Jacksonville-based Finxact appointed Craig Phillips, former counselor to the U.S. Secretary of the Treasury, to its board of directors.
Finxact said Phillips brings more than three decades of executive leadership in finance in the public and private sectors, with expertise in capital markets, risk management, regulatory policy and consumer and commercial credit markets.
"Finxact is committed to working closely with bank regulators as we help the U.S. banking sector with its vital transition from decades-old core systems to modern core banking platforms,” said Finxact founder and CEO Frank Sanchez in a news release.
“Craig's deep domain experience will improve the prospects for both,” he said.
Phillips served as counselor to U.S. Secretary of the Treasury Steven Mnuchin from 2017-19, serving as Under Secretary for Domestic Finance.
Finxact said he led the development of comprehensive policy recommendations for regulating the US financial system and oversaw policy efforts to enhance the financial sector's cybersecurity and resilience through the Office of Critical Infrastructure Protection and Compliance Policy.
Before that, he was a managing director and member of the operating committee of BlackRock from 2008-17; managing director at Morgan Stanley from 1994-2006; and managing director at Credit Suisse First Boston from 1984-94.
Finxact said it raised $30 million in strategic funding and increased its employee count by more than 85 percent in 2019. It said it will continue to expand in 2020 to modernize banking with its “Core-as-a-Service” platform.