Finzly, a leading provider of payment solutions for financial institutions, announced the launch of its instant payment service on AWS Marketplace. This development is part of Finzly’s ongoing efforts to facilitate the adoption of real-time payments by leveraging Amazon Web Services (AWS), thereby addressing the increasing demand for modernized payment infrastructures. Approximately 75% of financial institutions find legacy systems a significant barrier to adopting FedNow, according to a survey by the US Faster Payments Council. To tackle these issues, Finzly offers an API-driven platform that accelerates FedNow deployment and enhances accessibility to instant payments.
Addressing Modern Payment Needs
Overcoming Legacy Systems
Legacy systems have long been a hurdle for financial institutions aiming to implement modern payment solutions such as FedNow. The traditional infrastructure is often cumbersome, making it difficult for banks and other institutions to keep up with the needs of an increasingly digital world. Surveys highlight that around 75% of financial institutions see these outdated systems as major impediments. Finzly aims to solve this issue by providing an API-driven platform that integrates seamlessly with both core and digital banking systems. This integration allows financial institutions to bypass the complexities of their legacy systems and adopt real-time payment solutions quickly and efficiently.
The cornerstone of Finzly’s offering is its BankOS platform. BankOS is engineered to connect traditional payment rails like ACH and Fedwire with modern networks such as FedNow and Real-Time Payments (RTP). This versatility allows institutions to send and receive payments across multiple networks easily, meeting the demand for real-time financial transactions. Available on AWS Marketplace, this platform offers financial institutions a streamlined approach to adopting real-time payment solutions. By leveraging Amazon’s scalable infrastructure, Finzly ensures that institutions can meet real-time payment needs without substantial tech overhauls. The ease of integration with existing systems makes Finzly’s solution particularly appealing for institutions looking to modernize swiftly.
Enhancing Payment Infrastructure
The availability of Finzly’s service on AWS Marketplace represents a major milestone for the modernization of payment infrastructures. One of the primary benefits of this new service is its extensive access to FedNow’s network, which includes over 1,000 participants. Financial institutions using AWS can connect to this comprehensive network with minimal effort, further streamlining their payment operations. This enhanced accessibility opens up new revenue opportunities for institutions by enabling real-time payment capabilities across various financial services, including account transfers, bill payments, and mortgage payments.
Additionally, the AWS-powered BankOS platform offers significant reliability and operational efficiency. The platform operates 24/7/365, ensuring uninterrupted access to real-time payment functionalities. This round-the-clock availability is crucial for meeting the growing demand for instant payment services, providing consistent, high-quality service to customers. Furthermore, the AWS infrastructure supports custom pricing options and streamlined billing, making it easier for financial institutions to manage costs while adopting advanced payment technologies. Overall, the integration with AWS provides financial institutions with the robust, scalable solution they need to modernize their payment infrastructures effectively.
Industry Impact and Future Outlook
Market Reception
The introduction of Finzly’s instant payment solution on AWS Marketplace has been well-received within the financial industry. Reed Luhtanen, executive director of the US Faster Payments Council, emphasized the significance of this development. He pointed out that the need for scalable, real-time processing capabilities and seamless cross-network payments is crucial in today’s financial landscape. According to Luhtanen, the integration of Finzly’s service with AWS Marketplace is a timely and necessary step toward meeting these growing demands. By leveraging AWS’s infrastructure, Finzly ensures that financial institutions can efficiently scale their operations while maintaining the speed and quality required in real-time payment environments.
Booshan Rengachari, the CEO of Finzly, also expressed excitement about the launch. He highlighted the ability of the BankOS platform to help financial institutions evolve into digital enterprises. By offering solutions that optimize speed, quality, and security in real-time payment environments, Finzly aims to be a key player in the digital transformation of the financial sector. According to Rengachari, the API-driven platform not only simplifies integration with existing systems but also accelerates the adoption of instant payment solutions like FedNow, thereby fulfilling a critical market need.
Case Study: Frost Bank
Finzly, a prominent provider of payment solutions for financial institutions, has launched its instant payment service on AWS Marketplace. This move underscores Finzly’s commitment to promoting the adoption of real-time payments by leveraging Amazon Web Services (AWS), addressing the growing need for updated payment infrastructures. A survey by the US Faster Payments Council reveals that about 75% of financial institutions identify legacy systems as a substantial barrier to adopting FedNow. Finzly’s new service aims to overcome these challenges. The company’s API-driven platform accelerates FedNow deployment and improves access to instant payments. By utilizing AWS, Finzly ensures that financial institutions can modernize their payment systems more efficiently and securely. This initiative not only supports the rapid implementation of FedNow but also provides an extensive framework for financial institutions looking to migrate from outdated systems. In doing so, Finzly significantly contributes to the advancement of real-time payment adoption, enhancing the overall financial ecosystem.