back Back

First Internet Bank selects Finzly to modernize its payments systems

By Leandra Monteiro

September 16, 2021

Share

Finzly, First Internet Bank Finzly, a FinTech provider of modern banking solutions, announced that First Internet Bank, the nation’s first state-chartered, FDIC-insured institution to operate entirely online, has chosen Finzly as its payments modernization partner for all its payment rails. As a leader in the branchless delivery of banking services, the Bank will harness Finzly’s payment hub, Payment Galaxy, to augment, consolidate and transform its payments experience.

Payment Galaxy is part of Finzly’s open, cloud-based digital banking platform, BankOS, positioning the bank to support immediate and future innovation initiatives.

The partnership will make use of Finzly’s expertise, and its scalable, future-proof, cloud-native technology, to provide a cost-effective, comprehensive and end-to-end solution to implement all the payment rails for First Internet Bank, including ACH, Fedwire, RTP, FedNow and SWIFT. Finzly’s solution provides a single interface and a uniform experience for all the payment rails and offers straight-through processing from initiation and smart routing through to clearing and settlement.

By integrating with its existing core, Finzly’s digital banking platform allows First Internet Bank to accelerate payment innovation without the need for core replacement or a massive core overhaul. The solution also supports the global payment messaging standards, ISO 20022, and will help the bank to offer real-time payments, including the TCH’s RTP and test FedNow services early next year, as part of their pilot testing.

“Finzly’s exemplary approach to innovation, customer experience and compliance perfectly aligns with our desire to serve both customers and Bank associates with cutting-edge solutions and products. Their hub provides a simple payment solution from a single platform, delivering the best possible experience at every touchpoint,” said First Internet Bank SVP, Chief Information Officer Craig Fortner.

“First Internet Bank distinguishes itself through the use of technology to adapt to challenges through collaboration, innovation and customer focus. We are delighted that Finzly’s award-winning products can help them be innovative, agile and flexible, to serve their customers without being hamstrung by the limitations of their core,” said Booshan Rengachari, founder and CEO, Finzly. “Payments are at the epicenter of today’s digital transformation and we are happy to be part of the bank’s state-of-the-art response to the industry and customer needs.”

Previous Article

September 16, 2021

InsurTech Marshmallow becomes the UK’s latest tech unicorn

Read More
Next Article

September 16, 2021

FloQast launches FloQast Ops for accounting operations

Read More








IBSi Daily News Analysis

Generative AI

April 12, 2024

Security experts sound the alarm on Deepfake threats in the age of AI

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Navy Federal Credit Union expands partnership with Backbase

Read More

Today

SC Ventures & NEXT176 partner to launch financial wealth platform

Read More

Today

FinTech Focus: Catch latest developments of the week

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023