Bank Midwest launches OnePlace.bank with Finastra to deliver healthcare sector financing

By Gloria Mathias

Finastra has announced that Bank Midwest, an employee-owned bank, has launched OnePlace.bank, a digital bank powered by Finastra focused exclusively on the financial needs of the healthcare community.

The move expands Bank Midwest’s collaboration with the financial software provider, utilizing its Phoenix core solution and digital banking to go to market quickly and efficiently.

“When we decided to launch OnePlace.bank, we turned to our partners at Finastra, leveraging their agile solutions and partner ecosystem to build a digital bank specifically tailored to healthcare professionals,” said Bryan Wilken, Chief Information Operations Officer at Bank Midwest. “We offer a personalized, tailored, and consistent customer experience, and we know that our loyal customers expect the latest products and services. With Finastra’s platform, commitment to open finance and expertise, we can deliver on this promise quickly and efficiently, allowing us to deliver innovative solutions and exceed customer expectations.”

Building on the bank’s OnePlace Capital business line, which offers unique equipment financing options tailored to meet the needs of dental, medical, and veterinary practices, the digital bank represents a natural progression for the brand. OnePlace.bank is the virtual home of this niche loan program, which also offers new deposit, treasury management, and ancillary banking services designed specifically for healthcare professionals.

“We are delighted to support Bank Midwest in its innovative vision to create a digital bank that caters to the healthcare sector. By going live with our core and digital banking solutions, OnePlace.bank offers a seamless and personalized banking experience while also benefiting from the scalability, security, and agility of the cloud,” said Peter Longo, VP of Product Management at Finastra. “This is a prime example of how open finance can help more people and businesses access the banking services they need to prosper. Finastra’s open and collaborative solutions enable our customers to quickly create innovative programs and brand extensions that not just meet but exceed the needs of the communities they serve.”

In addition to Phoenix and Digital Banking, OnePlace.bank is connecting with fintechs via Finastra’s open finance ecosystem to expand its offerings, including conversational AI chat, texting, and calling services from Glia and Clinc, loan and account opening solutions from Newgen, payments from Veem, and statement and notice generation from MPX.