Booshan Rengachari
Founder and CEO, Finzly
Founder and CEO, Finzly
Our solution supports all participation types. SEND and RECEIVE or RECEIVE only, SETTLEMENT SERVICES and LIQUIDITY TRANSFERS - choose the one that suit your needs.
Be the bank behind fintechs looking for instant payment APIs. Open new revenue streams and grow your customer base by seamlessly onboarding fintechs through Finzly's Fintech Hub.
Offer Request for Pay & differentiate using account-to-account instant payments to power merchant payments, invoicing, subscriptions, bill payments,fundraising and more!
Offer instant payments experience as part of your digital banking and offer a sleek self-service portal with a customizable Superapp for SMB, Commercial and Institutional clients.
Experience an integrated real time cross-channel, cross-payment fraud detection to identify payment anomalies through our partner ecosystem for managing fraud.
Experience rich and structured payments data that is ISO 20022 compliant for both domestic, instant and cross-border payment rails, seamlessly building use cases for value-added services.
The target release date for the service is May to July 2023. However, FIs have already started their preparations for FedNow by embarking on pilot testing/preparing for early adoption with Third Party Service Providers like Finzly. Schedule a demo to see how easy it is to get on the FedNow service.
Yes, banks can choose to offer one or both the instant payment rails. Many banks choose to start with one and add another or drop one and add another. This becomes easy with Finzly’s payment hubs which supports both the rails, making the switch between rails easy.
No, your bank doesn’t need two different systems. If your bank chooses a sophisticated payment platform like Finzly, you only need one system for both RTP and FedNow. You can start with either or both.
Yes, Finzly’s platform is natively designed to handle messages in the ISO 20022 format for FedNow and RTP.
Finzly is helping banks to become early adopters and is already pilot-testing the service with the Fed and other bank participants. We can schedule a demo and get you started on your FedNow journey.
FedNow is a payment rail launched independent of existing payment rails to support instant payments. It does not mean the end of any existing payment rail including FedWire, ACH or SWIFT. The instant payment rails will drive more payment volumes through the FedNow network, for those payments that need speed and can benefit from the richness of data.
There’s no longer a reason for your bank to lack competitive, technological advantages. Instead, you’re free to innovate at the speed of fintech so both you and your customers have the services you need to thrive in today’s world.
Banks that trust Finzly
By using the Finzly API on its sandbox environment, fintechs and financial institutions that want to embed the FedNow Service in their platforms, apps or digital banking experience can build and test applications to transact on the service.
As financial institutions across the US prepare to run their engines for real-time payments on the FedNow service, many of them are mulling over the “build vs buy” debate.
At present financial institutions that are eligible to hold accounts at Federal Reserve Banks can directly connect or access the network through a service provider. Banks of all sizes, in turn, can offer the service to the through the communities they serve, ensuring a nationwide scope.