Modernizing payment rails incrementally
Finzly’s modern payment infrastructure enables the bank to offer a seamless banking experience to their customers.
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Objectives
Legacy core limitations hindered growth for this commercially focused 100-year bank resulting in:
- High maintenance costs & tech debt from siloed & redundant systems
- Slower time-to-market & missed business opportunities due to core rigidity
- Lack of APIs demanding complex integrations
Solution
The bank chose Finzly’s central payment hub to handle both domestic and international payments for their commercial clients. By adopting a modular approach, they successfully launched ACH and Fedwire, with the added flexibility to introduce FedNow and RTP gradually.
Outcome
Finzly’s modern payment infrastructure enables the bank to offer a seamless banking experience to their customers. Results include:
- Cost reduction due to elimination of redundant systems
- Improved straight through processing and reduced settlement time
- Readiness for vertical offerings to commercial customers
- Accelerated time to market in 6 months
99.6%
straight-through processing for wires
70%
improvement in payment processing time
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
