NetXD: An Interview With Chairman Suresh Ramamurthi

By Amit Chowdhry • May 14, 2024

NetXD is a company that offers a programmable enterprise operating system enabling organizations to transform their back office and middle office. For banks, NetXD offers a sidecar core that supports all major types of consumer and business bank accounts embedded banking and is paired with a payment hub with support for all central payment rails. Pulse 2.0 interviewed NetXD chairman Suresh Ramamurthi to learn more about the company.

Suresh Ramamurthi’s Background

Ramamurthi is Chairman of NetXD Inc., a digital banking and asset tokenization platform company. He also serves as Chairman of CBW Bank, a digital bank that launched the first Banking-As-A-Service Platform (BaaS) in 2015. Ramamurthi has also served as Chairman and Trustee of the Kansas Public Employees Retirement System (KPERS), a $24 billion AUM pension fund. He also serves on the Board of International Media Acquisition Corp (NASDAQ: IMAQU). 

Previously, Ramamurthi was at Google, where he was part of the mobile group, including Google Maps for Mobile and Google Checkout (now known as Google Wallet). He was also part of Google’s internal systems group and strategy. 

Before Google, early in his career, Ramamurthi founded and exited a few technology services firms in wireless data and software services. Ramamurthi was named the Innovator of the Year by the American Banker magazine in 2015. Other awards include American Banker’s Digital Banker of the Year, Celent Model Bank of the Year, and Bank  Innovation’s Top 10 Most Innovative Executives in Banking. 

Ramamurthi has a Bachelor’s in Electronics & Communication Engineering (Anna University, India), a Master’s in Computer Science (Rutgers-NJIT Joint Program), and an MBA in Finance from the University of Chicago. Ramamurthi was also a Fellow and Doctoral Student at Rutgers University.

Formation Of NetXD

How did the idea for the company come together? Ramamurthi said:

“The inception of NetXD came out of solving for the needs Suresh saw at a community bank and enabling innovation in banking and payments.”

Favorite Memory

What has been Ramamurthi’s favorite memory working for the company so far? Ramamurthi shared:

“Working with a great team and fantastic customers.”

Core Products

What are the company’s core products and features? Ramamurthi explained:

“NetXD Inc. provides a programmable enterprise operating system enabling organizations to transform their back and middle offices. For banks, NetXD offers a sidecar core that supports all major types of consumer and business bank accounts, embedded banking, and paired with a payment hub with support for all major payment rails.”

Challenges Faced

What challenges has Ramamurthi faced in building the company? Ramamurthi acknowledged:

“Every day brings a new challenge, making this business fun.”

Evolution Of NetXD’s Technology

How has the company’s technology evolved since launching? Ramamurthi noted:

“The company has continued to innovate on its core products, like the Programmable Ledger, while expanding the number of payment channels that are supported, which now includes all major US rails along with cross-border solutions. The company recently launched the first Enterprise Large Action Models (ELAM) in the banking and payments space, enabling banks to automate middle and back office operations and much more.”

Significant Milestones

What have been some of the company’s most significant milestones? Ramamurthi cited:

“The evolution of the product which has progressed rapidly since 2019, taking our first large customer to live and seeing the success from that launch – they now own 15% of their local market; launching Enterprise Large Action Models this year, growing the company to 130 employees we are today.”

Customer Success Stories

After asking Ramamurthi about customer success stories, he highlighted:

Problem statement: Homegrown technology solutions were challenging to scale and expand. The client wanted to improve their resiliency and solve reconciliation problems.

Solution: The client chose the NetXD ledger to replace the legacy platform. NetXD platform APIs were leveraged to build a mobile app and back-office experiences. An external card processor was integrated to enable the issuance of debit cards. 

Benefit: Significant operational savings (reconciliation team optimized from 4 to 1 FTE, spending 20 min/day); Client engaged partners to build its product offering with customer app for onboarding and service; now hosts over 225K accounts. The client now owns 15% of the local market share and is rapidly growing.”

Total Addressable Market

What total addressable market size is the company pursuing? Ramamurthi assessed:

“It’s over a billion-dollar market in the US alone for banking and payment services.”

Differentiation From The Competition

What differentiates the company from its competition? Ramamurthi affirmed:

Absolute embedded ‘zero trust’ security capabilities at all levels and ensuring data integrity, lineage, and quality; Enable “zero ops” by driving marginal costs of processing a transaction and related operations to near zero through automation. Can configure the platform rapidly to address the long-tail distribution of customers and their needs. Achieve speed and efficiency across all aspects of banking. Provide a comprehensive compliance first operational capability at the very foundation. Our platform supports AI and is AI compatible.”

Future Company Goals

What are some of the company’s future company goals? Ramamurthi concluded:

“Continue to identify the needs in the market and meet those needs with innovative and future-proof solutions.”