Quaint Oak Bank, a relationship-focused financial institution, and Finzly, a leader in modern payment systems, have embarked on a strategic partnership to revolutionize Quaint Oak’s payment infrastructure and expand its embedded banking services.
The core reason behind this partnership is Quaint Oak’s ambition to modernize its payment services and facilitate its expansion into international and embedded banking sectors. By leveraging Finzly’s advanced payments platform and API connectivity, Quaint Oak aims to offer a superior payment experience to its customers, streamline operations, and tap into new business opportunities in the rapidly evolving financial landscape.
Quaint Oak has built its reputation on a customer-centric approach, offering bespoke banking solutions that cater to the unique needs and goals of its clients. With a focus on commercial banking, Quaint Oak is intent on leveraging technology to enhance its service offerings, particularly in the realms of payment processing and embedded finance.
Finzly, on the other hand, specializes in providing modern, cloud-native payment platforms that simplify and accelerate transaction processing for financial institutions. Its platform, Finzly Payments Galaxy™, and multi-currency deposit accounts facilitate efficient, integrated payment processing and international transactions.
The partnership is set to empower Quaint Oak with Finzly’s multicurrency deposit accounts and Payments Galaxy™, enabling the bank to offer streamlined ACH, domestic, and international wire transactions. This collaboration will also support the bank’s “sidecar core” strategy, utilizing Finzly Connect APIs to integrate fintech partners and respondent institutions into Quaint Oak’s payments infrastructure. This strategic move is anticipated to significantly enhance Quaint Oak’s operational efficiency and competitive edge in the burgeoning field of embedded payments, projected to grow into a $183bn industry by 2027.
Quaint Oak Bank EVP and COO William Gonzalez highlighted the importance of the partnership, “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 modernization and embedded banking seamlessly through a single platform.”
Finzly founder and CEO Booshan Rengachari echoed this sentiment, “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.”
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