Finzly Appoints Financial Services Veteran Patrick Szewczyk as Chief Product Officer
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Finzly’s payments platform seamlessly integrates the bank’s domestic payments with multicurrency accounts.
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The bank is accelerating its growth in international and embedded banking by building a sidecar payment and deposit core with Finzly Connect APIs.
Charlotte, NC, February 22nd, 2024: Finzly, the pioneering provider of modern payments systems for financial institutions, announced today that Quaint Oak Bank has selected it to modernize its payments infrastructure, providing a superior user experience and enabling them to grow their international and embedded banking businesses.
Quaint Oak is an established financial institution with a relationship-focused approach to business banking. Intent on tailoring its product line to each customer’s needs and goals, Quaint Oak offers innovative solutions that provide commercial customers with a strategic advantage. The future focus of their newest chapter is working with Finzly to modernize its payments services, supporting customer needs, and emerging business lines such as embedded finance.
Quaint Oak is simplifying its customers’ payment experience by consolidating ACH and domestic and international wire transactions onto Finzly’s Payments GalaxyTM, a modern cloud-native platform that makes payment processing easier and faster by centrally processing all payment rails.
The bank will use Finzly's multicurrency deposit accounts to allow international respondent banks to transact in multiple currencies with instant FX settlement. The new service will make international banking more convenient by enabling international payments in domestic currency.
We found a true partner in Finzly to help us innovate on our terms. Finzly's platform surpasses other market offerings, enabling us to address our innovation priorities in payment modernization and embedded banking seamlessly through a single platform.
Using Finzly Connect APIs, Quaint Oak will enable the embedded banking model for fintech partners and respondent institutions to connect their payments infrastructure. It also supports the growing field of embedded payments, a new area expected to grow to a $183B business globally by 2027, according to Juniper Research.
Quaint Oak decided to add these features through a “sidecar core” strategy that enables them to realize the benefits of modern technology through a real-time API connection to their existing core. Quaint Oak’s API-first approach, powered by Finzly's platform, streamlines operations, optimizing costs while enhancing operational efficiency.
We are thrilled to provide Quaint Oak Bank with a comprehensive platform that supports their innovation goals. Their forward-thinking approach to payments will undoubtedly position them well for the future.
About Quaint Oak Bank
Quaint Oak Bank is a Pennsylvania-chartered savings bank and wholly owned subsidiary of Quaint Oak Bancorp [QNTO], a financial services company. Providing exceptional customer service since 1926, Quaint Oak Bank has adapted and grown to match the ever-changing demands of the market. Dedicated to delivering ground-breaking banking technology to its customers, Quaint Oak Bank offers financial solutions that fuel the future. Learn more at www.quaintoak.com.
About Finzly
Finzly empowers banks, fintechs, and businesses to seamlessly offer and access financial services in an open, connected, embedded, and real-time ecosystem. At the core of this infrastructure is Finzly BankOS, a modern, cloud-based, API-enabled operating system that serves as a parallel payment processing platform to a bank's core. Finzly offers a wide range of turnkey banking solutions, including a multi-rail payment for traditional payments on ACH and wires, instant payments on FedNow and RTP, foreign exchange, trade finance, compliance, and commercial banking digital experiences.
Source: PRWeb
