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Live Oak Bank switches retail and commercial accounts to Finxact core

September 9, 2021

The bank, which holds $9.9 billion in assets under management, switched its retail and commercial deposit accounts to Finxact as the penultimate stage in a front-to-back change stretching back to 2017.

Finxact and Live Oak Bank officially signed their first partnership deal in 2018. Then-CEO Neil Underwood predicted that the first iteration of the Finxact system would be live by the end of that year.

Live Oak went live on the Finxact platform for its loan origination processes in spring 2020, which helped it originate $2 billion in loans during the pandemic.

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