Source: PRWeb
Seamless Payment Processing Drives Growth in Small Business
Finzly, a leader in innovative payment and financial solutions, announced that Live Oak Bank has successfully enhanced its commercial and small business banking services by implementing Finzly’s Fedwire solution, achieving 100% straight-through processing (STP). This strategic move not only streamlines payment processing but also positions the bank to meet the upcoming ISO 20022 compliance requirements ahead of schedule.Finzly’s Payment Galaxy, a multiple award-winning, API-driven payment hub, consolidates payment processing across various channels and rails, empowering financial institutions to optimize operations, reduce costs, and deliver advanced payment solutions across all channels.
- Seamless and quick integration & robust monitoring: Finzly stands apart as the only provider capable of seamlessly supporting multiple cores, enabling the bank to process transactions across their multiple core systems while effortlessly integrating with digital banking, OFAC, and fraud monitoring through open APIs – ensuring a rapid time-to-market.
- 100% automation for Fedwire & future-ready compliance: Finzly’s platform delivers 100% automated Fedwire processing, eliminating manual tasks and helping to ensure consistently accurate, efficient payments.
Driving Competitive Advantage
With the ISO 20022 deadline for Fedwire now set for July 14, 2025, due to industry readiness challenges, financial institutions still have time to modernize their processing – ensuring compliance, avoiding costly workarounds, and preparing for long-term success.
This partnership with Finzly gives our payment infrastructure the flexibility to adapt to customers’ needs, while also allowing us to streamline operations for our internal teams. With 100% STP in Fedwire processing and seamless multi-core integration, we are positioned to set new benchmarks in speed, efficiency, and customer experience.
Mark Moroz, Head of Deposits and Payments, Live Oak Bank
We are proud to partner with Live Oak, a bank led by visionary leaders, offering modern, connected banking services for its customers. Our partners at Live Oak Bank are committed to delivering the best solutions without compromise. We are excited to support them in this mission.
Booshan Rengachari, Founder and CEO, Finzly
About Finzly:Finzly helps banks and credit unions thrive in a real-time, connected world with its Finzly BankOS platform. Institutions can quickly launch instant payments, modernize ACH and wire transfers, and orchestrate payments through a unified API and ISO 20022-native payment hub. Finzly, recognized with multiple awards, it also offers advanced FX solutions to help banks attract corporate and enterprise treasury customers. Learn more about Finzly’s game-changing solutions by visiting https://finzly.com.
