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Veritex Community Bank has partnered with Finzly to build on its commercial banking strengths with an end-to-end payment transformation using Finzly’s award-winning payment hub.

Finzly announced that Veritex Community Bank has chosen to implement Finzly’s award-winning payment hub to provide the bank with cutting-edge payment capabilities spanning across different payment rails.

Veritex Community Bank is one of the 10 largest banks headquartered in Texas and has a history of complementing the traditional commercial banking model with fintech partnerships. By leveraging a relationship with Finzly for payments transformation, the bank is poised to build on its commercial banking strengths to serve its growing portfolio of commercial and fintech clients.

The bank will use Finzly’s Payment Hub to consolidate ACH and Fedwire under a single platform. In the future, the bank has the option to take advantage of the platform’s readymade connections to the RTP and FedNow instant payment rails. Additionally, the bank’s commercial customers can enjoy a cutting-edge treasury experience on Finzly’s Experience Hub, embedded into Q2, the bank’s digital banking platform. The bank’s operations and tellers will benefit from efficient, straight-through processing while its customers will enjoy a modern and friction-free payment journey.

The bank now can offer a single API to process payments through any of the rails on Finzly’s cloud-native, micro-services-based Payment Hub. The open APIs allow the bank to easily offer Banking as a Service to corporate treasuries and fintechs.

“Veritex Community Bank believes in maintaining agility across our banking value chain,” said LaVonda Renfro, Chief Operating Officer at Veritex Community Bank. “As the banking industry transitions into the ‘real-time’ theme, we are happy that Finzly will arm us with the long-term competitiveness to thrive, collaborate, and compete with fintechs. Finzly’s Payment Hub gives us the speed and agility to significantly improve our operational efficiency while giving us the confidence to innovate in the open ecosystem.”

“It is gratifying to see that Veritex Community Bank has strategically connected its payment transformation initiatives with the modern technology provided by Finzly. We’re certain that this will be game-changing for them, helping them gain competitive momentum and create more value for their customers. Nevertheless, innovation will be an offshoot, opening several avenues for the bank in the current and future payment ecosystem,” commented Finzly's founder and CEO, Booshan Rengachari.

About Veritex Community Bank:
Veritex Community Bank is a mid-sized community bank serving its customers with a full suite of banking products and services. The bank has convenient branch locations in Houston, Fort Worth, and Dallas, Texas, with more than $10 billion in total assets. The bank, headquartered in Dallas, specializes in providing depository and credit services to small to mid-size businesses, which have been largely neglected by national banks. The name “Veritex” is derived from the Latin word “veritas,” meaning truth, and “Texas.”

About Finzly:
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, FinzlyOS, 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, KYC, Risk, Compliance, and a suite of customer treasury experience components, Finzly allows the building of programmable banks, also offering a platform to launch Banking as a Service to fintech partners and corporate customers. To learn more, visit http://www.finzly.com

 Source: PR Newswire

Synovus Bank launched an end-to-end, innovative FX solution to drive the expansion of international banking services using Finzly's FX STAR^TM 

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 STAR^TM 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 3^rd 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.

Finzly Experience Hub offers cutting-edge treasury experience to manage accounts, payments and global treasury needs of business customers through a digital banking portal and Open APIs that can be embedded into 3^rd party apps.

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 it has released an advanced version of its treasury experience platform for banks’ corporate customers. Finzly’s Experience Hub can be embedded into banks’ existing digital banking platforms or can be offered as the primary digital banking experience, enabling banks to offer global transaction banking to business, commercial and corporate clients.

Each business’s banking needs are different. However, they have been underserved with “one-size-fits-all” business banking platforms, leaving them frustrated, having to toggle between many Excel spreadsheets, cash and treasury management solutions from multiple providers, and yet, having to handle manually intensive processes. Finzly’s Experience Hub solves this problem by offering several business banking apps within one SuperApp platform, allowing banks to curate banking services according to the needs of the individual businesses.

Additionally, corporates also demand real-time banking, zero reconciliation and open API connectivity to embed banking services into their treasury management systems to help them manage their liquidity better.

Using Finzly’s Experience Hub, SMBs, commercial and corporate customers can manage all their accounts, payments, beneficiaries, and authorizations through a simple and sleek self-service portal. Business customers can manage users and their privileges, initiate domestic (ACH, Fedwire, RTP & FedNow) and international payments with real-time email notifications to approvers, and manage bulk payments. Customers can also prevent fraud with Positive Pay and other fraud prevention features. The suite of services conveniently extends itself to FX trading under the same portal, allowing customers to buy and sell currency, and use multi-currency accounts to efficiently manage their global treasury.

“Finzly knows how hard it is for a business with the limited banking functionalities offered in today’s online banking platforms. We ourselves as a business ended up using multiple fintech solutions because of such limitations. That’s why Finzly has reimagined banking to better serve business customers. We are pleased that Finzly’s Experience Hub can help banks deliver world-class treasury experience tailored to the individual needs of their customers from a SuperApp, enabling them to strive towards relationship excellence with their corporate customers”, remarked Booshan Rengachari, founder and CEO, Finzly.