Finzly Accelerates Lead Bank-PointChain Fintech Partnership
KANSAS CITY, MO (DEC 2021) Finzly, a fintech provider of modern banking applications for payments, foreign exchange, trade finance and digital account opening, has announced that leading technology platform for financial compliance and B2B/B2C transactions, PointChain, is now live with Lead Bank’s Banking as a Service solution powered by Finzly.
PointChain can now bring to market next-generation, innovative consumer and business marketplace solutions enabled by Lead Bank and Finzly’s powerful digital core. PointChain’s platform allows business owners to keep track of accounts and payments. Through its partnership with Lead Bank, PointChain can send payments and debit requests directly to Lead Bank via APIs and get instantaneous responses without utilizing legacy batch files and manual reconciliation.
Lead Bank has focused its efforts on establishing payment processing solutions to support the complex needs of fintech companies. Lead Bank’s partnership with Finzly allows the Bank to offer sophisticated payment services for technology-focused businesses and fintech companies via APIs (Application Programming Interfaces). Because of Finzly, Lead Bank gives fintech companies the ability to access multiple customizable and secure banking services.
Finzly’s digital core and Payment Galaxy, run as a parallel core to the Bank’s legacy platforms, offer an API middleware while also replacing the legacy payment infrastructure at the Bank. Finzly’s digital core offers a real-time multi-asset ledger with FBO (For Benefit Of) and virtual account capabilities to track any assets. Finzly’s Payment Galaxy is a full-service platform with API middleware that processes all payment types (ACH, wires, RTP, FedNow & SWIFT), exceptions, and returns, with direct settlement and clearing connectivity with The Federal Reserve, The Clearing House, and SWIFT payment networks.
“Lead Bank continues to invest in technology and to offer best-in-class business payment solutions. Finzly enables Lead Bank to provide payments processing services to a wider audience of clients and lays the foundation for Real-Time Payments (RTP) and FedNowSM services in the future. We are excited to debut this cutting-edge API origination solution with PointChain,” says Peter McVey, Director of Payments, Lead Bank.
“We are proud of this milestone where PointChain was able to develop and integrate with Lead Bank and launch rapidly. In the modern financial world, banks’ new customers are developers and fintechs, and banking will be available from any brand. The future is bright for those institutions that enable a connected banking experience with instant real-time updates. Lead Bank is leading the way in this financial transformation, and we are proud of our partnership and accomplishments together.” remarks Murthy Balusu, CTO, Finzly.
“Our objective is to remain a high-tech financial service solution for high-risk industries like cannabis, and working with a technology partner like Finzly has certainly enabled us to see our vision through,” said Mark Lozzi, CEO of PointChain. “This partnership will provide our clients with an experience they are more accustomed to from a traditional bank or financial service provider while keeping the speed, capabilities, and innovation of a fintech. We are in phase one of this partnership, and the future has game-changing potential for our clients and us. We commend Lead Bank in identifying a need for a solution like this in the market and choosing a partner and technology capable of executing.”
About Lead Bank
Lead Bank is a community-minded, independent commercial bank recognized for its innovative approach to community banking and unique banking solutions that allow real people, businesses, and communities to thrive—serving communities with treasury management and lending services, consumer client products, digital consumer banking, and innovative financial technology services. Headquartered in Kansas City, Missouri, yet serving clients digitally throughout the United States, Lead Bank is known for being a small business advocate, having outstanding client service, and creating financial pathways for those, who in the past, have been financially unhealthy. 2020 member of the Global Alliance for Banking on Values (GABV), an international network of banking leaders worldwide committed to advancing positive change in the banking sector. For more information, call (816) 220.8600 or visit http://www.lead.bank.
PointChain is a financial technology platform that provides the cannabis industry with financial services, such as deposit and cash management offerings, bill pay services, unlimited B2B payments, API-powered payment solutions that serve both businesses and the consumer, and lending solutions. In addition, PointChain contains ongoing compliance features and supports a trusted ecosystem for cannabis companies to conduct business. To learn more, visit www.PointChain.io.
Finzly allows banks to innovate with a parallel core platform BankOS, modern, real-time, and API enabled. BankOS readily integrates to the banks’ existing core, saving banks time and money replacing the core, allowing them to focus on innovation. In addition, BankOS comes powered with an array of readymade solutions, including a multi-rail payment hub (ACH, wires, RTP, FedNow, and SWIFT), foreign exchange, multi-asset deposit core, Digital Account Opening, KYC, Risk, Compliance, and a suite of customer experience components. To learn more, visit www.finzly.com.