RTP, FedNow — send and receive experience for businesses

Payment infrastructure for the first bank to send payments on the FedNow network

Objectives

• Provide innovative services to business customers by enabling instant payments via FedNow and RTP
• Overcome limitations of the legacy core system (Fiserv), which posed delays in supporting FedNow and RTP
• Address the lack of instant payment capabilities in the existing business banking platform
• Move ACH processing to a modern system to attract vertical businesses
   

Solution

• RTP/FedNow payment experience on Digital Galaxy or Businesses: commercial payments with a rail-agnostic experience supporting both FedNow and RTP send and receive.
• Finzly’s modern ACH processing to streamline payment operations.
• Finzly’s Digital Galaxy Consumer Banking to give consumers instant payment 
  send/receive capabilities.

Outcome

• The first in the US to enable instant payments for commercial clients through a unified FedNow and RTP experience
• Plans are underway to launch QR code-based utility bill payments using Digital Galaxy Business Banking experience with Request for Pay
• The bank benefits from hassle-free product updates with zero platform downtime
• The bank has already moved its ACH processing to Finzly’s modern ACH platform