First Bank has chosen Finzly's award-winning payment hub to offer a unified payment experience to send and receive payments on the ACH, Fedwire, and SWIFT payment networks. By using Finzly's treasury management super app, the bank can offer value-added payment services to their business customers.
CHARLOTTE, N.C. (PRWEB) MAY 04, 2022
Finzly announced that First Bank has chosen to implement Finzly’s modern payment hub to enhance the bank’s payment and digital capabilities.
First Bank has a 100-year history of offering business, commercial, and personal banking solutions. By consolidating multiple payment rails on Finzly's Payment Hub, the bank will be able to offer a unified payment experience to send and receive payments on the ACH, Fedwire, and SWIFT payment networks through API or files. Using least cost, smart payment routing, the bank can offer a seamless and a single user experience to its customers and bankers, irrespective of the rails.
Finzly’s cloud-native, micro-services-based Payment Hub establishes a direct connection with the Federal Reserve, The Clearing House, and SWIFT, and offloads all payment processing from the legacy core. The modular plug-and-play architecture enables faster integration with the core, allowing the launch of any payment rail through simple configurations. The configurable workflow engine gives the bank the freedom and agility to innovate while having full control over its payment processes. Through this powerful payment hub, First Bank can offer a single, simple API for all payment rails, facilitating the launch of Banking as a Service to corporate treasuries and fintechs.
First Bank's business and treasury customers will benefit from a comprehensive treasury and cash management super app, Finzly CashOS. Using the super app, corporate customers can initiate ACH, Fedwire, and international wire payments, approve payments, upload payment files, prevent fraud, use positive pay, foreign exchange, check balances, view payment history, and self-administer the users. By integrating with the bank's digital banking channel Backbase, corporate customers will have a seamless treasury experience, with dual approval, payment limits, and multi-factor authentication.
"The shifting paradigm in payments calls for banks to embark on meaningful and sustainable modernization. We're delighted that First Bank has chosen to stay ahead of the curve using our payment hub that consolidates multiple payment rails under one roof. The bank can differentiate by offering value-added payment services to their business customers through our treasury management super app, matching up and going beyond what fintechs can offer," remarks Finzly's founder and CEO, Booshan Rengachari.
We are excited about our partnership with Finzly, which will enable us to consolidate all our payments rails into one, automate payment processing, eliminate redundant systems and reduce system maintenance costs.
Bala Nibhanupudi, Chief Operating Officer at First Bank
"First Bank is embarking on a journey to transform our customers’ banking experience. Innovation is a recurring theme, especially in payments, and Finzly's Payment Hub gives us the speed and agility to offer fintech-like payment experience to our customers. We are excited about our partnership with Finzly, which will enable us to consolidate all our payments rails into one, automate payment processing, eliminate redundant systems and reduce system maintenance costs. Along with Backbase, Finzly’s payment experience will provide a simple and seamless experience to our customers and associates alike," comments Bala Nibhanupudi, Chief Operating Officer at First Bank.
About First Bank:
First Bank, a subsidiary of FB Corporation, is a family-owned business with four generations of independent, single-family ownership. First Bank offers stability and experience with long-term planning that helps businesses and the communities in which they operate grow and thrive. With 79 locations throughout California, Missouri, and Illinois, First Bank has developed a relationship-driven approach to offer comprehensive solutions for clients in business and consumer banking, wealth management, mortgage lending, and more. For information, visit http://www.first.bank
Finzly provides the financial infrastructure for Banks, Fintechs, and Businesses to offer and access financial services in an open, connected, real-time, and embedded ecosystem. Finzly’s operating system for banks acts as a parallel core platform and is modern, cloud-based, real-time, and API enabled. With an array of readymade banking 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