Synovus Bank launched an end-to-end, innovative FX solution to drive the expansion of international banking services using Finzly's FX STARTM
This news was originally published here.
Finzly, a fintech provider of modern banking applications for payments, foreign exchange, trade finance and BaaS, announced today that Synovus Bank has chosen Finzly’s FX STARTM platform to drive the expansion of their FX and international banking services.
Established in 2012, Finzly is a pioneer in providing end-to-end FX solutions to financial institutions through their highly commended FX STAR platform. Finzly is also an innovator in payments processing, offering a payment hub that is readily connected to all the domestic and international payment networks.
Finzly’s FX STAR enables the customers of Synovus Bank with a modern, cloud-native, API-first platform to manage their international banking needs and foreign currency exposure. Using the FX STAR self-service web portal, customers can safely and securely transact their foreign exchange in a fast, easy and cost-efficient manner, without requiring an interaction with a banker. The platform offers multi-currency accounts to purchase foreign currencies in bulk, making it easy for businesses to send and receive payments overseas on a regular basis. Customers also benefit from convenient features including payment initiation, self-administration of internal users, their permissions, and limits.
“With Synovus Accelerate FX, we’re excited to continue organizational investment and active expansion of our treasury management business and bring friction-free customer journeys through a robust tech stack at the bank,” said Katherine Weislogel, head of treasury and payment solutions at Synovus. “Offering world-class global treasury solutions, Synovus Accelerate FX and international payments are at the forefront of our transformation initiatives. Synovus Accelerate FX anticipates the rapidly evolving requirements of organizations to accelerate foreign exchange and payments, improve the cash conversion cycle and make better business decisions.”
The solution has the ability to streamline the pricing, trading, risk management, settlement processing, confirmations, matching, accounting, compliance, reporting and nostro reconciliation. The FX STAR platform seamlessly connects with Synovus Bank’s core system and other 3rd party systems like Synovus’ Gateway Banking web application, AML, OFAC and market data. Finzly’s open architecture leverages configurable workflows, distributed computing, faster “in-memory” data grids, “drag and drop” reporting and real-time monitoring.
“We couldn’t be more excited to make Synovus Accelerate FX a strategic and holistic solution to offer best-in-class international payment experience and FX services to our clients,” said Dr. Jeffrey Beisler-Snell, head of international banking at Synovus. “Synovus Accelerate FX provides customer success on the front end and automation on the back end. It’s a simple and intuitive experience, filling all the gaps to offer a friction-free customer and banker experience.”
“We’re delighted to be the FX platform of choice for Synovus Bank – an institution that puts customer experience and efficiency at the epicenter,” said Booshan Rengachari, founder and CEO of Finzly. “Finzly has simplified the trading and payment of foreign currencies with a seamless user experience. The platform combines technical expertise and cloud-native tools to deliver a scalable, efficient and affordable solution, enabling financial institutions to manage post-trade processing of confirmations, compliance, payments, settlements, ledger postings and reporting. As we continue this trajectory, we’re certain Synovus Bank’s clients will enjoy a superlative international banking experience.”
Synovus Bank, a Georgia-chartered, FDIC-insured bank, provides commercial and consumer banking in addition to a full suite of specialized products and services including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, capital markets and international banking. Synovus has branches in Georgia, Alabama, South Carolina, Florida and Tennessee.
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 www.finzly.com.