Following this announcement, the Texas-based community bank has selected Finzly's unified payment hub in order to consolidate and future-proof payment infrastructure, enhancing its capabilities in instant payments, Fedwire, and FX.
In addition, the implementation will enable Vantage Bank to strengthen its core payment capabilities through a fully ISO 20022 native platform. Both institutions will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
Through this collaboration, Vantage Bank is set to gain access to instant payments, Fedwire, and FX services via a single unified platform, aiming to accelerate its strategy of future expansion with new services and better serve its international client base. At the same time, by leveraging Finzly's secure and efficient payment APIs, Vantage Bank also aims to enter the rapidly growing Embedded Finance sector, a market projected to be worth USD 7 trillion globally by 2030.
In addition, by consolidating payment rails and FX on its platform, the bank is expected to focus on the process of simplifying the payment and international banking experience for its customers, while also developing operational efficiency for the payment operations team. This procedure is set to simplify the overall strategy of expansion, allowing Vantage to better plan for the future. Furthermore, the collaboration will also streamline the payment process, while unlocking valuable data and enabling the companies to optimise internal automation and respond to customers’ needs as well.
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