ICBA Bancard will help link community banks to instant payments through a partnership with the real-time services hub provider Finzly.
Using Finzly's Payment Galaxy hub, community banks and their customers would benefit through improved cash flow and operational efficiencies, ICBA Bancard said.
“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 in a press release Monday. “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.”
ICBA Bancard, based in Washington, is as the payments services unit of the Independent Community Bankers of America. Finzly is based in Charlotte, North Carolina, but also operates two offices out of India.
Through a single, core-agnostic interface, the cloud-based Payment Galaxy enables access to existing payment services like ACH and wires, alongside the new instant payment rails, including The Clearing House RTP and, when available, the FedNow instant settlement.
Payment Galaxy can operate at a community bank within three months, preloading connections for instant payments; providing compliance features, audit rails and user dashboards; adding real-time bulk payment services and scheduling options; and security for payments and messages for fraud management.
“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,” Finzly founder and CEO Booshan Rengachari said in the release. “Finzly’s payments hub not only helps banks stay relevant in today’s fast-paced market, but also helps future-proof their payment infrastructure.”
