First Pacific Bank taps Finastra’s instant payments offering to drive growth

By Gloria Mathias

Finastra has announced that First Pacific Bank, a Southern California-based community bank that offers custom financial solutions for individuals and businesses, has selected Finastra Payments To Go to modernise its payments infrastructure.

The cloud-based SaaS payments hub solution will help the bank deliver FedNow send and receive services 24/7, support ISO 20022 compliance, and enable its projected growth.

As part of Finastra’s commitment to Open Finance, Payments To Go offers seamless connectivity to other software providers, FinTechs, and financial institutions, giving banks the flexibility needed to deploy modern and agile payment solutions quickly and efficiently.

“Our selection of Payments To Go was driven by the need for a robust instant payments platform that supports our growth and innovation plans, particularly as we expand our commercial business,” said Sharokin Badal, SVP, Director of Deposit and Treasury Services at First Pacific Bank. “With Finastra, our customers will benefit from additional payment offerings, enabling better cash flow and financial management. The modernity and scalability of Payments To Go, along with its seamless integration with our existing vendors, make it the ideal solution.”

Deployed on the Microsoft Azure cloud, Payments To Go provides the bank with the agility needed to offer new and innovative payment rails, including the FedNow service. Finastra is well-positioned to provide financial institutions with the ability to deliver instant payment services around the clock, with more than 200 customers across the US able to launch FedNow Service through its solutions.

“Our payments as a service solution provides First Pacific Bank with a modern infrastructure that enables scalability and an enhanced customer experience,” said Radha Suvarna, Chief Product Officer, Payments at Finastra. “We’re pleased that the bank selected us not just to prepare them for regulatory and compliance requirements but to support the team as they meet the moment to unlock new opportunities in payment innovation.”

“Readiness for both ISO 20022 messaging standards for Fedwire and the FedNow Service is critically important for community-based financial institutions to stay competitive and compliant as the instant payments space continues to evolve,” said Erika Baumann, Director Commercial Banking and Payments at Datos Insights.