Banking News

Finxact Appoints Craig Phillips, Former Top US Treasury Department Official, to Board of Directors

Finxact Appoints Craig Phillips, Former Top US Treasury Department Official, to Board of Directors

Deep Knowledge of Banking, Regulatory Environment and Financial Markets Will Bring Critical Value to Finxact as It Continues Its Rapid Growth

Finxact, the emerging leader in Core-as-a-Service banking, announced that it has appointed Craig Phillips, former Counselor to the United States Secretary of the Treasury, to its Board of Directors. In this capacity Phillips will be positioned to provide Finxact’s leadership team insight on best practices and macro trends in banking as Finxact continues to rapidly grow its customer base and coordinate with the expectations of their regulators.

Phillips brings to Finxact more than three decades of executive leadership in finance in both the public and private sector, with widely regarded expertise in capital markets, risk management, regulatory policy and consumer and commercial credit markets.

Read More: CPI Card Group Announces Settlement of Derivative Action

“Craig is a most welcome addition to our executive team and we will benefit enormously from his guidance,” said Frank Sanchez, CEO and founder of Finxact. “Finxact is committed to working closely with bank regulators as we help the US banking sector with its vital transition from decades-old core systems to modern core banking platforms.  Our success will enable the industry’s success, and Craig’s deep domain experience will improve the prospects for both.”

Between 2017 and 2019 Phillips served as Counselor to U.S. Secretary of the Treasury, Steven Mnuchin, where acting in the capacity of Under Secretary for Domestic Finance, he led the development of comprehensive policy recommendations for regulating the US financial system. He also oversaw policy efforts to enhance the financial sector’s cyber security and resilience through the Office of Critical Infrastructure Protection and Compliance Policy.

Read More: Linx and PicPay Partner up to Enable Payments via QR Code

Between 2008 and 2017, Phillips was a Managing Director and member of the Operating Committee of BlackRock where he founded and led the Financial Markets Advisory group, a global risk consulting practice that served over 200 unique clients in 32 countries.  From 1994 to 2006, Phillips was Managing Director at Morgan Stanley where he was global head of the Securitized Products Group.  Prior to Morgan Stanley, he was Managing Director at Credit Suisse First Boston from 1984 to 1994.

“I am honored to work with the leadership of an organization that is addressing one of the most pressing and important operational challenges for banks and credit unions of all sizes,” said Phillips. “I look forward to supporting Finxact as it endeavors to make its cloud-native Core-as-a-Service the new standard in banking.”

Finxact, which raised $30 million in strategic funding and increased its employees by more than 85 percent in 2019, will continue to expand in 2020 to modernize banking with its Core-as-a-Service platform.

Read More: Accomplished Executive Joins Blue Ridge Bankshares, Inc. Team

Related posts

Deloitte CFO Signals™ Survey: CFOs Cite Continued Economic Concerns in First Half of 2021, but Optimistic About the Second Half Onward

FTS News Desk

Zeta Raises $250 Million from SoftBank Vision Fund 2 for its Omni Stack for Banks

Chandni Maske

Direxion Launches Work From Home ETF

FTS News Desk

9 comments

BGC Partners Will Host Investors & Analysts on Wednesday, April 8 2020 January 15, 2020 at 9:05 am

[…] Read More: Finxact Appoints Craig Phillips, Former Top US Treasury Department Official, to Board of Directors […]

Reply
Total Expert Reports a 9.6% Lift in Lead-to-Applications- Financial Services January 16, 2020 at 7:00 am

[…] Read More: Finxact Appoints Craig Phillips, Former Top US Treasury Department Official, to Board of Directors […]

Reply
Sidetrade and Solocal Sign AI partnership Deal January 17, 2020 at 11:34 am

[…] Read More: Finxact Appoints Craig Phillips, Former Top US Treasury Department Official, to Board of Directors […]

Reply
iGTB Announces World's First 100%, 45-minute Robotic Deployment January 21, 2020 at 8:58 am

[…] Read More: Finxact Appoints Craig Phillips, Former Top US Treasury Department Official, to Board of Directors […]

Reply
SRAX and Experian Team Up to Offer Financial Services to BIGtoken User January 21, 2020 at 1:11 pm

[…] Read More: Finxact Appoints Craig Phillips, Former Top US Treasury Department Official, to Board of Directors […]

Reply
Lukka Becomes the First Crypto Tax Reporting & Data Services Company January 22, 2020 at 12:23 pm

[…] Read More: Finxact Appoints Craig Phillips, Former Top US Treasury Department Official, to Board of Directors […]

Reply
Earnin Appoints Erbil Karaman as Head of Product January 22, 2020 at 2:49 pm

[…] Read More: Finxact Appoints Craig Phillips, Former Top US Treasury Department Official, to Board of Directors […]

Reply
Entersekt & Netcetera- Major Card Issuers Opt to Secure e-commerce January 24, 2020 at 9:43 am

[…] Read More: Finxact Appoints Craig Phillips, Former Top US Treasury Department Official, to Board of Directors […]

Reply
BankMobile, Jay Sidhu, Chairman and CEO of Customers Bancorp January 24, 2020 at 11:39 am

[…] Read More: Finxact Appoints Craig Phillips, Former Top US Treasury Department Official, to Board of Directors […]

Reply

Leave a Comment