Mode Eleven selects Finzly’s payment core for BaaS platform

US-based Mode Eleven Bancorp has chosen Finzly’s payment hub technology to power its Banking-as-a-Service (BaaS) offering.

Mode Eleven selects Finzly’s payment hub

Finzly, headquartered in North Carolina, provides financial infrastructure to banks, fintechs and businesses through a cloud-based and API-enabled core platform.

Its payment hub allows banks to provide “a single API for all payment rails to fintech partners” and also establishes a direct connection with the Federal Reserve, The Clearing House and Swift, offloading all payment processing from the bank’s legacy core.

“The configurable workflow engine gives Mode Eleven full control over its payment processes, while providing it agility to innovate according to the needs of its fintech partners,” Finzly says.

Mode Eleven combines the reach of its nationally chartered subsidiary, Summit National Bank, with a technology platform to provide BaaS offerings to its customers looking to embed credit, debit, loan and deposit services at “greater speed, less risk and less cost”.

“We needed a technology partner with a modern, flexible, API-centric, end-to-end solution with capacity to support our growth into a high payment volume operation,” comments Ned Cataldo, EVP, head of strategy, new product and innovation at Mode Eleven.

“Finzly provides us immediate access to a forward-thinking, cost-effective, future-proof global platform to help us scale.”