Enabling a digital-only bank with Finxact and Finzly
Payment infrastructure for SMB-focused digital bank
1 / 0
Objectives
- Transition from an outdated, batch-based technology stack to a modern, digital-only banking platform
- Offer real-time, efficient payment solutions to meet the unique needs of SMB clients
- Integrate seamlessly with both legacy and modern core banking environments during the transformation process
- Introduce instant payment capabilities incrementally, while ensuring long-term scalability and flexibility
Solution
- Finzly’s Payment Processing Platform: Chosen for real-time ACH and Fedwire payments through Finzly’s unified, real-time payment engine, enabling modern payment capabilities
- Smart Routing Capabilities: Enabled payments to be routed into both the legacy and modern core systems, ensuring operational continuity throughout the bank’s digital transformation
- Customizable Workflows: Allowed the bank to tailor payment processes according to its unique business rules, avoiding the limitations of one-size-fits-all systems
Outcome
- Quick launch of digital bank: Easy integrations with legacy and modern cores led to a much faster launch of the digital-only bank, reducing time to market
- Modern tech stack for payments: The bank now boasts a cutting-edge payment platform that attracts more business clients and positions them for growth as an SMB-focused bank
- Scalable transformation: The bank can modularly adopt instant payment rails, progressively evolving its payment infrastructure to meet emerging needs without disruption
80%
Reduction in go to market
100%
Real-time backend infrastructure
ACH
Fedwire
FedNow
RTP
Cross Border Payments
Payment Hub
ISO 20022
Deposits
Virtual Ledger
Multi-Currency Accounts
Open APIs for Embedded Banking
Business Banking
Consumer Banking
Teller Banking
Foreign Exchange
Trade Finance
