Finzly Selected to Power Foreign Exchange Initiatives for Pacific Western Bank
- 10.06.2021 06:30 pm
Finzly, a fintech provider of modern banking applications for payments, foreign exchange, trade finance and digital account opening, announced today thatPacific Western Bankwent live with Finzly’s FX STARTM platform, an end-to-end solution for managing international banking products.
With FX STAR, Pacific Western Bank equips its customers with a state-of-the-art platform to manage their global banking needs and foreign currency exposure. The bank’s customers can easily access the industry-leading FX STAR web portal to execute foreign currency transactions on their schedule, utilize multi-currency accounts to purchase foreign currencies in bulk and initiate payments when ready, as well as self-administer their internal users, manage permissions and set limits. FX Star’s capabilities eliminate the need to call, email or text a banker.
Within the bank, FX STAR streamlines the pricing, trading, risk management, settlement processing, confirmations, matching, accounting, compliance, reporting and nostro reconciliation. Finzly’s cloud-based FX STAR platform connects with Pacific Western Bank’s core system using plug and play architecture. Finzly’s open architecture leverages configurable workflows, micro-services, distributed computing, faster “in-memory” data grids, “drag and drop” reporting and real-time monitoring.
“As part of our strategic push to partner with fintechs in search of best-of-breed solutions, we selected Finzly’s FX STAR platform, given its dynamic user interface and rich set of features that enhance our foreign exchange capabilities on behalf of our clients,” said Mark Yung, EVP, COO of Pacific Western Bank.
“We are thrilled to welcome Pacific Western Bank to the Finzly family. Finzly has simplified the trading and payment of foreign currencies with a seamless user experience. FX STAR delivers a highly customizable system, enabling financial institutions to securely and more efficiently manage post-trade processing of confirmations, compliance, payments, settlements, ledger postings and reporting,” said Booshan Rengachari, founder and CEO, Finzly. “With FX STAR, Pacific Western Bank can confidently manage their foreign exchange initiatives to deliver a superior banking experience to their customers.”