Fiserv, Inc. (NASDAQ:FISV), a global leader in payments and financial technology, and Flagstar Bank, N.A. (NYSE:FLG), one of the nation’s largest regional banks, today announced that Flagstar has selected Finxact from Fiserv, a modern, cloud-native core banking platform, as the cornerstone of the bank’s core modernization strategy.

Flagstar’s selection of Finxact is a natural extension of its commitment to building a modern technology foundation and a key component of the Flagstar S2 Platform™ — Simple and Sophisticated — the bank's unified technology transformation initiative. Finxact will serve as the next-generation system of record and transaction processing engine underpinning Flagstar's modernization strategy, replacing legacy technology and positioning the bank to deliver the real-time, digital-first banking experiences today's customers demand. As the bank moves to a single, consolidated core with Finxact, it will implement planned conversions in a phased approach to support a seamless transition.