First Bank partners Finzly to offer payments services to business customers
US-based First Bank has selected fintech Finzly to offer a unified payment solution to send and receive payments on the automated clearing house (ACH), Fedwire and Swift payment networks.
First Bank taps Finzly for ACH, Fedwire and Swift payments
First Bank will utilise Finzly’s treasury and cash management app, Finzly CashOS, to provide “value-added” payment services to business customers, facilitating the launch of Banking-as-a-Service (BaaS) to corporate treasuries and fintechs.
Corporate customers will be able to initiate ACH, Fedwire, and international wire payments, approve payments, upload payment files, prevent fraud, use positive pay, foreign exchange, check balances, view payment history and self-administer users.
First Bank chief operating officer (COO) Bala Nibhanupudi says the partnership will enable First Bank to consolidate all its payments rails into one, automate payment processing, eliminate redundant systems and reduce system maintenance costs.
“Finzly’s Payment Hub gives us the speed and agility to offer a fintech-like payment experience to our customers,” Nibhanupudi says.
The cloud-native, microservices-based Payment Hub establishes a direct connection with the Federal Reserve, The Clearing House, and Swift, offloading all payment processing from the bank’s legacy core.
Finzly CEO Booshan Rengachari says: “The shifting paradigm in payments calls for banks to embark on meaningful and sustainable modernisation.
The vendor’s CashOS app, Rengachari adds, enables banks to “match up and go beyond what fintechs can offer”.
First Bank is family owned, with a history dating back a century. Today, it has 79 locations throughout California, Missouri and Illinois, and provides services to businesses and individuals.
