Following this announcement, Finzly will provide its expertise and suite of solutions in order to modernise the payment infrastructure of Quaint Oak Bank, as well as to deliver its customers an optimised experience and enable them to develop their overall international and embedded banking businesses.
Quaint Oak Bank represents a Pennsylvania-based savings bank that was developed in order to provide its clients and partners with optimised banking technology and services. The financial institution aims to tailor its product portfolio in order to allow its customers to develop in an ever-evolving market.
Through this collaboration, Quaint Oak Bank will continue its focus on the process of modernising its payment services, as well as meeting the needs, preferences, and demands of its customers and emerging business lines, such as Embedded Finance.
Furthermore, the financial institution aims to simplify its clients’ payment experience by consolidating ACH, domestic, and international wire transactions onto the Finzly Payment Galaxy solution. This modern cloud-native platform was developed in order to make payment processing easier, faster, and more secure, by centrally processing all of the payment rails. Both enterprises will prioritise the process of remaining compliant with the laws and regulatory requirements of the industry.
The Quaint Oak Bank will also utilise Finzly’s multicurrency deposit accounts, aiming to allow international respondent banks to transact in multiple currencies by leveraging instant FX settlement. In addition, the new solution is expected to make international banking more convenient for users by giving them access to international payments in a domestic currency.
At the same time, by leveraging Finzly Connect APIs, Quaint Oak will allow the embedded banking model for fintech partners, as well as respondent institutions to connect their payment infrastructures. This process is also expected to support the overall development of embedded payments.
Quaint Oak’s decision to add these features through a sidecar core strategy represented a part of its plan to realise and access the benefits of modern technology through the use of a real-time API connection to its existing core. In addition, this API-first approach will give the financial institution the possibility to streamline operations, optimise costs, as well as improve its overall operational efficiency.
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