EverBank strikes two new deals to digitise commercial banking and payment processing systems
EverBank has struck two new deals with industry vendors in a move set to instigate widespread digital transformation across its commercial banking and payment processing systems.
EverBank partners with Backbase and Finzly
The first of these deals pertain to the Engagement Banking platform of Dutch digital banking solutions provider Backbase, which the US-based digital bank is to utilise to launch a new online platform for its commercial and treasury banking sectors.
The platform is to service EverBank’s commercial clients with a range of digital payment and treasury functions, including domestic and international wire transfers, Automated Clearing House (ACH) transactions, online banking, and foreign exchange (FX) trades and rate monitoring.
The platform’s remit will also extend to its deposit management processes across both its traditional and world markets commercial banking sectors, as well as the distribution of waterfall payments made through its multiple loan payment systems.
Other recent industry adopters of the Backbase Engagement Banking platform include Judo Bank in Australia, Danske Bank in Denmark, and Orient Commercial Joint Stock Bank in Vietnam, among others.
The second development in EverBank’s digital strategy concerns its newfound partnership with banking and payments fintech Finzly, which is due to consolidate the bank’s payment processing systems into one unified platform.
Its partnership with Finzly includes the use of the fintech’s cloud-based Payments Galaxy platform which, via a single API, centralises processing across multiple transaction types, including domestic, instant and international payments, and will be put to use by EverBank to process large volume payments for investment firms.
The same platform was recently selected by Quaint Oak Bank which, also based in the US, formed a partnership with the fintech in February this year to broaden the speed and width of its payment operations.
