EverBank Accelerates Growth by Unifying Payment Processing
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As part of its broader commercial banking transformation, EverBank set out to diversify into high-growth market segments and modernize its payments infrastructure to handle complex, high-volume transactions. To support this growth, the bank needed a flexible, future-ready solution that could unify payment processing across domestic, instant, and international rails, all from a single platform. And thatʼs where Finzly stepped in!
Challenges of scaling traditional payment infrastructure
- Manual processes limited efficiency and straight-through processing (STP).
- Fragmented systems created scalability issues.
- Needed advanced FX and real-time/embedded payments to stay competitive.
- Aimed to boost client retention and fee-based revenue.
- Required a platform offering agility and insights from ISO 20022 data.
- Faced revenue leakage due to inconsistent fee governance.
- Needed seamless integration with FIS, Temenos, and Backbase.
- Sought support for dynamic pricing and flexible business rules.
- Transformation had to ensure a smooth client experience.
Solution: Streamlining Legacy Payments with Finzly’s Payments Galaxy
- Modernized payment operations across ACH, wires, and instant payments using Finzly’s Payments Galaxy.
- Adopted Finzly BankOS, a modular platform of “Galaxies” focused on payments, digital, FX, and embedded banking.
- Modular design enabled faster innovation, integration, and product launches—without legacy system constraints.
- Finzly acted as a strategic partner, executing transformation rail by rail to align with core modernization.
- Enabled dynamic pricing, governance frameworks, and approval workflows tailored to treasury needs.
- Positioned EverBank to offer real-time payments, embedded banking, and ISO 20022-driven insights, matching top-tier banks.
Key outcomes for the bank
- Enhanced payment flexibility
+1.5 hrs ACH and wire cutoff times - Unified payment infrastructure
Streamlined operations - Established future ready platform
Growth-ready foundation - Automated FX processing
Global efficiency
Strategic outcomes of upgrading legacy payment systems
The implementation resulted in measurable improvements across operational, strategic, and client-facing dimensions. Automation significantly reduced manual processes, driving efficiency and lowering operational costs. By extending ACH and wire cutoff times by up to 1.5 hours, EverBank enhanced its ability to serve high-value clients, particularly on the West Coast, creating new revenue opportunities.
The modernized payments infrastructure also played a key role in attracting new clients, aligning with growing expectations for speed, reliability, and flexibility. With a scalable foundation now in place, the bank is well-positioned to expand into new verticals and introduce advanced offerings such as real-time payments and embedded finance. Collectively, these enhancements have strengthened EverBankʼs market position, delivering a seamless and dependable payments experience that differentiates it in a highly competitive landscape.
