Mode Eleven partners with Finzly

Monday 22 May 2023 08:22 CET | News

Mode Eleven has announced its partnership with US-based fintech Finzly in order to implement its solutions for ACH operations and wire processing.

Following this collaboration, Finzly’s payment technology will enable an accelerated incorporation procedure to Mode Eleven, which aims to improve operational efficiency, as well as new revenue streams for the bank. 

Mode Eleven will be enabled to leverage Finzly’s modern, cloud-based, and core-independent payments platform in order to seamlessly and securely facilitate large-scale and high-value transitions and payments on the Fedwire and ACH networks. 

Furthermore, the company will have the possibility to reduce manual effort and eliminate the need for long file processing procedures. In addition to this, Finzly’s unified API will allow Mode Eleven to onboard and process payments for platforms and fintech companies in a more efficient way, which will offer new revenue opportunities for the bank in the overall embedded payment industry. 

Mode Eleven has announced its partnership with US-based fintech Finzly in order to implement its solutions for ACH operations and wire processing.

Finzly’s strategy of development

US-based fintech company Finzly offers its customers and users multiple services and tools, such as its real-time software and app solutions for payments, trade finance, foreign exchange, lending, and online banking. The firm had several product launches in the last couple of months, covering multiple geographies. 

The fintech company announced the release of its new API connection feature in February of 2023, which was designed to access FedNow Services, an instant payment rail. 

After this launch, financial institutions, platforms, and companies had the capability to build their own real-time payment experiences for accessing the FedNoew Services, as well as for embedding instant payments. This was made possible through the leverage of a sandbox solution provided by Finzly. 

By being a participant in the newly released FedNow Service, Finzly was able to offer customers, users, FIs, and banks the possibility to access its sandbox environment. After the clients were enabled to access the tool, they could connect to the pilot version of the instant payment platform through the API offered by the company. 

The API solutions of Finzly were set to allow businesses that wanted to include the FedNow Service in their platform the possibility to build and test applications, as well as to transact while using the solution. This offered developers the capability to send instant payments while getting immediate updates on transactions that were received and returned. 

In November 2022, Finzly launched a treasury management application, which was created to manage accounts, payments, and overall global treasury needs and preferences of business users. 

The Finzly Experience Hub was set to allow customers to embed directly into banks’ existing digital platforms for providing global transaction banking for commercial, business, and corporate clients and users. The application was designed as an alternative to conventional business banking platforms that enable users to toggle between different spreadsheets, cash, as well as treasury management solutions from multiple providers. 

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Keywords: partnership, online banking, mobile banking, banking, digital banking, financial services, financial institutions
Categories: Banking & Fintech
Companies: Finzly, Mode Eleven
Countries: United States
This article is part of category

Banking & Fintech



Mode Eleven

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