Embedded banking has the potential to revolutionise the banking industry, but the adoption has been limited due to the requirement of advanced technologies. Account Galaxy changes this by allowing banks of all sizes to join this transformation.
Representatives from Datos Insights, including a Strategic Advisor, commented on the significance of embedded banking, stating that it will revolutionise how banking services are delivered to businesses and consumers. They added that providing tools for banks of all sizes to participate in this emerging sector will drive greater innovation and ultimately lead to better services for all.
To offer modern Banking-as-a-Service functionality, banks require advanced payment processing and flexible accounting capabilities. Account Galaxy addresses this need by providing cost-effective solutions through a ‘sidecar core,’ allowing non-banks and fintechs to create virtual accounts with real-time transaction monitoring, thereby reducing compliance risks and enhancing speed.
Account Galaxy helps mid-size and small banks to compete effectively for corporate and small-business customers by integrating services into corporate Enterprise Resource Planning (ERP) systems, accounts receivables, and payables, facilitating frictionless and automated connections.
Account Galaxy uses three technologies to create these opportunities:
API-Enabled Accounts through Finzly Connect: Account Galaxy supports the creation and management of virtual accounts via Finzly Connect's pre-integrated open APIs, facilitating seamless embedding of banking services for customer accounts, deposits, payments, and FX.
Virtual Accounts Supported by a Virtual Ledger: Virtual accounts coexist seamlessly with existing cores, rapidly creating a high volume of new accounts without overwhelming existing systems.
ISO 20022 Native Platform: Account Galaxy incorporates Finzly's ISO 20022 native platform, enhancing transaction data visibility and system interaction, and facilitating seamless data transfer from corporate platforms to virtual accounts via APIs.
Finzly is assisting banks in their evolution towards embedded banking. Quaint Oak Bank, utilising Finzly Connect APIs, will enable the embedded banking model for fintech partners and respondent institutions to connect their payment infrastructure. This initiative also supports the growing field of embedded payments.
Finzly helps banks, fintechs, and businesses to seamlessly offer and access financial services in an open, connected, embedded, and real-time ecosystem. At the core of this infrastructure is FinzlyOS, a modern, cloud-based, API-enabled operating system that serves as a parallel payment processing platform to a bank's core.
It offers a range of turnkey banking solutions, including a multi-rail payment for traditional payments on ACH and wires, instant payments on FedNow and RTP, foreign exchange, trade finance, compliance, and commercial banking digital experiences.
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