Finzly, a fintech provider of modern banking applications for payments, foreign exchange, trade finance and digital account opening, announced the addition of new digital deposit core capabilities to its BankOS^TM platform, notably an Infinity Account^TM functionality powered by a multi-asset, real-time general ledger that enables financial institutions to offer customizable digital accounts so customers can track virtually any asset including foreign currencies, cryptocurrencies, and rewards points, among others.

FIs are realizing that customers’ accounting experiences can go beyond the initial digital accounting process. To achieve this, FIs must provide innovations in the management of the day-to-day financial needs of their businesses and consumers. When it comes to organizing their finances into different buckets, customers prefer a compartmentalized provision of sub-accounts. These could include separate accounts for managing business budgets, storing emergency funds or saving towards vacations. Infinity Account is an effective and flexible way to meet the savings goals of customers by managing the sub-accounts on the digital core in real-time.

Additionally, new debit cards can be issued for specific Infinity Accounts and FI customers and members gain access to pre-loaded payment rails including ACH, FedWire®, RTP®, FedNow^SM and SWIFT – all enabled through Finzly’s BankOS platform, which fully supports real-time payments and processing capabilities. Traditionally, this level of flexibility and functionality would be cost prohibitive for financial institutions to develop themselves or in tandem with large core data providers, but the cloud-based, open API architecture of BankOS and Finzly’s Payment Hub provides institutions with a cost-effective pathway to drive digital transformation and greater levels of innovation.

“The way that consumers think about their finances and the management of their assets is changing and financial institutions need to be able to react to and support these new market preferences,” said Murthy Balusu, Chief Technology Officer for Finzly. “A steady stream of new budgeting and PFM solutions that require multiple accounts are being launched and entering the market. With BankOS and our new Infinity Account capabilities, business banking and retail banking customers alike gain true ‘360-degree control’ over rewards, savings and fees, and will have greater visibility into the entirety of their finances. This positions financial institutions to better serve their customers, other fintechs, or even develop and launch more of their own modern fintech solutions.”

About Finzly

Finzly connects financial institutions with customers through a modern digital banking experience and an efficient, real-time payment services hub. Freeing financial institutions from core system limitations, Finzly’s open, cloud-based bank operating system, BankOS, enables transformation and innovation at the speed of fintech. With freedom to adopt solutions from Finzly and third parties of choice, financial institutions can implement apps in three simple steps – subscribe, try and launch. Serving customers across North America, Finzly has been modernizing international banking and treasury management solutions since 2012. For more information, visit www.finzly.com.