Charlotte, NC, February 22nd, 2024: Quaint Oak Bank, a financial institution known for its commitment to relationship-based business banking, has announced its collaboration with Finzly, a provider of modern payment systems. This strategic move is aimed at upgrading Quaint Oak Bank’s payment infrastructure to enhance user experience and facilitate growth in international and embedded banking sectors.
Quaint Oak Bank distinguishes itself through a customer-centric approach, offering tailored financial solutions to meet the unique needs of each commercial client. Recognizing the evolving landscape of financial services, Quaint Oak Bank is proactively modernizing its payment services with Finzly to better serve its customers and tap into emerging business opportunities like embedded finance.
Streamlining Payments with Finzly’s Payments Galaxy™
To simplify and optimize payment processing for its clientele, Quaint Oak Bank is implementing Finzly’s Payments Galaxy™, a cutting-edge, cloud-native platform. This platform will consolidate various payment rails, including ACH, domestic wires, and international wire transactions, into a unified system. By centralizing payment processing, Finzly’s Payments Galaxy™ promises to expedite transactions and enhance operational efficiency for Quaint Oak Bank.
Expanding International Banking Capabilities with Multicurrency Accounts
Recognizing the increasing demand for seamless international transactions, Quaint Oak Bank is leveraging Finzly’s multicurrency deposit accounts. This feature will enable international respondent banks to conduct transactions in multiple currencies with the benefit of instant FX settlement. This enhancement will make international banking more convenient and efficient, allowing for international payments to be processed in domestic currencies.
We found a true partner in Finzly to help us innovate on our terms. Finzly’s platform surpasses other market offerings, enabling us to address our innovation priorities in payment modernization and embedded banking seamlessly through a single platform.
William Gonzalez, EVP and COO, Quaint Oak Bank
Embracing Embedded Banking with Finzly Connect APIs
Quaint Oak Bank is also strategically positioning itself in the burgeoning field of embedded finance by utilizing Finzly Connect APIs. These APIs will empower fintech partners and respondent institutions to seamlessly integrate with Quaint Oak’s payment infrastructure, fostering an embedded banking model. This initiative aligns with the anticipated growth in embedded payments, projected to become a $183 billion global market by 2027, according to Juniper Research.
Adopting a “sidecar core” strategy, Quaint Oak Bank can integrate Finzly’s modern technology via real-time API connections with its existing core systems. This API-first approach not only streamlines operations and optimizes costs but also significantly boosts operational efficiency for Quaint Oak Bank.
We are thrilled to provide Quaint Oak Bank with a comprehensive platform that supports their innovation goals. Their forward-thinking approach to payments will undoubtedly position them well for the future.
Booshan Rengachari, Founder and CEO, Finzly
About Quaint Oak Bank
Quaint Oak Bank, a Pennsylvania-chartered savings bank and a subsidiary of Quaint Oak Bancorp [QNTO], has been delivering exceptional customer service since 1926. Continuously adapting to market demands, Quaint Oak Bank is dedicated to providing innovative banking technology and financial solutions that drive future growth for its customers. For more information, visit www.quaintoak.com.
About Finzly
Finzly empowers banks, fintechs, and businesses to seamlessly offer and access financial services within an open, connected, and real-time ecosystem. Finzly BankOS, their cloud-based, API-enabled operating system, acts as a parallel payment processing platform, offering a suite of turnkey banking solutions including multi-rail payments, instant payments, foreign exchange, trade finance, compliance, and digital experiences for commercial banking. Learn more at Finzly.com.
Source: PRWeb
