Quaint Oak Bank taps Finzly to modernise payments infrastructure
Quaint Oak Bank has tasked banking and payments fintech Finzly with overhauling its payments infrastructure and cultivating growth within its embedded banking operations.
Quaint Oak selects Finzly to overhaul payment infrastructure
The US-based bank, founded in 1926, aims to realise its modernisation ambitions by leveraging the fintech’s cloud-based platform, Payments Galaxy.
The platform is projected to improve the bank’s customer experience by consolidating ACH, domestic and international wire transactions into one system.
Finzly’s platform enables the bank to address its “innovation priorities in payment modernisation and embedded banking seamlessly through a single platform”, according to Quaint Oak’s EVP and COO, William Gonzalez.
Additionally, the bank is to deploy its partner’s multicurrency deposit accounts to enable international financial institutions to conduct transactions in various currencies with instant FX settlement.
Quaint Oak will also pursue its planned embedded banking model by implementing Finzly’s Connect API, operating on its real-time platform, FinzlyOS, and connected to prominent payment rails such as ACH, Fedwire, FedNow, SWIFT and RTP.
The bank states that it chose to integrate these features using a “sidecar core” approach, which is poised to result in improved operational efficiency and a greater optimisation of costs.
Quaint Oak joins fellow American financial institutions Mode Eleven Bancorp and Veritex Community Bank in selecting Finzly’s suite of payment solutions to upgrade its transaction capabilities.
