“We believe banking is broken in its current form,” said Chip Mahan, chair and CEO of Live Oak Bancshares, which recently closed a deal with First Data, resulting in the formation of a new company, Apiture. The company gets its name from APIs, or application programming interfaces, which are at the core of its commerce-enabling technology. Apiture will offer community and regional banks scalable banking platforms as advanced as those used by the world’s largest financial institutions. Corporate representatives say the joint venture will enjoy the agility of a startup while having access to the research and development resources of its parent companies. Last Year, First Data introduced a simplified user interface for mobile apps developed with findings from eighteen months of studying clientele banking habits. First Data serves 4,000 financial institutions in six million locations in over 100 countries, managing over 2,800 transactions per second involving $2.2 trillion per year. First Data will continue to make improvements to the interface under the new venture.