While embedded banking has the potential to transform banking as we know it, participation has been limited because of the advanced technologies needed. Account Galaxy changes this, empowering banks of all sizes to participate in this transformation.
New solution upgrades and consolidates existing components, enabling banks of all sizes to participate in embedded banking and tap new revenue opportunities. Through a “sidecar core”, Account Galaxy provides virtual accounts, a functionality needed for core-independent embedded banking. Finzly is already assisting banks like Quaint Oak Bank in their embedded banking evolution.
Finzly, the pioneering provider of modern money movement systems to financial institutions, today announced the launch of Account Galaxy™, a groundbreaking solution that provides the tools and technology needed by banks of all sizes to participate in the emerging embedded banking segment.
While embedded banking has the potential to transform banking as we know it today, participation has been limited because of the advanced technologies needed. Account Galaxy changes this, empowering banks of all sizes to participate in this transformation.
Commenting on the news, Enrico Camerinelli, Strategic Advisor at Datos Insights said: “Embedded banking will have a significant impact on how banking services are provided to business and consumers. Providing tools to empower banks of all sizes to participate in this emerging industry will lead to greater innovation and ultimately better services for all.”
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Two important use cases
Banks need advanced payment processing and flexible accounting capabilities to offer modern Banking-as-a-Service functionality. Account Galaxy provides this cost-effectively through a “sidecar core” enabling non-banks and fintechs virtual accounts where transactions can be monitored in real-time, providing reduced compliance risk and enhanced speed. Account Galaxy also enables mid-size and small banks to better compete for corporate and small-business customers by embedding services into corporate Enterprise Resource Planning (ERP), accounts receivables, and payables, providing frictionless and automated connections.
Three important features
Three technologies used in Account Galaxy create these opportunities:
- API-Enabled Accounts through Finzly Connect: Account Galaxy supports virtual account creation and management with Finzly Connect’s pre-integrated open APIs, enabling seamless embedding of banking services for customer accounts, deposits, payments, and FX.
- Virtual Accounts Backed by a Virtual Ledger: Virtual accounts coexist harmoniously with existing cores, instantly creating a high volume of new accounts without overwhelming existing systems.
- ISO 20022 Native Platform: Account Galaxy incorporates Finzly’s ISO 20022 native platform, which enhances transaction data visibility and system interaction and facilitates seamless data transfer from corporate platforms into virtual accounts via APIs.
Finzly is already assisting banks with their embedded banking evolution. Using Finzly Connect APIs, Quaint Oak Bank will enable the embedded banking model for fintech partners and respondent institutions to connect their payment infrastructure. It also supports the growing field of embedded payments.
William Gonzalez, EVP and COO of Quaint Oak Bank, emphasized the significance of their partnership with Finzly, stating, “Participating in the emerging embedded banking business is an important part of our growth strategy. Finzly’s platform and tools are accelerating our speed-to-market entry and enabling us to compete better.”
“Account Galaxy is a game-changing solution that empowers banks of all sizes to participate in the fast-growing embedded banking business,” said Booshan Rengachari, Finzly founder and CEO. “With Account Galaxy, banks can cost-effectively enable the integration of banking services into corporate systems and non-bank platforms, unlocking new opportunities for growth and innovation.”
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