Modernizing Payment Rails Incrementally
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Problem
Legacy core limitations hindered growth for this commercially focused 100-year banks resulting in:
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High maintenance costs & tech debt from siloed & redundant systems
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Slower time-to-market & missed business opportunities due to core rigidity
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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. Finzly's rail-agnostic CashOS payment experiences replaces the current fragmented CX.
Payment rails
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ACH
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Fedwire
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International Wires
Integrations
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Business banking: Backbase
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Core: FIS
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OFAC, Fraud: Verafin
Outcome
Finzly’s modern payment infrastructure enables the bank to offer a seamless banking experience to their customers. Results include:
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Cost reduction due to elimination of redundant systems
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Improved straight through processing and reduced settlement time
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Readiness for vertical offerings to commercial customers
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Accelerated time to market in 6 months
Key Info
- 99.5%
- Straight through processing for wires
- 70%
- Improvement in wire processing time
- Speedy settlement of wires in just a few minutes