Finzly's payment hub will streamline wires, ACH, and real-time payments on FedNow and RTP, ensuring compliance with ISO 20022 while enhancing efficiency and enriching the member experience.
CHARLOTTE, N.C., Nov. 6, 2024 /PRNewswire-PRWeb/ -- Finzly, Inc. ("Finzly"), a leader in next-generation payment and financial technology solutions, today announced that Wings Credit Union ("Wings") has selected Finzly's modern payment hub to overhaul and streamline its payment processing. This includes unifying Fedwire, ACH, and real-time payment rails - FedNow and RTP - onto a single platform, significantly enhancing operational efficiency while ensuring compliance with the ISO 20022 standard for Fedwire, set to take effect in March 2025.
Wings, Minnesota's largest credit union and one of the largest in the U.S. with over 360,000 members, aimed to modernize its payment systems to keep pace with the rising demand for real-time payments, upgrade ACH processing, and prepare for the Fedwire transition to ISO 20022 by March 2025. Wings sought a modern solution, selecting Finzly's payment hub to unify multiple payment rails, streamline processes, and eliminate operational silos.
Booshan Rengachari, founder and CEO of Finzly, said: "For over a decade, Finzly has been delivering cutting-edge payment solutions to banks. Now, we are thrilled to extend our expertise to credit unions like Wings, which are facing the same pressures to modernize their payment offerings. We're proud to add Wings to our growing list of institutions that benefit from Finzly's unified payment hub and integrated APIs."
Mike Sahr, Vice President of Payments of Wings, said: "As industry regulations evolve and our members increasingly demand faster, real-time payment services, it was essential for us to find a partner that could provide modern, scalable technology. Finzly's platform impressed us with its ability to unify multiple payment rails - like ACH, wires, and real-time payments - on a single system while ensuring compliance with ISO 20022. This partnership positions us to deliver a smoother, more seamless payment experience for our members."
Finzly's modern, rail-agnostic payment experience, coupled with its open APIs, distinguishes it from the competition, making it a preferred choice for financial institutions seeking to modernize payments. Wings selected Finzly for its powerful and scalable platform that supports multiple payment types on a 24/7, real-time, ISO 20022-native architecture. With Finzly's deep expertise in payments and its capability to seamlessly integrate with Wings' existing systems, the credit union is poised for a smooth transition, ready to meet growing payment demands and navigate regulatory requirements effectively.
About Finzly
Finzly helps banks and credit unions thrive in a real-time, connected world with its Finzly BankOS platform. Institutions can quickly launch instant payments, modernize ACH and wire transfers, and orchestrate payments through a unified API and ISO 20022-native payment hub. Finzly, recognized with multiple awards, also offers advanced FX solutions to help banks attract corporate and enterprise treasury customers. Learn more about Finzly's game-changing solutions by visiting http://www.finzly.com.
About Wings Credit Union
Wings Credit Union is a not-for-profit, member-owned credit union headquartered in Apple Valley, Minnesota. With over $9.3 billion in assets, Wings is Minnesota's largest credit union and serve over 360,000 members in all 50 states.
Wings members enjoy some of the area's best savings and lending rates, convenient mobile and online access, over 80,000 surcharge-free ATMs and 26 branch locations throughout Minnesota, plus offices in Atlanta, Detroit, and Orlando. Founded in 1938, Wings' membership eligibility has grown from serving employees of the air transportation industry to include anyone who live or works in 34 Minnesota and Wisconsin counties, plus broader eligibility options. Learn more about Wings by visiting their website at wingscu.com.
Media Contact
Cognito Media, Finzly, 9172462775, [email protected], https://finzly.com
SOURCE Finzly
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