Finzly, a fintech provider of modern banking applications for foreign exchange, trade finance, payments and digital banking, has released its latest developments for Payment Galaxy™, an interoperable payment hub that leverages open APIs in the cloud to centralize consumer and business payment processing, monitoring, reporting and compliance. The updates include enhanced capabilities in ACH processing, open APIs, ACH files, payment processing for-benefit-of (FBO) accounts, as well as more features in Fedwire and real-time payments (RTP). 

Increasingly, business banking customers want more streamlined payment automation that is securely embedded within their enterprise resource planning (ERP) system, freeing them from the manual processing of payments and reconciliation. Financial institutions are challenged in offering single payment API for multiple payment networks which are running in disparate payment systems supported by multiple vendors.  

With Payment Galaxy, Finzly effectively counters these limitations through a single, consolidated payment hub that connects to all payment networks, providing customers with a more seamless payment experience. This ability has become more important with the emergence of RTP services offered by The Clearing House and The Federal Reserve (FedNow), which add more complexity to an already complicated and intricate payment ecosystem. 

Additionally, consolidating overlapping and inefficient payment infrastructure through Payment Galaxy positions financial institutions to positively impact their margins by significantly reducing payment operating costs which, according to a recent report by Accenture, account for more than 68% of bank payment revenues. 

“When it comes to payments, customers care only about the cost and the speed of payment, not about the payment network that needs to be used,” said Booshan Rengachari, founder and CEO, Finzly. “For many bankers, it’s a huge challenge as they run multiple payment systems from multiple vendors with a very complex integration. As the rate of customer expectation is outpacing the ability of their legacy systems to keep up, FIs are looking for more efficient, innovative systems. With Payment Galaxy, FIs realize significant operational benefits by centralizing the operation of multiple payment networks, creating an enhanced user experience for their valuable customers.”