First National Bankers Bank (FNBB), a leading provider of correspondent banking services in the southeastern United States announces its recent partnership with Aptys Solutions. FNBB serves more than 600 financial institutions with leading edge services designed to foster the growth and success of community banks in their markets. Aptys Solutions is the leading provider of cloud-based, end-to-end, digital payment solutions to over 5,000 financial institutions including faster payments, mobile P2P, wire, ACH, and check.
FNBB was looking for a strategic payments technology partner that could offer advanced payments solutions to meet its strategic goals to enhance their service offerings to its respondent bank customers. Aptys’ multi-channel payments platform, PayLOGICS, was selected to further develop key functionalities including image cash letter, check adjustments and returns, and faster payments solutions.
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PayLOGICS digital payment solutions will enhance its service offerings by enabling access to faster payments systems. Once implemented, PayLOGICS will power FNBB’s ability to provide its respondent banks with settlement, liquidity management and funding agent services for The Clearing House Real Time Payment System, and The Federal Reserve Bank FedNow Instant Payments Service, when released.
The FNBB Faster Payments Service will set community financial institutions (FI) up for success in the rapidly expanding digital payments space by supporting multiple participation options from both private and Federal Reserve operated faster payment networks while offering liquidity management and around the clock transaction settlement posting. Integrated into FNBB’s real-time correspondent system, NetLink, the functionality of PayLOGICS’ will streamline the needed funding agent elements of these faster payments solutions, enabling community FIs access to RTP and the FedNow Service.
“The partnership with Aptys is an integral pafinrt of our strategy to enhance our image cash letter exchange service plus assisting our customers with their faster payment initiatives. PayLOGICS’ automated liquidity management system will open the door for our shareholders and clients, regardless of size, to be able to work with FNBB as a settlement partner,” said Pax Mogenson, President and CEO of FNBB.
Streamlining reconciliation and settlement across multiple payment channels is just one benefit of the PayLOGICS platform. Aptys provides versatile methods of payment creation offering customization for FNBB’s clients. Additionally, it makes it easier to track and research payments, offering enhanced regulatory compliance and unprecedented customer support and expertise. As Aptys and FNBB collaborate on faster payments, this initial project will provide new capabilities to all participants by maintaining an online payment archive with consolidated payment data that is searchable via web-browser.
PayLOGICS’ automates the management and funding of real-time transactions and it can provide a module for the funding agent and customer FI’s to manage and reconcile the transactional data. “Real-time payments are the way things are going for the future of payment services,” said Naseer Nasim, CEO of Aptys Solutions. “Providing comprehensive real-time payments solutions as a service fits right into our desire to empower digital transformation and offer technology solution differentiation for any financial institution.”
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