RTP, FedNow — send and receive experience for businesses
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Payment infrastructure for the first bank to send payments on the FedNow network
Objectives
Provide innovative services to business customers by enabling instant payments via FedNow and RTP
Overcome limitations of the legacy core system (Fiserv), which posed delays in supporting FedNow and RTP
Address the lack of instant payment capabilities in the existing business banking platform
Move ACH processing to a modern system to attract vertical businesses
Solution
RTP/FedNow payment experience on Digital Galaxy or Businesses: commercial payments with a rail-agnostic experience supporting both FedNow and RTP send and receive.
Finzly’s modern ACH processing to streamline payment operations.
Finzly’s Digital Galaxy Consumer Banking to give consumers instant payment send/receive capabilities.
Outcome
The first in the US to enable instant payments for commercial clients through a unified FedNow and RTP experience
Plans are underway to launch QR code-based utility bill payments using Digital Galaxy Business Banking experience with Request for Pay
The bank benefits from hassle-free product updates with zero platform downtime
The bank has already moved its ACH processing to Finzly’s modern ACH platform
5X
accelerated go to market for FedNow/RTP
1st
bank to send instant payments on the FedNow network
seconds
Instant payments processed end to end in a few seconds
Innovation
New use cases for billers and utility companies using Request for Payment experience
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