Mizrahi-Tehafot Bank picks up Finastra payments solution

Written by Alex Hamilton
27th April 2021

Israel-based Mizrahi-Tehafot Bank, the third largest bank in the country, has selected Finastra and its pre-packaged payments solution, Fusion Payments To Go.

Mizrahi Tefahot is a long-time user of Finastra solutions

Finastra’s solution is aimed at small and medium-sized banks looking to implement domestic and cross-border payment services. It is replacing a legacy in-house platform.

The vendor says it will enable the bank to offer its customers “frictionless and immediate payments” with “reduced implementation cost”.

Finastra says Mizrahi-Tehafot Bank will now better serve its customers, and prepare for changing regulations such as ISO 20022.

“The payments landscape is accelerating at a quicker pace than ever before,” says Dudi Avni, head of delivery channels applications at the bank.

“Using Finastra’s payment hub will enhance our customer service and enable Mizrahi-Tehafot Bank to fulfil its strategic plan regarding payment services.

“Until now, we have been using in-house solutions for processing payments. Both retail and corporate clients are increasingly demanding a more seamless payment experience and a broader set of payment options.”

Fusion Payments To Go is based on the firm’s Fusion Global PAYplus and provides functionality and operating rules for supported clearing and settlement mechanisms, along with standard integration to external applications.

Avi Benzvi, country manager in Israel at Finastra, says: “Mizrahi-Tehafot is ahead of the curve when it comes to innovation in financial services in Israel.

“It has long been an early adopter of new technologies, and we’ve no doubt that our solution will help them drive further growth. We’re excited to be part of their ongoing success.”

Mizrahi-Tehafot has been a Finastra customer for over 20 years. It also runs Finastra lending, core banking, and capital markets solutions.

The bank also uses Temenos’ T24 (now Transact) for its securities operations.