Using Finzly’s modern, flexible, API-centric end-to-end payment solution, the bank can meet the payment needs of a wide range of businesses and fintechs.
CHARLOTTE, North Carolina, June 21, 2022 /PRNewswire-PRWeb/ — Finzly, Inc.an innovator in payment processing, announced that Hulett Bancorp (DBA fashion eleven) has selected Finzly’s modern payment hub technology to power its comprehensive offerings. Finzly payment center enables banks to provide a single API for all payment rails to fintech partners, while customers and bankers enjoy a unified payment experience by sending and receiving payments across ACH, Fedwire, RTP payment networks and SWIFT. The Payments Hub is also pre-wired to clear and settle on the FedNow network and is ready to be easily activated when available.
Mode Eleven combines the confidence and reach of its nationally chartered bank subsidiary, Summit National Bank, and the power of a modern technology platform to support a wide range of financial services in the new Banking-as- a-Service. The bank’s fintech division uses a modern platform that caters to fintech partners and businesses looking to integrate credit, debit, lending and deposit services. With Finzly’s modern payment infrastructure, the bank can flexibly meet the payment needs of a wide range of businesses and fintechs.
Finzly’s microservices-based, cloud-native operating system comes with out-of-the-box banking apps, including a payments hub that’s easily connected to the Federal Reserve, Clearinghouse, and to SWIFT, thereby offloading all payment processing from the bank. heart. Launching new payment rails is quick and easy with Finzly’s modular plug-and-play architecture. The configurable workflow engine gives Mode Eleven full control over its payment processes, while providing the agility to innovate based on the needs of its fintech partners.
Backed by a strong management team that has considerable experience driving market innovation, Mode Eleven is building a future-proof technology stack that can enable its growth in a changing market.
Banking as a service on a traditional banking core and technology stack requires middleware, often from multiple vendors, and always comes with constraints of limited API capabilities and higher costs. By using Finzly’s modern operating system installed alongside the banking core, Mode Eleven can offer seamlessly integrated banking services with lower costs and faster time to market.
“We needed a technology partner with a modern, flexible, API-centric end-to-end solution that could support our growth towards a high-volume payment operation. Finzly gives us immediate access to a solution before – forward-thinking, cost-effective, scalable global platform to help us scale,” remarked Ned CataldoEVP, Head of Strategy, New Product and Innovation at Mode Eleven.
“Scalable payments modernization is essential for banks, especially at a time when banks are adapting their business models to meet the needs of new customer segments such as fintechs, developers and enterprises, in addition to their existing customers. We are excited about our partnership with Mode Eleven, as the bank prepares to meet the innovative integrated banking needs of various fintechs, providing the agility of a programmable bank on our operating system,” commented Booshan Rengachari, founder and CEO of Finzly.
About Mode Eleven
Mode Eleven, through its wholly owned subsidiary Summit National Bank, combines a nationally chartered bank and technology platform with a modern banking-as-a-service platform to deliver a full range of solutions with a more great speed, less risk and less cost.
Finzly provides the financial infrastructure enabling banks, fintechs and businesses to offer and access financial services in an open, connected, real-time and integrated ecosystem. Finzly’s operating system for banks acts as a parallel central platform and is modern, cloud-based, real-time and API-compliant. With a range of out-of-the-box banking solutions including a multi-rail payment hub (ACH, Fedwire, RTP, FedNow and SWIFT), foreign exchange, digital account opening, KYC, risk, compliance and a suite of customer experience components, Finzly enables the building of programmable banks, also offering a platform to launch Banking as a Service to fintech partners. To learn more, visit http://www.finzly.com
Suja RamakrishnanFinzly, 803-766-3927, [email protected]