Mechanics Cooperative Bank selects Finastra’s Payments To Go solution
Massachusetts-based Mechanics Cooperative Bank has expanded its partnership with core technology partner Finastra. The bank has selected Finastra’s Payments To Go solution to introduce new business payments services and enhance its customer experience.
Mechanics Cooperative Bank extends Finastra partnership
Finastra’s offering will provide the bank with cloud-based payments services and enable it to introduce real-time payments (RTP) through the Clearing House (TCH) and to quickly join the FedNow rail when it goes live.
The firm says that RTP TCH services, available through Finastra’s Financial Messaging Gateway, offer direct connectivity to the RTP network for “easy, frictionless, and more affordable” access to the payment rail.
Finastra adds that its participation in the FedNow pilot programme, which supports the development, testing, and adoption of the service, will allow the bank to be “among the first financial institutions to go live quickly and efficiently as soon as it launches”.
“Our payments solution enables financial institutions such as Mechanics Cooperative Bank to introduce new payments services quickly and efficiently while leveraging the strength of the cloud,” says Barry Rodrigues, EVP of Finastra’s payments business unit.
“Through Finastra’s multi-rail payments hub as a service solution, the bank will be able to meet the many new challenges of emerging technologies while differentiating itself amongst its competitors.”
Established in 1877, Mechanics Cooperative Bank is Massachusetts’ second-oldest cooperative bank with nine branches and more than $645 million in assets under management.
