Finzly Newsletter: November 2024
FIs accelerate payment modernization with Finzly BankOS on AWS Marketplace
Finzly’s award-winning BankOS platform is now listed on Amazon Web Services (AWS) Marketplace, offering financial institutions a seamless path to fast-track instant payments adoption on FedNow and RTP, transition to ISO 20022-native wire processing, and adopt cloud-based ACH. With built-in AWS integrations and direct connections to TCH and the Fed, financial institutions can streamline their payment processes without complex builds, making FedNow/RTP adoption quicker and easier than ever. Learn more
Adding?Finzly’s instant payments solution?to?the AWS Marketplace is a significant step forward. For financial institutions that are ready to offer instant payments to their customers scalability, real-time processing, and the ability to easily send and receive payments across networks?are critical for?keeping?up with increasing customer demands and regulatory standards.
Reed Luhtanen , Executive Director, U.S. Faster Payments Council (FPC)
Wings Credit Union selects Finzly’s payment hub to modernize its payment processing
Minnesota’s largest credit union and one of the largest in the U.S. with over 360,000 members, aimed to modernize its payment systems to keep pace with the rising demand for real-time payments, upgrade ACH processing, and prepare for the?Fedwire?transition to ISO 20022 by March 2025. Wings Credit Union has selected?Finzly's modern payment hub to unify Fedwire, ACH, FedNow?, and RTP? onto a single platform, boosting efficiency and ensuring ISO 20022 compliance by March 2025. Learn more
Finzly’s platform impressed us with its ability to unify multiple payment rails - like ACH, wires, and real-time payments - on a single system while ensuring compliance with ISO 20022.
Mike (Michael) Sahr , Vice President of Payments, Wings Credit Union
Finzly ensures ISO 20022 compliance well ahead of the deadline
Financial institutions using the Finzly platform can easily transition to ISO 20022 for both SWIFT and Fedwire, ensuring a smooth upgrade to the new messaging standard. It supports both custom message formats and the ISO 20022 standard. This flexibility helps banks meet their customers' needs based on their readiness for the new standard, without requiring extra translation layers. This is especially important as many institutions are turning to temporary translators while their platforms prepare for the transition. Learn more
PCBB integrates with Finzly BankOS for liquidity & pricing
PCBB is the first bankers’ bank to provide services to Finzly?BankOS, a 24/7 real-time platform designed to help financial institutions accelerate their payment transformation.?Integrating with PCBB’s payment services means access to straight-through processing of foreign wire transfers, Swift GPI tracking, and enhanced transparency into payment statuses. Learn more
BaaS-ically perfect: Learn how other banks are doing it right
With the collapse of Synapse, banks are rethinking their heavy reliance on third-party platforms for BaaS. While BaaS offers growth and new revenue streams to sponsor banks, it also comes with a balancing act of risk and reward. Are sponsor banks depending too much on external providers for functions they could manage in-house? The so-called Synapse rule from FDIC could push many financial institutions to cut third-party dependence, lowering costs and easing compliance. Find out how to get BaaS right - without the pitfalls.