"We had taken steps to remove our so-called uninsured balances," said Craig Mechling who, like many customers, either removed or reduced the amount of money they had in the bank as its financial position worsened over the past week. The DFPI also said the FDIC has "accepted a bid from JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all deposits, including all uninsured deposits, and substantially all assets of First Republic Bank." The state's Department of Financial Protection and Innovation (DFPI) said it had taken over San Francisco-based First Republic and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. Tagit is well-positioned to meet the requirements of banks that are aiming to deploy cloud-native solutions to cater to the growing number of clients who are adopting digital channels as their primary transaction channel.SAN FRANCISCO - Regulators seized control of First Republic Bank early Monday, making it the third financial institution taken under government control this year, then promptly accepted a bid from JPMorgan Chase for virtually all of the lender's assets. The Mobeix DBP banking suite delivers out-of-the-box retail banking, corporate banking, and digital onboarding solutions, enabling mid-tier traditional and challenger banks to offer high-end without costly in-house development teams with true omnichannel functionality, making mobile and internet banking accessible across legacy and modern devices. The Mobeix omnichannel Digital Banking Platform and suite of digital banking products provide best-in-class digital capabilities and user experiences for mid-tier banks across Asia, Africa, and the Middle East. With many banks looking to deploy cloud-native solutions to meet the growing number of digital-first customers, to meet the growing number of digital-first customers, Tagit is well-poised to meet their requirements and enable them to grow exponentially with DBP on AWS. Tagit is collaborating with AWS to introduce cloud-based banking services with a multi-country rollout in Africa for a top microfinance company from France. Parresh Timbadia, Chief Technology Officer at Tagit, said, “Tagit is excited to offer its digital banking platform on AWS to banks across different markets and looks forward to working with the industry leader in cloud computing to bring cutting-edge digital banking solutions to the market.” With the successful completion of the FTR, the Mobeix Digital Banking Platform reduces security risks while promoting reliability and operations excellence and demonstrates Tagit’s commitment to align with the best practices to improve customer experience. The FTR is led by an AWS Partner Solutions Architect (PSA) who reviews AWS Partner products and solutions.įollowing the validation of Tagit’s Mobeix Digital Banking Platform (DBP) by AWS, Tagit is now listed on AWS Solutions Finder and is poised to accelerate DBP’s adoption over cloud with the support of AWS. The rigorous FTR process is based on AWS Well-Architected Framework and ensures that the Mobeix Digital Banking Platform meets the necessary standards for architecture, security, and operations in the cloud. The AWS Foundational Technical Review (FTR) enables partners to identify and remediate risks and to identify AWS Well-Architected best practices specific to their software or solution. Tagit’s Mobeix Digital Banking Platform (DBP) has been officially recognized as an AWS Qualified Software following its successful completion of the Foundational Technical Review (FTR).
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