Mode Eleven taps Finzly for cloud-based payments platform
US-based Mode Eleven Bancorp has tapped banking and payments fintech Finzly for its cloud-based payments platform.
Mode Eleven taps Finzly
Through the partnership, Mode Eleven will now be able to facilitate large-scale and high-value payments on the ACH and Fedwire networks.
Finzly says that by using its payments platform to process ACH and wires, Mode Eleven has boosted its operational efficiency by simplifying its operations, reducing manual effort by 99% and eliminating the need for “laborious” file processing.
Mode Eleven can now provide its customers with a single payment portal across various payment rails using Finzly’s unified, rail-agnostic offering.
Finzly’s unified API ensures that Mode Eleven can onboard and process payments for fintechs and other platforms, unlocking revenue opportunities for the bank in embedded payments.
Finzly, headquartered in North Carolina, provides financial infrastructure to banks, fintechs and businesses through a cloud-based and API-enabled core platform.
Its payment hub allows banks to provide “a single API for all payment rails to fintech partners” and also establishes a direct connection with the Federal Reserve, The Clearing House and Swift, offloading all payment processing from banks’ legacy cores.
