Partners in Payments: Best of Show Winner Finzly Teams Up with ICBA Bancard

This week’s Partnership Outlook focuses on recent Finovate alum – and Best of Show winner – Finzly. The Charlotte, North Carolina-based fintech announced that it will work with ICBA Bancard to bring instant payments to its payments hub, Payment Galaxy. ICBA Bancard is the payments services subsidiary of the Independent Community Bankers of America (ICBA), and the partnership with Finzly will enable the company to offer community banks and credit unions – as well as their customers and members – more efficiency and convenience, as well as improved cash flow.

“The rise in digital and contactless payments, fueled by the pandemic, has heightened demand for faster payments,” ICBA Bancard President and CEO Tina Giorgio said. “Through this collaboration, ICBA Bancard is helping community banks deliver payments when and where customers want while streamlining their payment processes for additional value and distinction in the market.”

Finzly’s Payment Gateway features preloaded connections to both the Fed and The Clearing House to support instant payments; built-in compliance tools for powerful, thorough audit trails; a bulk payment service for both real-time and future-date scheduling disbursements; and a secure, fraud management system for both payments and messages.

“Finzly’s payments hub not only helps banks stay relevant in today’s fast-paced market, but also helps future-proof their payment infrastructure,” Finzly founder and CEO Booshan Rengachari said. “We are very excited to partner with ICBA Bancard and are eager to see more community banks pursuing the road to innovation through smarter payments transformation.”

Most recently demonstrating its technology at FinovateWest 2020, Finzly took home Best of Show honors for its demonstration of its Digital Account Opening (DAO) solution, powered by Finzly’s BankOS. In the months since then, the company has teamed up with Pacific Western Bank, which selected Finzly’s FX STAR platform for end-to-end management of international banking products, and announced a strategic partnership with Fintel Connect, a performance marketing company specializing in financial services companies and fintechs. The Finzly-Fintel alliance will create a digital growth solution for bank partners, enabling them to meet growing customer demand for digital services and provide alternatives to in-person, in-branch services.

“Banks that rely on Finzly’s modern offerings really want help with digital marketing,” Finzly Chief Strategy Officer and advisor Dave Hunkele. “Fintel Connect provides our clients with a cost-effective, digital channel for attracting potential customers, who can then be onboarded through Finzly’s account opening solution. 

Other major partnerships this year for a very-busy Finzly have included collaborations with California Community Banking Network and Fulton Bank, both announced in March. The company began the year with news that it had joined the pilot program for Federal Reserve’s FedNow instant payment service. Finzly was founded in 2012.

Photo by Rebecca Diack from Pexels