Commercial Bank Modernizes Payment Processing Without Disrupting Their Legacy Core

Client

A large commercial bank in Texas with a history of complementing the traditional commercial banking model with fintech partnerships.

Challenge

The bank’s legacy payment processing didn’t allow them to cater to the expectations of their commercial customers. As a result, they required a partner at the forefront of payments innovation to help them embark on an end-to-end transformation for payments.

Some of their main challenges with their obsolete payment systems included:

A lack of agility to launch new products and value-added services
Exodus of commercial clients due to a poor commercial digital banking experience
Loss of revenue opportunities in embedded banking due to lack of APIs

Solution

The bank enhanced customer experience and unified payment processing for Fedwire and ACH leveraging our integrations with their existing core. By unifying payment processing, the bank was able to boost operational efficiency and increase their agility to launch value-added services, improving customer experience.

Finzly products

Payment Galaxy for ACH, Fedwire
Open Galaxy for Embedded Banking
Teller app for branch users to initiate and manage payments

Integrations

Preintegrates with existing core

Finzly’s Payment Galaxy gives us the speed and agility to significantly improve our operational efficiency while giving us the confidence to innovate in the open ecosystem.

COO at the bank

Outcome

By working with Finzly to centralize payment processing for Fedwire and ACH, the bank has achieved several benefits from streamlining operations, unifying all payments and exceptions, and ultimately growing its business. Additionally, automated workflows have increased the bank's straight-through processing rates. These efficiencies have allowed the bank to expand its commerical offerings to sectors like real estate, specialty banking for HOAs, dental practices, and other SMBs. The bank is now well-positioned to confidently explore new revenue streams and expand into new customer segments.