Finzly, a leading provider of payment solutions for financial institutions, has announced the launch of its instant payment service on AWS Marketplace.
As an early participant in the FedNow™ pilot, Finzly continues to enhance its services by leveraging Amazon Web Services (AWS), making it easier for financial institutions to adopt real-time payment solutions, according to FF News.
The launch of this new service comes as financial institutions increasingly seek ways to modernise their payment infrastructure.
A recent survey by the US Faster Payments Council revealed that nearly 75% of financial institutions consider legacy systems a significant barrier to adopting FedNow. Finzly aims to eliminate these challenges by offering an API-driven platform that accelerates FedNow deployment and makes instant payments more accessible.
The firm specialises in providing financial institutions with seamless connections to both traditional payment rails, such as ACH and Fedwire, and modern networks like FedNow and Real Time Payments (RTP).
Its BankOS platform, which powers its latest solution, integrates effortlessly with core and digital banking systems, simplifying the process of sending and receiving payments across various networks.
The newly launched instant payment service on AWS Marketplace allows financial institutions to connect to FedNow with just a few clicks, powered by Finzly’s scalable BankOS platform.
By integrating the FedNow service into their digital offerings, financial institutions can provide businesses and consumers with faster, more efficient payment methods, including account transfers, bill payments, and mortgage payments.
In addition to faster payments, Finzly’s solution offers extensive network access, enabling institutions to tap into FedNow’s network of over 1,000 participants.
Financial institutions using AWS can also benefit from Finzly’s embedded banking solutions, which help boost real-time payment revenue opportunities.
AWS customers can procure Finzly’s services directly from the marketplace, taking advantage of streamlined billing and custom pricing options.
Finzly’s BankOS platform is designed to help financial institutions scale their payment operations quickly and securely. The AWS-powered platform is available 24/7/365, providing a reliable infrastructure for the demands of a real-time payment environment.
Reed Luhtanen, executive director of the U.S. Faster Payments Council (FPC), said, “Adding Finzly’s instant payments solution to the AWS Marketplace is a significant step forward. For financial institutions that are ready to offer instant payments to their customers, scalability, real-time processing, and the ability to easily send and receive payments across networks are critical for keeping up with increasing customer demands and regulatory standards.”
Finzly CEO Booshan Rengachari said, “We are excited that our BankOS solution powered by AWS is now available in AWS Marketplace, helping eliminate technology barriers to FedNow adoption for even more financial institutions. Our AWS-powered platform enables financial institutions to transform into digital enterprises by optimizing speed, quality, and security for the demands of a real-time environment.”
Frost Bank has recently partnered with Finzly to modernise its payment operations. Aaron Wiatrek, a senior vice president at Frost Bank, said, “At Frost, we work hard to make our customers’ lives easier and better. By partnering with Finzly to deliver FedNow and RTP instant payments solutions, we can provide our customers with more options beyond traditional payment methods, enabling them to move money at the speed they need, when they need it.”
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