Objectives

  • Centralize payment operations across various channels (core banking, digital banking, and wire transfers)
  • Ensure ISO 20022 compliance for Fedwire by March 2025
  • Improve operational efficiency and enhance the member experience through streamlined, real-time payment solutions
  • Move away from legacy payment processing systems to a modern solution to support multiple payment rails, including FedNow, RTP, ACH, and Wires

Solution

  • Finzly’s payment hub: Unifies and modernizes legacy payment systems, centralizing FedNow, RTP, ACH, and wire transfers onto one platform
  • ISO 20022 compliance: The CU has already been certified with the Fed for Fedwire ISO 20022, ensuring regulatory readiness, much ahead of the March 2025 deadline
  • Modern UI and architecture: Provides a clean, user-friendly interface to both backoffice users and customers, built on a scalable framework
  • Speed of implementation: Delivers rapid deployment on a 90-day framework, meeting critical deadlines and accelerating service rollouts
  • Seamless integration: APIs integrate smoothly with Wings' existing core, online banking and other 3rd party systems, minimizing disruption

Outcome

  • Centralized payment processing: Streamlines all payment channels, enhancing operational efficiency
  • ISO 20022 compliance: Ensures a smooth transition to the new payment standard, reducing risk
  • Enhanced member experience: Real-time payments via FedNow and RTP provide faster, more convenient transactions
  • Scalability: Positioned to handle future payment types and regulatory changes

16 weeks

go-to-market

100%

straight-through processing

0
ACH
1
Fedwire
2
FedNow
3
RTP
4
Cross Border Payments
5
Payment Hub
6
ISO 20022
7
Deposits
8
Virtual Ledger
9
Multi-Currency Accounts
10
Open APIs for Embedded Banking
11
Business Banking
12
Consumer Banking
13
Teller Banking
14
Foreign Exchange
15
Trade Finance