Mode Eleven taps Finzly for BaaS platform

To enable its BaaS solution, US-based Mode Eleven Bancorp has selected Finzly’s payment hub technology. Through a cloud-based and API-enabled core platform, North Carolina-based Finzly offers financial infrastructure to banks, fintechs, and companies.

In addition to establishing a direct connection with the Federal Reserve, The Clearing House, and Swift, its payment hub enables banks to offer “a single API for all payment rails to fintech partners” and offloads all payment processing from the bank’s old core.

“The configurable workflow engine gives Mode Eleven full control over its payment processes while providing it the agility to innovate according to the needs of its fintech partners,” Finzly says.

In order to deliver BaaS options to its customers wishing to embed credit, debit, loan, and deposit services at “greater speed, less risk, and less cost,” Mode Eleven combines the reach of its nationally chartered subsidiary, Summit National Bank, with a digital platform.