Financial technology leader Fiserv, Inc. and major regional institution Flagstar Bank, N.A. on Monday announced a strategic core banking relationship aimed at reshaping digital operations across the bank’s footprint, which includes a deep retail presence in New Jersey.
Under the agreement, Flagstar has selected Finxact from Fiserv—a cloud-native, API-first core banking platform—to anchor its enterprise-wide modernization strategy. The transition will replace legacy core systems with a modern transaction-processing engine designed to deliver real-time data capabilities and streamlined digital services for consumer and commercial customers alike.
Flagstar, which maintains a substantial operational and retail footprint spanning the greater New York and New Jersey metropolitan region (including dozens of local branches across Garden State communities from Bergen to Ocean counties), views the partnership as critical to its long-term technology transformation.
“Choosing Finxact wasn’t just a technical decision, it was a pivotal moment for us,” Christopher Higgins, chief information & operations officer at Flagstar Bank said. “A significant enabler of everything the Flagstar S2 Platform is becoming, Finxact will give us the freedom to move faster, grow smarter, and deliver the kind of real-time, seamless experiences that today’s customers expect.”
Built on an open, extensible architecture, Finxact eliminates traditional end-of-day batch processing in favor of real-time, temporal transaction processing. This capability allows institutions to introduce new financial products rapidly, support embedded finance ecosystems, and give enterprise users a unified view of customer data.
“Flagstar’s vision for technology is exactly the kind of bold, forward-thinking transformation that Finxact was built to enable,” Srini Krish, co-head of Financial Solutions at Fiserv, said. “This partnership is a powerful demonstration of what a next-generation core platform can enable for a large financial institution and will serve as a compelling model for institutions across the industry.”
Flagstar plans to roll out the new core platform through a phased conversion approach to ensure a seamless transition for clients across its operating regions.
