintech connectivity need," she said.
NXTsoft is headquartered in Birmingham and has offices in Orlando and Denver. NXTsoft is the market leader in secure, comprehensive, and complete workflow API connectivity, connecting fintech companies to banks and credit unions throughout the United States. NXTsoft’s other solutions include data analytics, data management and data migration. NXTsoft’s products and services help businesses secure, connect and optimize their data to maximize revenue opportunities and enhance profitability. For more information visit www.nxtsoft.com, email [email protected] or call 1-800-915-3381.