Finzly will present its instant payment innovations at the Nacha Smarter Faster Payments 2022 conference. The presentation will take place at the Federal Reserve’s booth, #701, on May 02, 2022, at 3.30 pm as part of the Federal Reserve’s live FedNow Service Provider Showcase.
CHARLOTTE, N.C. APRIL 28, 2022
Finzly will also display at booth #930 at the Nacha Conference. Finzly is profiled in the online FedNow Service Provider Showcase on FedNowExplorer.org and is a participant in the pilot program of the Federal Reserve Banks, working with banks on testing the FedNow service, independent of banks' core.
Apart from helping financial institutions to adopt instant payments, Finzly also helps them to innovate upon the FedNow Service using overlay services like Request for Pay.
Using Finzly’s award-winning payment hub, financial institutions can launch FedNow service, without having to depend on their core providers for launching the new service. Finzly’s payment hub gives a unified experience, a single API for all payment rails and complete payment processing on a modern, real-time, cloud-native platform that is already connected to payment networks. Financial institutions have the ability to bring ACH, Same Day ACH, Fedwire, FedNowSM, TCH RTP®, and international payments using SWIFT, under a single application, without having to toggle between different applications for different payment rails. The platform also supports the interoperability of different instant payment schemes - FedNow and the RTP® .
“We’re thrilled to present at FedNow’s live showcase at Nacha’s conference. The arrival of FedNow is the perfect time for banks to consolidate redundant and inefficient payment infrastructures, centralizing all payment networks using an interoperable payment hub. This helps banks to navigate the intricate payment ecosystem while providing customers with a seamless payment experience. To reap the full potential of the FedNow instant payments, financial institutions can take advantage of the open APIs and offer innovative value-added services to fintechs and their own customers, while also reducing payment operating costs and increasing the institutions’ revenue,” commented Booshan Rengachari, Founder and CEO, Finzly.
“We appreciate the energy and momentum that organizations like Finzly are bringing to enabling FedNow adoption within the instant payments ecosystem,” said Connie Theien, senior vice president and head of industry relations for the Federal Reserve System. “The FedNow Service Provider Showcase presentations are an opportunity for financial institutions seeking to connect with providers to build end-to-end instant payment solutions.”
Finzly is creating a financial infrastructure for Banks, Fintechs and Businesses to offer and access financial services in an open ecosystem that is connected, real-time and embedded in everyone’s lifestyle. Finzly’s operating system for banks acts as a parallel core platform, and is modern, cloud-based, real-time and API enabled. The operating system readily integrates to the banks’ existing core, saving banks time and money replacing the core, allowing them to focus on innovation. With an array of readymade solutions including a multi-rail payment hub (ACH, Fedwire, RTP, FedNow and SWIFT), foreign exchange, Digital Account Opening, KYC, Risk, Compliance, and a suite of customer experience components, Finzly allows the building of programmable banks, also offering a platform to launch Banking as a Service to fintech partners. To learn more, visit http://www.finzly.com
About the FedNow Service
The Federal Reserve Banks are developing the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions — regardless of size or geographic location — around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments at any time of day, and recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access will be provided through the Federal Reserve’s FedLine® network, which serves more than 10,000 financial institutions directly or through their agents. For more information, visit FedNowExplorer.org.