Core-independent launch of RTP/FedNow

Our commercial banking client aimed to offer innovative services for business customers through instant payment rails, FedNow® and RTP®.

Objectives

Our commercial banking client aimed to offer innovative services for business customers through instant payment rails, FedNow® and RTP®. However, their legacy core system and digital banking solutions were not equipped to handle instant payments.

Solution

The bank chose Finzly’s comprehensive platform for their commercial payments because we were the only provider offering a rail-agnostic experience for instant payments on both FedNow and RTP. Our direct connections to the Fed and The Clearing House, along with seamless integration with their business banking, core, and satellite systems, made us the preferred vendor.

Outcome

The bank became the first in the US to facilitate instant payments for commercial clients through a unified experience for FedNow and RTP. They plan to introduce QR code-based utility bill payments via our business banking experience using Request for Pay. Additionally, the bank benefits from hassle-free product updates with no platform downtime and enjoys Finzly’s innovative product roadmap.