The bank is building on its commercial banking strengths with an end-to-end payment transformation with Finzly’s award-winning payment hub.
November 30, 2022: Finzly announced that Veritex Community Bank has chosen to implement Finzly’s award-winning payment hub to provide the bank with cutting-edge payment capabilities spanning across different payment rails.
Veritex Community Bank is one of the 10 largest banks headquartered in Texas and has a history of complementing the traditional commercial banking model with fintech partnerships. By leveraging a relationship with Finzly for payments transformation, the bank is poised to build on its commercial banking strengths to serve its growing portfolio of commercial and fintech clients.
The bank will use Finzly’s Payment Hub to consolidate ACH and Fedwire under a single platform. In the future, the bank has the option to take advantage of the platform’s readymade connections to the RTP and FedNow instant payment rails. Additionally, the bank’s commercial customers can enjoy a cutting-edge treasury experience on Finzly’s Experience Hub, embedded into Q2, the bank’s digital banking platform. The bank’s operations and tellers will benefit from efficient, straight-through processing while its customers will enjoy a modern and friction-free payment journey.
The bank now can offer a single API to process payments through any of the rails on Finzly’s cloud-native, micro-services-based Payment Hub. The open APIs allow the bank to easily offer Banking as a Service to corporate treasuries and fintechs.
“It is gratifying to see that Veritex Community Bank has strategically connected its payment transformation initiatives with the modern technology provided by Finzly. We’re certain that this will be game-changing for them, helping them gain competitive momentum and create more value for their customers. Nevertheless, innovation will be an offshoot, opening several avenues for the bank in the current and future payment ecosystem,” commented Finzly’s founder and CEO, Booshan Rengachari.
“Veritex Community Bank believes in maintaining agility across our banking value chain,” said LaVonda Renfro, Chief Operating Officer at Veritex Community Bank. “As the banking industry transitions into the ‘real-time’ theme, we are happy that Finzly will arm us with the long-term competitiveness to thrive, collaborate, and compete with fintechs. Finzly’s Payment Hub gives us the speed and agility to significantly improve our operational efficiency while giving us the confidence to innovate in the open ecosystem.”
About Veritex Community Bank:
Veritex Community Bank is a mid-sized community bank serving its customers with a full suite of banking products and services. The bank has convenient branch locations in Houston, Fort Worth, and Dallas, Texas, with more than $10 billion in total assets. The bank, headquartered in Dallas, specializes in providing depository and credit services to small to mid-size businesses, which have been largely neglected by national banks. The name “Veritex” is derived from the Latin word “veritas,” meaning truth, and “Texas.” To learn more, visit www.veritexbank.com.
Finzly provides the financial infrastructure for Banks, Fintechs, and Businesses to offer and access financial services in an open, connected, real-time, and embedded ecosystem. Finzly’s operating system for banks, FinzlyOS, acts as a parallel core platform and is modern, cloud-based, real-time, and API-enabled. With an array of readymade banking solutions including a multi-rail payment hub (ACH, Fedwire, RTP, FedNow, and SWIFT), foreign exchange, KYC, Risk, Compliance, and a suite of customer treasury experience components, Finzly allows the building of programmable banks, also offering a platform to launch Banking as a Service to fintech partners and corporate customers. To learn more, visit www.finzly.com