Using Finzly's advanced payment infrastructure, Metropolitan Commercial Bank is set to transform its payment operations, covering ACH, Fedwire, and FedNow for its customers and industry partners.
CHARLOTTE, N.C., Aug. 1, 2023 /PRNewswire-PRWeb/ -- Finzly, a cutting-edge payment solutions provider, has announced a strategic partnership with New York-based Metropolitan Commercial Bank, a financial institution known for its strong commitment to business banking and success within the payments ecosystem.
The collaboration represents a significant milestone in enhancing Metropolitan Commercial Bank's payment processing capabilities and offering a superior banking experience to its business customers and industry partners. Metropolitan Commercial Bank aims to transform its payment processing operations on ACH, Fedwire, and FedNow through the adoption of Finzly's payment infrastructure. Additionally, by integrating Finzly's innovative business banking platform, the bank plans to introduce customized payment solutions that cater to the specific needs of its diverse business clientele.
Finzly's payment core serves as a centralized payment processing system for all payment rails and seamlessly integrates with the bank's core systems, as well as key third-party systems such as GL, AML, and OFAC, ensuring compliance and efficiency in payment monitoring and management.
Finzly's direct and certified connections to The Clearing House, the Federal Reserve, and the SWIFT network expedite the implementation, giving Metropolitan Commercial Bank's customers access to all payment rails, including the recently launched FedNow instant payment service. Additionally, leveraging Finzly's API to FedNow enables the bank to effortlessly integrate value-added services into its offerings, unlocking a broader range of services, including instant payments for loans and other financial products.
This strategic partnership also enables the bank to foster the seamless onboarding of industry partners, platforms, and neobanks, facilitated by Finzly's single API access to its highly versatile payment infrastructure. Built on a robust award-winning cloud-based platform, this technology is primed to effortlessly scale up, effectively addressing the increasing demands of payment processing within the thriving B2B ecosystem.
"We are deeply honored to be chosen as Metropolitan Commercial Bank's payment solutions partner," said Booshan Rengachari, Founder, and CEO of Finzly. "Our commitment is steadfast in empowering the bank to further its payment capabilities and deliver truly exceptional experiences to their diverse clientele."
Nick Rosenberg, Executive Vice President, Head of Global Payments Group, at Metropolitan Commercial Bank, added, "We selected Finzly for its ability to cater not only to our business customers and consumers but also to foster robust partnerships within the payments industry. Through Finzly's advanced payment infrastructure, we now lead the way in delivering advanced payment experiences, positioning us at the forefront of financial innovation."
Finzly was among the first to go live on the FedNow network, offering financial institutions an agile and futureproof solution tailored to meet the demands of the connected ecosystem.
About Finzly:
Finzly empowers the banks of the future, along with fintechs and businesses, to seamlessly offer and access financial services in an open, connected, embedded and real-time ecosystem. At the core of this infrastructure is Finzly OS, a modern, cloud-based, API-enabled operating system that serves as a parallel platform to a bank's core. With a wide range of turnkey banking solutions, including a multi-rail payment hub, foreign exchange, trade finance, compliance, and treasury experience components, Finzly enables the creation of programmable banks while also providing a Banking as a Service platform to fintech partners and corporate customers via a single API connection to all payment networks. In a recent breakthrough, Finzly unveiled the world's first API for accessing the FedNow service and was one of the first to go live on the platform, solidifying its position as a leader in payments technology. Learn more about Finzly's game-changing solutions by visiting http://www.finzly.com.
About Metropolitan Commercial Bank:
Metropolitan Commercial Bank (the "Bank") is a New York City based full-service commercial bank. The Bank provides a broad range of business, commercial and personal banking products and services to individuals, small businesses, private and public middle-market and corporate enterprises and institutions, municipalities and local government entities.
Metropolitan Commercial Bank's Global Payments Group is an established leader in providing payments services to domestic and international non-bank financial service companies. The Bank continues to grow its presence as a valued, trusted and innovative strategic partner across, payments, custodial and money services businesses worldwide.
Metropolitan Commercial Bank's EB-5 / E-2 International Group delivers banking services and products for United States Citizen and Immigration Services EB-5 Immigrant Investor Program investors, developers, Regional Centers, government agencies, law firms and consulting companies that specialize in EB-5 and E-2.
Metropolitan Commercial Bank was ranked by Independent Community Bankers of America among the top ten successful loan producers for 2023 by loan category and asset size for commercial banks with more than $1 billion in assets. The Bank finished ninth in S&P Global Market Intelligence's annual ranking of the best-performing community banks with assets between $3 billion and $10 billion for 2022 and eighth among top-performing community banks in the Northeast region for 2022. The Bank is also a member of the Piper Sandler Sm-All Stars Class of 2022 and Kroll affirmed a BBB+ (investment grade) deposit rating on January 25, 2023.
Metropolitan Commercial Bank operates banking centers and private client offices in Manhattan and Boro Park, Brooklyn in New York City and Great Neck on Long Island in New York State.
The Bank is a New York State chartered commercial bank, a member of the Federal Reserve System and the Federal Deposit Insurance Corporation, and an equal housing lender. The parent company of Metropolitan Commercial Bank is Metropolitan Bank Holding Corp. (NYSE: MCB).
For more information, please visit the Bank's website at MCBankNY.com.
Media Contact
Suja Ramakrishnan, Finzly, 8037663927, [email protected]
SOURCE Finzly
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