Modernizing payments and enhancing member experience at Minnesota’s largest CU
Objectives
- Centralize payment operations across various channels (core banking, digital banking, and wire transfers)
- Ensure ISO 20022 compliance for Fedwire by March 2025
- Improve operational efficiency and enhance the member experience through streamlined, real-time payment solutions
- Move away from legacy payment processing systems to a modern solution to support multiple payment rails, including FedNow, RTP, ACH, and Wires
Solution
- Finzly’s payment hub: Unifies and modernizes legacy payment systems, centralizing FedNow, RTP, ACH, and wire transfers onto one platform
- ISO 20022 compliance: The CU has already been certified with the Fed for Fedwire ISO 20022, ensuring regulatory readiness, much ahead of the March 2025 deadline
- Modern UI and architecture: Provides a clean, user-friendly interface to both backoffice users and customers, built on a scalable framework
- Speed of implementation: Delivers rapid deployment on a 90-day framework, meeting critical deadlines and accelerating service rollouts
- Seamless integration: APIs integrate smoothly with Wings’ existing core, online banking and other 3rd party systems, minimizing disruption
Outcome
- Centralized payment processing: Streamlines all payment channels, enhancing operational efficiency
- ISO 20022 compliance: Ensures a smooth transition to the new payment standard, reducing risk
- Enhanced member experience: Real-time payments via FedNow and RTP provide faster, more convenient transactions
- Scalability: Positioned to handle future payment types and regulatory changes
16 weeks
go-to-market
100%
straight-through processing
