Finzly, a fintech company based in the United States, has been chosen by First Bank to provide a unified payment solution for sending and receiving payments via the automated clearing house (ACH), Fedwire, and Swift payment networks.
Finzly’s treasury and cash management app, Finzly CashOS, will be used by First Bank to deliver “value-added” payment services to business customers, allowing for the launch of Banking-as-a-Service (BaaS) to corporate treasuries and fintechs.
Corporate clients will be able to make ACH, Fedwire, and international wire payments, approve payments, upload payment files, avoid fraud, use positive pay, examine payment history, and self-administer users.
Bala Nibhanupudi, First Bank’s COO, said the cooperation will allow the bank to integrate all of its payment rails into one, automate payment processing, eliminate duplicate systems, and save system maintenance costs.
“Finzly’s Payment Hub gives us the speed and agility to offer a fintech-like payment experience to our customers,” Nibhanupudi says.
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