Quaint Oak Bank taps Finzly for payment modernisation & embedded banking

By Delisha Fernandes

Finzly, a provider of modern payment systems for financial institutions, has been selected by Quaint Oak Bank to modernise its payments infrastructure.

Quaint Oak is an established financial institution with a relationship-focused approach to business banking. With the intent to tailor its product line to each customer’s needs and goals, Quaint Oak offers innovative solutions that provide commercial customers with a strategic advantage.

The future focus of their newest chapter is working with Finzly to modernise its payment services, supporting customer needs, and emerging business lines such as embedded finance.

William Gonzalez, EVP and COO of Quaint Oak Bank, said, “We found a true partner in Finzly to help us innovate on our terms. Finzly’s platform surpasses other market offerings, enabling us to address our innovation priorities in payment modernisation and embedded banking seamlessly through a single platform.”

Quaint Oak is simplifying its customers’ payment experience by consolidating ACH and domestic and international wire transactions onto Finzly’s Payments GalaxyTM. This modern cloud-native platform makes payment processing easier and faster by centrally processing all payment rails.

The bank will use Finzly’s multicurrency deposit accounts to allow international respondent banks to transact in multiple currencies with instant FX settlement. The new service will make international banking more convenient by enabling international payments in domestic currency.

Using Finzly Connect APIs, Quaint Oak will enable the embedded banking model for fintech partners and respondent institutions to connect their payment infrastructure. Quaint Oak decided to add these features through a “sidecar core” strategy that enables them to realise the benefits of modern technology through a real-time API connection to their existing core. Quaint Oak’s API-first approach, powered by Finzly’s platform, streamlines operations, optimising costs while enhancing operational efficiency.

Booshan Rengachari, Founder and CEO of Finzly, said, “We are thrilled to provide Quaint Oak Bank with a comprehensive platform that supports their innovation goals. Their forward-thinking approach to payments will undoubtedly position them well for the future.”