Customer Stories

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

Finzly implemented Payment Galaxy to operate alongside their Jack Henry core, ensuring a smooth transition without disrupting legacy operations. Leveraging our existing integrations with Jack Henry and Q2, the bank successfully migrated all payment processing to Finzly, also enabling their customers to effortlessly enjoy the 1-click payment experience from Finzly CashOS, embedded into Q2.

Finzly products

Integrations

  • Core: Jack Henry

  • Compliance: Accuity

  • Fraud: Verafin

  • Digital Banking: Q2

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

Finzly’s single API to all the payment rails allows the bank to confidently tap into new revenue streams in embedded finance by powering embedded payments for different platforms like SME lending, real-estate and more. For its own customers, the bank enables payment initiation through single click payments using our commercial digital banking experience that is integrated into their current digital banking provider, Q2. The bank now enjoys 100% STP, providing peerless customer experience.

Additionally the bank benefits from:

  • Quick onboarding of fintech partners through simple API integration

  • Modern, friction-free journey for commercial payments through CashOS

  • Competitive advantage at par with big banks

  • Efficient straight through processing of payments

Results

Up to 100%
Straight-through processing
60%
Cost reduction
80%
Decrease in implementation time