#None #Charlotte, NC #Finzly #Live Oak Bank #Fedwire Solution

Finzly Revolutionizes Live Oak Bank's Wire Services with 100% STP

In a significant move for the financial sector, Finzly has successfully enabled Live Oak Bank to enhance its commercial and small business banking services. By implementing Finzly's cutting-edge Fedwire solution, the bank has achieved an impressive 100% straight-through processing (STP) rate. This advancement is not just a technical upgrade; it's a strategic maneuver designed to streamline payment processing and ensure compliance with the impending ISO 20022 requirements well ahead of the deadline.

Key Features of Finzly's Fedwire Solution

Finzly's Payment Galaxy, renowned for its API-driven capabilities, consolidates payment processing across various channels. This platform empowers financial institutions to improve their operations, decreasing costs while delivering advanced payment solutions efficiently. Some notable highlights of this development include:

• - Quick Integration: Finzly's platform allows for fast and seamless integration, coupled with robust monitoring, which distinguishes it in the market. The ability to support multiple core systems enables Live Oak Bank to efficiently process transactions while integrating effortlessly with necessary digital banking frameworks and compliance measures.
• - Automation of Fedwire Processing: With Finzly's innovative solution, the Fedwire processing is fully automated, eliminating manual tasks. This automation results in consistent and efficient payment processing that meets high standards of accuracy.

Competitive Edge Through Innovation

In the words of Mark Moroz, head of deposits and payments at Live Oak Bank, the partnership with Finzly allows the bank's payment infrastructure to remain flexible, adapting to the evolving needs of their customers. He noted, "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, Finzly's founder and CEO, echoed this sentiment, expressing pride in collaborating with a bank that prioritizes modern and interconnected banking services for its clientele. The partnership aligns with Finzly's commitment to supporting its partners in achieving uncompromised solutions, driving mutual success.

Preparing for the Future

With the ISO 20022 compliance deadline for Fedwire set for July 14, 2025, financial institutions now have the opportunity to modernize their processing infrastructures. This proactive approach enables banks to ensure compliance while avoiding costly retrofitting of their systems. By making these enhancements now, they can secure their long-term success in a rapidly evolving financial landscape.

About Finzly

Finzly is at the forefront of helping banks and credit unions flourish in an increasingly digital world through its Finzly BankOS platform. This system facilitates the rapid launch of instant payments and modernization of ACH and wire transfers. By orchestrating these processes through a unified API, Finzly also offers robust foreign exchange solutions, helping financial institutions appeal to corporate and enterprise treasury clients. For more information on how Finzly is transforming financial services, visit finzly.com.