Payment infrastructure for the first bank to send payments on the FedNow network
Objectives
- Provide innovative services to business customers by enabling instant payments via FedNow and RTP
- Overcome limitations of the legacy core system, which posed delays in supporting FedNow and RTP
- Address the lack of instant payment capabilities in the existing business banking platform
- Move ACH processing to a modern system to attract vertical businesses
Solution
- RTP/FedNow payment experience on Digital Galaxy or Businesses: commercial payments with a rail-agnostic experience supporting both FedNow and RTP send and receive.
- Finzly’s modern ACH processing to streamline payment operations.
- Finzly’s Digital Galaxy Consumer Banking to give consumers instant payment
send/receive capabilities.
Outcome
- The first in the US to enable instant payments for commercial clients through a unified FedNow and RTP experience —
- Plans are underway to launch QR code-based utility bill payments using Digital Galaxy Business Banking experience with Request for Pay
- The bank benefits from hassle-free product updates with zero platform downtime
- The bank has already moved its ACH processing to Finzly’s modern ACH platform
5X
accelerated go to market for FedNow/RTP
1st
bank to send instant payments on the FedNow network
seconds
Instant payments processed end to end in a few seconds
Innovation
New use cases for billers and utility companies using Request for Payment experience
