Coastal Community Bank picks Finzly to modernise payments processes

Washington-based Coastal Community Bank (CCB) has selected Finzly’s Payment Galaxy solution as it looks to deliver improved payment processing capabilities for its fintech customers.

CCB provides financial services to consumers and SMEs

The bank will integrate the vendor’s payments-as-a-service solution via a “light core plugin” API connection. Finzly says it will allow CCB’s fintech partners to “initiate, clear and settle payments”.

Finzly’s Payment Galaxy is part of its cloud-based BankOS platform and comes pre-loaded with connections to the US’ two main clearing houses, the Federal Reserve and banking association and payments company The Clearing House (TCH).

It supports multiple payment rails including wires, ACH, RTP, FedNow and SWIFT, providing straight-through processing of wire payments on the Fedwire network.

The bank will also employ Finzly’s integrated Office of Foreign Assets Control module to ensure tri-party compliance, and the solution will integrate with the bank’s current anti-money laundering (AML) and fraud management software.

CCB CEO Eric Sprink says the digital payments solution will allow the bank to grow its fintech customer base while ensuring relevant regulations and compliance requirements are adhered to.