Finzly, a payments and financial solutions provider, announced that Live Oak Bank has enhanced its commercial and small business banking services by implementing Finzly’s Fedwire solution, achieving “100% straight-through processing (STP).”
This move streamlines payment processing and positions the bank “to meet the upcoming ISO 20022 compliance requirements ahead of schedule.”
Finzly’s Payment Galaxy, an API-driven payment hub, consolidates payment processing across “channels and rails, empowering FIs to optimize operations, reduce costs, and deliver payment solutions across all channels.”
Key Highlights are as follows:
- Integration & monitoring: Finzly stands apart as the only provider capable of seamlessly supporting multiple cores, enabling the bank to process transactions across their multiple core systems while effortlessly integrating with digital banking, OFAC, and fraud monitoring through open APIs – ensuring a rapid time-to-market.
- Automation for Fedwire & future-ready compliance: Finzly’s platform delivers 100% automated Fedwire processing, eliminating manual tasks and helping to ensure consistently accurate, efficient payments.
Mark Moroz, head of deposits and payments at Live Oak Bank said:
“This partnership with Finzly gives our payment infrastructure the flexibility to adapt to customers’ needs, while also allowing us to streamline operations for our internal teams. With 100% STP in Fedwire processing and seamless multi-core integration, we are positioned to set new benchmarks in speed, efficiency, and customer experience.”
Booshan Rengachari, founder and CEO of Finzly said:
“We are proud to partner with Live Oak, a bank led by visionary leaders, offering modern, connected banking services for its customers. Our partners at Live Oak Bank are committed to delivering the best solutions without compromise. We are excited to support them in this mission.”
With the ISO 20022 deadline for Fedwire now set for July 14, 2025, due to industry readiness challenges, FIs currently “have time to modernize their processing – ensuring compliance, avoiding costly workarounds, and preparing for long-term success.”
As noted in the update, Finzly helps banks and credit unions thrive in a real-time, connected world “with its Finzly BankOS platform.”
Institutions can launch instant payments, “modernize ACH and wire transfers, and orchestrate payments through a unified API and ISO 20022-native payment hub.”
Finzly reportedly offers “advanced FX solutions to help banks attract corporate and enterprise treasury customers.”