Coastal Community Bank Chooses Finzly's Payment Hub to Power Fintech Partners
Finzly's payment solution will enable the bank's fintech partners to initiate, clear and settle payments. Banks like Coastal Community Bank can modernize their payment infrastructure using Payment Core as a Service solutions from Finzly.
CHARLOTTE, N.C., Oct. 5, 2021 /PRNewswire-PRWeb/ -- Finzly, a fintech provider of modern banking solutions, announced today that Coastal Community Bank, a progressive community bank with assets of over $2 billion, has chosen Finzly's award-winning payment hub, Payment Galaxy to power the payment needs of its fintech partners.
Payment Galaxy is part of Finzly's open, cloud-based, modular, digital core and digital banking platform, BankOS, positioning the bank to support immediate and future innovation initiatives. The bank, with a culture committed to innovation, can foster more fintech partnerships through Finzly's API-driven banking platform. The platform comes with pre-loaded connections to the Fed and TCH, supporting multiple payment rails including wires, ACH, RTP, FedNow and SWIFT.
Finzly's payment hub will enable Coastal Community Bank's fintech partner to execute straight-through processing of wire payments on the Fedwire network, allowing them to connect to the Federal Reserve Bank through Finzly's payment hub, and manage the FBO accounts of the fintech. The bank will also use Finzly's integrated OFAC module on the banking platform to ensure tri-party compliance, in addition to using the reporting features to oversee the transaction reports of its fintech partners. The solution will also integrate with the bank's current AML/fraud management solution.
Finzly's digital core integrates with the bank's existing core with a light core plugin, with no need to embark on a time-consuming, expensive and arduous core replacement or a massive core overhaul exercise. Innovating on the parallel core, the bank will benefit from a cost-effective, nimble and quick-to-market solution.
"The hallmark of a successful partnership between a traditional bank and fintechs is a reliable and cutting-edge solution from a trusted partner like Finzly. Their digital-first solution helps us to navigate change and grow our customer base through new business models nurturing fintech partnerships, while ensuring appropriate compliance and oversight", noted Eric Sprink, CEO of Coastal Community Bank.
"Payments must be as simple as ordering a pizza. At Finzly, we have engineered our Payment Galaxy with a mission to simplify the payment experience for both the bankers and customers. Banks can now modernize their payment infrastructure using Payment Core as a Service solutions from Finzly," said Booshan Rengachari, Founder and CEO, Finzly. "We are excited to partner with Coastal Community Bank to accelerate their innovation agenda, promoting fintech banking using Finzly's Payment Galaxy."
The pandemic has left the payments ecosystem interconnected like never before. Banks are reinventing their ecosystem position through partnerships, while reducing transaction costs, nurturing growth and evolving to embrace digitally-enabled, inclusive economies. Payment hubs which offer straight-through processing and connections to multiple payment rails under the same digital roof give a competitive edge to banks like Coastal Community Bank.
About Finzly
Finzly connects financial institutions with customers through a modern digital banking experience and an efficient, real-time payment services hub. Freeing financial institutions from core system limitations, Finzly's open, cloud-based bank operating system, BankOS, enables transformation and innovation at the speed of fintech. With freedom to adopt solutions from Finzly and third parties of choice, financial institutions can implement apps in three simple steps – subscribe, try and launch. Serving customers across North America, Finzly has been modernizing international banking and treasury management solutions since 2012. For more information, visit http://www.finzly.com
About Coastal Community Bank
Coastal Community Bank of Everett, Washington provides a full range of commercial banking services. The Bank offers savings and investments, financing, cards, insurance, remote and personal banking, and direct deposit. Coastal Community Bank serves customers in the State of Washington. For more information, visit http://www.coastalbank.com
Media Contact
Suja Ramakrishnan, Finzly, (704) 912-5226, [email protected]
SOURCE Finzly
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